The decision has long been made- you’re moving on July 1st. Your moving to-do list is made, from buying tape to seal your boxes to booking a moving company to help you with the transition. Everything is ready for the big day…but what about your insurance?
Your Home Insurance
It covered all the belongings in your previous home, but what happens during the transition period when you have belongings in both locations? By notifying your broker of your move and giving him your new address, your belongings are covered at both locations for a period of 30 days; this means that the coverage of your insurance contract will apply to both your old and new home.
It should also be noted that your home insurance policy will be modified since your belongings will be protected at a new location. In fact, to insurers, your new home will not involve the same risks. That being said, your monthly premium could be affected by way of either an increase or decrease.
If you choose to hire a moving company, make sure that it has insurance that will protect you in the case of the unexpected. Find out exactly what their insurance covers.
Using a Moving Truck
If you rent a truck or trailer to move, you will need insurance for this vehicle. Several options are available; simply select the one that best applies to your situation:
- Your insurance company: If you do not already have it, it may be possible to add endorsement 27 that protects you for rented or borrowed vehicles. This endorsement contains restrictions on the type and weight of the rented vehicle;
- Insurance offered by the vehicle rental company (it is optional and therefore will not be included in the rental price);
- Credit card insurance (if applicable);
Make sure that the amount offered by the insurance is higher than the value of the rented vehicle.
Moving in with your Partner
When moving in with your partner, be sure to notify your broker for changes to your insurance policy. The broker will suggest that you add your partner to your insurance contract and ask if the amount of insurance covering your property is still sufficient in the case of two tenants. Take this opportunity to make an inventory of your belongings- this will ensure that you have up-to-date documents to send to your broker.
For any questions regarding your big move or for more information about your home insurance, contact us today!