When the decision is made to move, the costs that initially come to mind are the biggies. The costs and decisions transitioning families face are endless. Here are a few of the not-so-obvious monetary stresses that may come with moving:
- Auto Insurance: "When you move from a more rural market, less population, to a highly densely populated urban environment, you can see swings (in your car insurance rates) probably anywhere from 15 (percent) to 50 percent," says Dan Young, senior vice president of insurance relations for Carstar. Especially if you are moving out of state, the minimum liability requirements vary state-to-state.
- Health Insurance: Again, for interstate movers, not every health insurance is licensed in every state. Even if it is, an insurance providers can change the plan you are on, the network of healthcare professionals accessible to you, and even the rates you are charged. "There may be some types of (medical) procedures, for instance, that are covered in one state and that are not mandated to be covered in another state," says John Egan, managing editor of InsuranceQuotes.com.
- Contract Cancellations: If you have paid memberships at a gym, day care, pool, ect, then leaving the program ahead of the contract date may come with a penalty charge. Look over such contracts for loopholes or contingencies for members who are moving and be able to show the documentation of your new buy-sell of home contract for proof.
- Missing Security Deposits: Many people forget to re-collect their security deposits. Most landlords are required to return the deposit 14-60 days after a tenant moves out, but if there is not information as to where the money ought to go (forwarding address, direct deposit, ect) then the money may stay where it is and fall through the cracks.