Integrated Insurance Advisors LLC

975 Nantahala Dr
Chesnee, SC 29323

Insurance Blog

Unlocking the Secret: How Your New Location Affects Insurance and Ways to Save on Home and Auto Policies

Save on your new home and auto insurance

Save on Insurance When You Move

Moving to a new location can be both exciting and challenging. Amidst the excitement of exploring new surroundings, it’s easy to overlook how the change in location affects insurance rates. As a savvy consumer, it’s essential to recognize that location plays a vital role in determining insurance premiums. By understanding this relationship, you can take proactive steps to minimize costs while ensuring adequate coverage for your home and auto.

So let’s unlock the secret to insurance savings in your new location and make sure you’re well-prepared for the journey ahead.

The relationship between location and insurance premiums

There’s no denying that location affects insurance premiums, but you may be wondering why this is the case. Insurance companies take into account various factors related to your new location when calculating rates. These factors include:

  1. Insurance Company Preferences: The fact is insurance carriers prefer some others over others and discounts their rates to attract more business.
  2. Crime rates: Areas with high crime rates typically have higher insurance premiums. This is because the likelihood of theft, vandalism, or other incidents that may result in an insurance claim is greater in these locations.
  3. Weather and natural disasters: Certain locations are more prone to natural disasters or extreme weather conditions, such as hurricanes, tornadoes, floods, or wildfires. These events can cause significant damage to homes and vehicles, leading to higher insurance costs.

Understanding these factors can help you make more informed decisions when it comes to choosing a new location and selecting the right insurance policies.

How your credit score impacts insurance rates

In addition to the location, another factor that can affect your insurance rates is your credit score. Many insurance companies use credit-based insurance scores to help determine premiums for home and auto policies. These scores are similar to traditional credit scores, but they focus on factors that are specifically relevant to insurance risk.

A good credit score may result in lower insurance rates, as it indicates that you are financially responsible and less likely to file claims. On the other hand, a low credit score can lead to higher premiums, as insurers may perceive you as a higher risk. By maintaining a strong credit history and taking steps to improve your credit score, you can potentially save on insurance costs.

Pro Moving Tip

Moving to a new home always involves unseen costs and hits to our credit score.  Best to quote home and auto insurance ahead of the move to lock in rates before needing to buy new furniture or make home repairs which could affect your credit.

The benefits of bundling home and auto insurance policies

One effective strategy to save on insurance in your new location is to bundle your home and auto insurance policies. Bundling involves purchasing multiple insurance policies from the same provider, and it often comes with significant discounts. Here are some benefits of bundling your home and auto insurance:

  • Cost savings: Bundling your home and auto insurance can result in substantial discounts on both policies. The exact amount of savings varies depending on the provider, but it’s not uncommon to see discounts of 10% to 20% or more.
  • Convenience: Having multiple policies with the same insurer simplifies the process of managing your insurance. This can make it easier to keep track of policy details, make changes to coverage, or file claims.
  • Loyalty rewards: Insurance companies appreciate loyal customers and may offer additional discounts or perks to those who maintain multiple policies with them.

When exploring bundling options, make sure to compare the total cost of bundled policies with the cost of purchasing coverage individually to ensure that you’re getting the best deal.

Planning ahead: Tips for saving on insurance when relocating

Relocating can be a hectic process, but it’s essential to plan ahead when it comes to insurance. By taking a proactive approach, you can potentially save on insurance costs and ensure that your coverage is in place when you need it. Here are some tips for saving on insurance when relocating:

  • Contact Integrated Insurance Advisors: Let them obtain quotes from multiple insurance providers to compare rates and coverage options. This can help you identify the best policy for your needs and budget.
  • New Home Updates: Let Integrated Insurance Advisors know of any updates completed on your new home.  New roofs, updated HVAC, electrical or plumbing can all have a positive impact on your insurance rates. 

By planning ahead and taking a proactive approach to insurance when relocating, you can minimize costs and ensure that your coverage is in place when you need it.

Call to Action

If you’re looking for a reliable and trustworthy insurance provider, contact Integrated Insurance Advisors today to learn more about our coverage options and discounts. We’re here to help you make informed decisions when it comes to insurance in your new location.