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It's that time of the year when families across the nation pick up to relocate. Whether you are moving across town or across the state, chances are your homeowners policy is likely to be impacted. While most moves within the same city are minimal, families relocating from one state to another are often caught by surprise at the difference in insurance premiums. Take time to compare home owners insurance quotes ahead of time to prevent unpleasant surprises and make sure you can obtain the right insurance for your needs.
To provide a general idea of what you should expect to pay, first determine whether you will need flood insurance. Remember, most policies sell it separately for an average annual rate of roughly $500 in addition to the regular premium.
Next, determine if you reside in a high premium or low premium state. For example, residents of Idaho tend to pay the lowest home owner premiums at only $457 per year, while states like Florida, Texas and Louisiana have some of the highest rates in the nation well in excess of $1,100 to $1,400 annually—exclusive of flood insurance premiums.
Finally, if your home insurance premiums will be increasing, be sure to set aside additional funds each month to cover the extra expense. While some insurance companies allow quarterly or even monthly payment options, there is often an additional surcharge added.