Homeowners Insurance Costs Vary When Moving to Different States

Homeowners insurance is attached to the property, not the owner, so moving to a new state requires a new policy. Rates are influenced by the home’s location, age, construction materials and local weather risks. For example, average annual premiums are about $8,471 in Florida and $1,449 in New Jersey, according to Insurance.com data.

Mark Friedlander, senior director of media relations at the Insurance Information Institute, noted that many consumers assume their risk and cost will stay the same after a move, but “risk factors may be significantly different, leading to either higher or lower costs of coverage.” Coverage for personal property continues during the transition unless a professional moving company is hired, in which case the mover’s insurance applies. Homeowners may also need flood insurance or additional liability coverage depending on the new home’s exposure.