Moving brings its fair share of novelties. New house, new neighbourhood, new neighbours, etc. These factors considered, it's best to talk to your insurance broker before your big move to avoid surprises down the line.
In the meantime, here are a few situations that we demystify so that you can be better prepared.
Home insurance? It’s not mandatory.
The real estate market has seen a significant increase this winter. Many buyers are first-time homebuyers and are less informed about home insurance.
If you own your home, insurance is mandatory. It protects you in case of a problem (for example, if someone gets hurt or if you suffer a fire, vandalism, theft, etc.). Although you can’t choose to do without it, you can control what it contains and choose the most appropriate coverage for your situation. Basic coverage includes civil liability and property insurance for a predefined amount. Nevertheless, we advise you to talk to your insurance broker to avoid unpleasant surprises should you have to make a claim.
If you are a tenant, it is optional, but very useful. It includes coverage for civil liability and your property, and it is your landlord’s home insurance that protects the structure of the building. So, if a fire spreads in your apartment and your neighbours’, your property will be protected. If your neighbour does not have home insurance, he or she will unfortunately not be covered.
Your home insurance is only valid once you live in your new home.
In fact, as soon as your move has started, your belongings are covered at both addresses for a period of 30 days. So don’t worry about the belongings you leave behind. If your home insurance includes vandalism and infiltration insurance, you remain protected for both situations.
However, don’t forget to notify your insurance broker of your move so that your contract can be adjusted. As your situation changes, so will your contract. There are several small features that need to be checked. For example, insurers will only cover 30 days at both locations. If your move exceeds this limit, it is in your best interest to talk to your broker.
Moving will increase my insurance premium.
Since your new home is not in the same location as your previous home and does not have the same features, your premium will be adjusted accordingly (not to mean that it will necessarily go up!). In fact, if your new home is not on a waterfront and is in a neighbourhood with a low vandalism rate, your premium may be more advantageous. Other factors that influence the price include the age of the building, the renovations made to it, the area where you live, etc.
Your belongings are automatically covered by your movers.
When property breaks down, liability is often attributed to the movers, if this protection was included in the company’s tariff. In fact, a mover can be relieved of all responsibility if he did not pack your belongings himself. You can check with the company simply by asking.
And what if the value of the damaged goods exceeds the company’s protection? If this is the case, simply notify your broker of the situation so that he can initiate claims procedures with your insurer. The moving company will cover your goods, and your home insurance will compensate for the missing portion.