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Insurance tips for buying a home and moving

With a little planning and preparation, you can make buying a home and moving a memorable milestone for all the right reasons.

Buying a new home is incredibly exciting. Moving, on the other hand, is considerably less thrilling. If you’re in the market for a new home, use these new home insurance tips to make more informed, confident decisions, and keep your transition from one home to another simple.

Things to consider while shopping around

  • Location: A history of theft, vandalism and flooding in the neighbourhood can affect the cost of your home insurance. Do an online search to see what statistics are available in the area, talk to the neighbours, and speak with your real estate agent to help you identify any possible issues.
  • Nearest fire hydrant or station: In case of fire, your home’s proximity to the closest hydrant or station determines how quickly help can arrive. This is another factor that impacts the cost of home insurance.
  • The home’s replacement cost: The size and construction of a home determines how much it would cost to replace it and its contents. Learn more about replacement value below.

  • Types of utilities: Variations in heating, electricity and plumbing, including their types, ages and current conditions, may also impact your premiums.

Always hire a reputable and experienced home inspector to identify potential risks in your new home. Doing your homework before you buy could save you money for years to come.

What needs to be insured?

In addition to insuring the building itself, you’ll also need coverage for everything inside the home, as well as any detached buildings or features, like a swimming pool.

It’s a good idea to have a list of your belongings to make sure you have enough coverage. Moving and unpacking is a good time to take an inventory of what you own. You should also take pictures or video of your valuables.

How much coverage is enough?

The replacement value of your home is not the same as the market value. Replacement value is the actual cost of the materials and labour needed to rebuild your home from scratch. Your Financial Advisor can help you calculate the replacement value and give you more information about full replacement coverage.

Standard vs. Prestige policies

Most home insurance policies cover specific risks, such as a fire or theft. However, a standard home insurance policy may not be enough. Depending on what you own and where you live, you may want to consider a Prestige policy with more coverage.

Regardless of which policy type is right for you, find out which insurance discounts you qualify to receive; you may be able to save significant money.

Coverage while you’re on the move

There’s a lot to think about when you’re changing homes. We can help by making sure you have the coverage you need during the transition. Our Home insurance policy covers your insured location and personal property while you’re in transit. It’s good for 30 days or until the policy expires, whichever comes first.

Before you go, here are some helpful tips to ensure a smooth transition:

  • Start planning early. Canada Post offers a detailed moving plan.

  • If you need to store your items, contact us first. Depending on your policy type, your items may or may not be covered while in storage.

  • Call us once you confirm the purchase of your new home so we can let you know what coverage you need.

  • If you decide to use professional movers, make sure they have insurance; our Home policy doesn’t cover marring, scratching, abrasions or chipping. You can research moving companies on Industry Canada’s website.

  • If you’re leaving a rental unit, take photos of each room so you have proof of the condition you left them in.

Consider mortgage insurance

If you need a mortgage, it makes sense to have mortgage life insurance. That way, if something were to happen to you, your family would be able to pay off the mortgage. Ask your Financial Advisor about Mortgage Guard®. It not only covers your mortgage if you die prematurely, but it can also help protect your family, home, and standard of living while you recover from a serious illness.

When you find the right home, get a quick home insurance quote online or find a Financial Advisor near you.