Moving or buying a new house? Top insurance considerations
Friday Oct 15th, 2021
Relocating to a new place is obviously an exciting time and a major change. Whether you’re selling your old home or moving to a fresh new rental, there’s lots to keep in mind. A big one is your insurance coverage.
Many people are moving thanks to the freedom of remote work — a recent report by Aviva Canada, one of Canada’s leading insurers, indicated that 31 per cent of Canadians have considered relocating due to the pandemic. But in all the excitement, some are forgetting to update their insurance, which could limit coverage or affect premiums.
Here are the top three things your insurer needs to know about when you’re relocating to a new home:
Consider your home type and location.
Is your new space a condo, detached house, semi-detached, high-rise? The type of building you move to is part of how your insurance premium is calculated. You may also have different needs depending on the dwelling. For example, sewer back-up coverage may not be as relevant to high-rise condo dwellers as it is when you live in a detached home in a city.
Update your address.
It’s easy to forget with all the other responsibilities of moving, but if you don’t update your address with your insurance provider when you move, it could be considered fraud.
You may think it’s no big deal, but accurate information is key for an insurance company to assess your risk, and therefore the correct coverage and premium. If you misrepresent your primary residence there could be consequences including higher premiums, invalidated coverage, cancelled policies or denial of insurance later on. Remember to update the correct address for your auto insurance as well.
Remember renovations or splurges.
It’s an exciting and often overwhelming prospect to renovate or refresh any part of a new home, but more and more of us are taking on the challenge to create the spaces of our dreams.
If you’re planning updates to your house, remember to inform your insurance provider before and after the work is completed and make sure your contractors have proper insurance as well. This will help ensure that your new spaces and possessions are adequately covered by your insurance policy and some updates, such improved fire safety, could potentially reduce your premium.
Find more information at aviva.ca.
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