If you're planning a move, then you've already got a lot on your plate. However, one thing you won't want to overlook is the potential impact that your relocation will have on your insurance rates. Your home and auto insurance companies will need to know about your move so that your policies can be reassessed, and you can be sure that you're covered at your new place.

But will your premiums change? It really depends, but by having an understanding of the factors that go into calculating your home and auto insurance rates, you'll have a better idea of what to expect.

Potential Impact on Home Insurance

Whether you're moving across town or across the country, your home insurance agent needs to know about your move. Otherwise, you might not have proper coverage in your new location. As you update your policy information with your agent, there are a few things to keep in mind that could affect the cost of your coverage.

Amount of Coverage Needed

If you're moving into a home that has a higher value than your current home, then you may need to increase your coverage limits to protect yourself in the event of a major claim. This, in turn, could cause your rates to increase—especially if you opt for total replacement value coverage.

Age of the Home

Older homes tend to be equipped with more dated wiring, plumbing, and other systems that could increase your chances of a claim. As a result, you might pay a bit more for coverage on an older home versus a newer home with modern systems.

Location of the Home

The overall location of your new home can also impact your rates. If your new place is located in a floodplain or in an area where other natural disasters are statistically more common, then you might face higher rates, or you might be required to purchase additional coverage (such as flood insurance).

Potential Impact on Auto Insurance

What about your car insurance? Location will play the biggest factor here. If you move to an area where car insurance claims are statistically higher (whether it be higher vehicle theft rates or higher accident rates), you should check with your insurance agent to understand any changes to your overall costs.

Finding the Right Coverage at the Right Price

Moving can certainly affect your insurance rates, but not always for the worse. Ultimately, the best thing you can do is to speak with your insurance agent so you can find out what to expect. This is a great time, for example, to make sure that you're taking advantage of any and all insurance discounts available to you.