Home insurance before, during and after the move.
The home insurance will cover you in the event of a problem before, during, and after the move, regardless of the type of accommodation, whether you own or rent. “You should know that this type of insurance provides coverage for 30 days between the old and the new address,” explains Line Crevier, manager of technical affairs and the Insurance Information Center at the Insurance Bureau of Canada. . Your assets will therefore be automatically protected in both places.
- Notify of any changes
If your move requires more than 30 days, for example, your insurance contract will have to be adjusted if you live in your new house while waiting to sell the old one.
“In any case, the first thing to do as soon as you know your new address is to contact your insurer to update your home insurance and check if the endorsements are adapted to the characteristics of the new accommodation”, specifies Line Crevier.
For example, if you move into a semi-basement while living on a second floor, you are more at risk of experiencing sewer backups. Are you moving in with your spouse? Did you buy new furniture? Your insurer will take stock of the changes in your situation and adapt your contract accordingly.
- Injury or damage
If, by chance, a friend is injured while helping you transport your furniture, know that your home insurance includes a liability component that will cover you if you are held responsible for the injuries or damages suffered.
If a property is damaged during the move, the professional mover’s insurance will cover the damage up to a certain point. Beyond that, your home insurance can take over. If one of your friends dropped your computer, it would all depend on your contract. Depending on whether you have taken out an all-risk or a named-perils policy, coverage may or may not be provided.
Do you know what home insurance covers?
Protect your loved ones with mortgage protection
Have you just bought your first property? Well done! Now it’s time to think about protecting yourself and your family. Mortgage protection is made up of two elements:
Life insurance can be temporary and cover the term of your mortgage. It can also be permanent and last a lifetime. Either way, it can help keep your family protected if you die before your mortgage is paid off.
Critical illness insurance provides a lump-sum payment if you suffer from one of the covered conditions. You can then use this amount to pay your mortgage or other expense.
before moving
Notify your insurer as soon as you know your move date and your new address.
Do not forget to inform him of any change in your situation (as a couple or single, etc.), as well as the characteristics of your new accommodation.
Reassess the value of your possessions if you have purchased new furniture.
