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Why checking your home insurance premium before you move is a must
If you forget to notify your insurance company when you move, are you ensured anyway? Are your assets covered? What is the benefit of giving your insurance broker a heads up before moving day? We will answer all these questions right here.
The impact of a move on home insurance premiums
First, the premium you pay now depends on many factors. Take the case of a tenant who lives in a 51/2 in Repentigny and moves into a 31/2 in Montreal, on the Plateau. If he lives alone, he is the only insured, and if he keeps all his personal property, he needs the same amount of coverage. So the insurance broker now assesses the age of the building as well as the type of dwelling. Depending on past claim experiences in this area, and considering the frequency of fire, theft, vandalism and water damage is said to be higher in the city, the broker offers a much higher premium rate to our brave tenant. High disaster or damage risk equals high premium!
The changes in circumstances
There is also the case of a tenant passing from a triplex to a residential tower. His insurance premium decreases simply because the building is made of concrete. Then, there is the tenant who is moving in with roommates. The more insured individuals there are not coming from the same family, the more the amount of insurance on his personal property will need to be adjusted; You’ll pay a little more as to ensure the liability of all the people in your household (ie, the consequences of their possible negligence to your property). Finally, consider the case of the lessee becoming condo owner. He needs new insurance coverage to cover tenant improvements to his unit. Howsoever, it is always best to notify your insurance company before you move in order to make the necessary adjustments, and be covered appropriately in case of a disaster in your new home.
Stored goods and coverage during the move
You do not need to purchase additional insurance for your move, unless you choose to store goods beyond a certain period of time in a storage room, for example. Indeed, as your insurance is in force, it should cover your belongings during the move and for less than 30 days of storage time. To be sure, always check your insurance policy.
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(Quebec residents only)
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