Moving? Where You Live Affects How Much You Pay in Home and Auto Insurance

By Lesley Green
A young couple packing boxes for their big move, looking at photos, while their dog sits next to them.

Will your current insurer still offer you the best rates after you've moved?

Chances are, when you decided to move residences, the last thing you thought about was how it’d affect your home insurance and car insurance rates. And who can blame you? The price of insurance isn’t exactly up there on the list of buying (or renting) features when you’re trying to find a new place to call home. Be that as it may, the truth is your insurance premiums will likely change. For the lucky, it might mean paying less for your coverage; for others, it’ll mean paying more.

One thing is for certain, whether your rates go up or down, don’t assume that’s the best price you can get. You could do better, and here are three ways how:

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1. Bundle your policies to save up to 15%

We all know when you bundle your phone and internet services, you often get a better price. The same is true for insurance. If you buy your home insurance (or tenant or condo coverage) from the same company you bought your car insurance from you'll qualify for the multi-line discount. Multi-line is insurance jargon for what is better described as multi-product, and this discount can save you five to 15% off one or even both of your policies.

2. Ask how your new home could earn you new discounts

A new address may net you extra home insurance discounts that previously were not available to you. If you’re moving into a brand-new home, freshly built, there’s the new home discount that some insurers offer. Let’s say the new home your moving to is decked out with a centrally monitored security system or fire alarm, or an automatic water shut-off system or leak detection system. In that case, there may be discounts available there too. There might even be a discount on your auto insurance if your vehicle will be regularly parked in a private garage or driveway.

3. Shop around (seriously, don’t assume your rate is still the best)

Too often, when it comes to moving, people figure they'll tell their insurance company of their address change which will then adjust their rate, and whatever the rate ends up being is what it is. After all, they'll still give you the best home and auto insurance rate just like they did last time you shopped around, right? Not necessarily.

The price you pay boils down to your insurer's claims experience in your new neighbourhood with other like-minded residents and drivers like yourself. No two insurers are the same. While one insurer may find that your new neighbourhood is more prone to flooding, sewer back-ups or break-ins, or in the case of your vehicle’s coverage, more susceptible to collisions or auto theft, another insurer's actuaries may find the opposite is true. It all depends on the pool of existing policyholders insured by the company in your new neighbourhood.

Better together: Bundle to save on your home and auto insurance

If you're changing addresses or have already, you may also have to change insurance providers to spend less on your coverage. Compare quotes today from our network of more than 30 insurance providers for your lowest prices. Start by comparing quotes for the policy you pay the most for, probably your auto insurance. Then, when you’re talking to the provider who gave you the best price, ask they give you a rate for your home insurance too. They’ll be happy to help.