If you plan on moving to a new residence, you are likely going to have to deal with a lot of changes. This can be a very stressful period in someone’s life so one way to make things easier for you is to be aware beforehand of how changing homes will affect your insurance policies. There are two in particular which will be affected by this transition and they are car insurance and home insurance.
Car Insurance and your New Home
Car insurance is affected because providers take many factors into account when calculating the price of a policy and many of them are geographical. Some cities have a lot more vehicles per capita than others. This means that the likelihood of an accident is much higher and, consequently, so will the price of the insurance policies. The same rule applies even if you are not leaving the province. Big, city areas are more densely populated than rural regions and, again, this will increase the chances of getting involved in an accident and needing to file a claim. This can work in your favor, though. If you are moving away from the big city to a smaller town or even just the suburban area of the same city, you are likely to get a reduction in your premiums since the chances of a crash go down.
Besides the size of the city and of the population, there are other factors to take into account that simply vary from place to place. One of them is the crime rate. If you have comprehensive coverage for your car, then this will protect you should the car be vandalized, broken into or even stolen. That being said, you may need to pay a higher premium if you are moving to an area with a higher crime rate, especially when it comes to targeting vehicles. Alternatively, if you move out of an apartment where you used to park on the street to a big house where you have your own garage, this means that the car is safer now and you may pay less.
Home Insurance and your New Home
The same thinking applies to weather. Certain events such as floods, tornadoes etc can damage your vehicle, but this is covered by comprehensive insurance. Therefore, if you move to a region which is prone to these "acts of God", then you will pay more.
Obviously, your home insurance quotes will also be affected if you change homes. You need to tell your provider about this and, depending on the situation and where you are moving to, you might need to buy a new policy altogether. In this case, you might want to look around first to find a better deal using a comparison website to get multiple insurance quotes in just a few minutes.