Whether your new abode is across the country or just across town, understanding the implications that your move has on your Home Insurance will help protect not only your belongings, but also your peace of mind. After all, moving isn’t just about physically relocating. It’s about making a house a home, and creating that safe haven for you and your loved ones. To help you ensure that your sanctuary—and everything in it—stays protected from the unexpected, here are our top Home Insurance tips to consider before and during your move:

1. Be selective while searching for your dream home.

 

It’s no secret that insurance companies have their own methods of assessing risk and calculating insurance costs based on the relevant data. That’s why it’s so important to take notice of the details that could affect your future Home Insurance premium costs as you’re touring potential homes. To help you make an informed buying decision, be mindful of the top factors that affect your Home Insurance premiums:

• Location: When determining insurance premiums, the claims history of the specific postal code that your home is located in is one of the biggest factors that insurance companies take into account. Higher rates of events like theft, vandalism, and floods will likely result in higher costs to insure. Do your research on the area, talk to your real estate agent, or even chat with the neighbours to help you get a better sense of the neighbourhood!
• Replacement Cost: The replacement cost of your home refers to the total amount it would cost, including labour and materials, to rebuild your home if it were to be destroyed. It’s typically calculated using characteristics such as the age, size, features, and foundation type of the home—and it differs from the market value or purchase price. Homes with a higher replacement cost value will typically cost more to insure.
• Heating Sources: Homes with oil heating will see higher Home Insurance costs than homes with gas or electric heating, since leaks from oil tanks can be costly and damaging to your property. Regardless of the type, the age and condition of your home’s heating system will also be considered. Additional heating sources such as wood stoves and fireplaces may be seen as higher risk due to the potential for fire and smoke damage.
• Proximity to Fire Services: The distance from your home to the nearest fire hydrant or fire station can also affect the cost of your Home Insurance. The closer you are to fire services, the less damage your home is predicted to sustain in the event of a fire—which typically results in the lowest premiums.

To learn more about what else goes into determining your premium, check out the 10 Factors That Affect Your Home Insurance Premiums. Doing your due diligence before you decide to purchase a home is essential, and could end up saving you a lot of money and hassle in the long run!

 

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2. Take stock of your home inventory.

 

Moving is the perfect time to organize your things and create a documented home inventory. As you’re packing up your life, make a proper list of your belongings and take photos or videos of your valuables. This will not only help you determine how much Home Insurance coverage you’ll need to be fully protected, but also allow you to keep track of anything that might get lost in the move.

To make the process easier for you, we’ve put together an electronically fillable home inventory checklist here. And while you’re already going through your items, take the time to decide what to keep and what to donate or get rid of—your future self will thank you once settled in your new home, clutter-free!

However, if you own anything of significant value, keep in mind that your Home Insurance policy might not cover valuables over a certain dollar amount, usually around $2,000 or more. Depending on your needs, you might need to secure an additional endorsement or a dedicated Personal Property or Valuable items policy for anything of high value, like jewelry, designer items, collectibles, medical devices, electronics, sports equipment, and more.

 

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3. Make sure you’re covered during the move.

 

Moving can be time-consuming, and what happens if you’re not able to move all your things over in one go? The good news is that most Home Insurance policies will cover both your old and new home addresses and their contents for 30 days while you’re in the process of moving. But if you have more stuff than space and you’re renting out a storage unit, check with your broker to see if your belongings will still be covered—especially if you’re planning to have it for an extended period of time.

If you’re hiring a company to help you out, don’t forget to ask for proof of insurance. Moving companies are generally required to have liability coverage in case any of your belongings happen to be damaged in transit.

 

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4. Consider upgrading your home security.

 

Guard your new home by installing security features. If you’re on the budget-conscious side, don’t worry too much about getting the most expensive, state-of-the-art technology—even a simple security camera, automatic door alarm, and/or security brand decal on the window can help deter potential criminals. After all, what better time to upgrade your home security than as you’re relocating to a new home in an unfamiliar area?

Having that extra layer of protection on your side can make all the difference if your home is targeted, saving you from the financial and emotional toll of a break-in, on top of the stress of moving. Plus, you might be eligible for a discount on your Home Insurance for having a home security system installed. Contact your broker to learn more!

 

RELATED: Locks, Camera, Discounts: 10 Home Security Tips to Protect Your Home

 

5. Review your insurance policy.

 

You should be reviewing your Home Insurance policy regularly, but it’s especially important to do as you’re planning to move. Whether you’re upgrading from a condo to a townhouse or downsizing from a 2-storey home to a bungalow, your Home Insurance coverage needs will typically change when you relocate. It’s not always as simple as just transferring your existing policy over—depending on the circumstances, you even need a new policy altogether! If you’re planning to renovate your new home, then you’ll need to make sure your Home Insurance coverage reflects those updates as well.

If you’ve recently completed a home inventory, this is the perfect time to close any gaps in coverage when it comes to the contents of your home. Plus, if you’re a first-time homeowner, you can look into bundling your home and auto policies for extra savings.

 

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6. Keep your insurer in the loop.

 

Last but not least, the most important thing to check off your moving to-do list is to notify your insurer. If you already have a Home Insurance policy in place, you should be letting them know of your plans 30 to 60 days prior to your moving date. To avoid any gaps in coverage, make sure you have your new policy and/or insurance provider lined up before cancelling your current policy.

By keeping your insurance company informed of your situation, they’ll be able to advise you on your specific coverage needs. Maybe it’ll take a few months before you can sell your old home, and your belongings will be split up between both properties until then. If you need your contents covered in both homes for more than the standard 30 days, contact your insurer to make sure they can amend the terms of your policy, or simply add a note to your file.

 

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