Square One finds that 80% of Canadians are not properly insuring their belongings while moving to a new home
August 16, 2017
(Vancouver, BC): According to research conducted by Square One Insurance Services, over one million Canadians move to new homes within the same province each year. In addition, over 300,000 Canadians move to new homes in different provinces each year. The research revealed that Ontario had the largest portion of new residents at 27% in 2016, followed by Alberta at 21% and British Columbia at 20%. Square One also found that Alberta had the largest portion of residents leave the province at 24% in 2016, followed by Ontario at 20%.
“We conducted this research for several reasons,” says Daniel Mirkovic, Square One’s President. “First, we’ve noticed an increasing number of people moving between provinces. Second, we know that the summer is the most common time of year that people move. And finally, we believed most people didn’t know that their home insurance policies could cover their belongings while in transit.”
The research shows that the most common moves are from:
- Alberta to British Columbia (10%);
- Quebec to Ontario (7%); and,
- Ontario to Alberta (6%).
The most popular time of year to move is between May and September. Families choose these months because children are out of school, the weather is favourable, and work schedules tend to be more flexible. It’s no surprise that summer months are also the busiest time of the year for the real estate market.
While moving can be an exciting time, it’s important to consider how your personal belongings are protected during the transition. Square One’s study found that 80% of Canadians are not properly insuring their belongings while they’re in transit.
Most home insurance providers will allow you to transfer your current policy to your new home. When you transfer your current policy, your personal belongings will be insured while in transit. For example, if the movers accidentally drop and break your television, then your home insurance policy will cover the cost to replace it.
You can purchase a separate policy to cover your personal property during the move. However, a separate policy is usually more expensive than amending your home insurance policy. Plus, your home insurance policy includes critical protection against liability exposures that your family may face. If you let your home insurance lapse and accidentally injury a third party, then you’ll be responsible for any injuries and damages sustained by the third party.
“If you’re moving to a new home and aren’t transferring your current home insurance policy, then you need to ask your new provider if their policy will cover your personal property during the transition,” says Mirkovic. “Don’t just assume that’s the case; otherwise, you risk losing your property during the move. Some providers cover the transition, but others don’t.”
In addition to transferring your insurance policy to your new home, here are some moving tips you should consider:
- File a change of address with the post office. Make sure to do this a few days before the move as it can take a couple of business days to take effect and you don’t want to miss any important mail.
- Update your driver’s license and car insurance to reflect your new address. Also, it’s a good time to update your banking information especially if your bank doesn’t operate in your new location.
- Switch over your utilities, like hydro, gas, and electricity. You don’t want to arrive at your new home only to find that it’s dark and cold because you forgot to have your utilities connected.
- Pack an overnight bag with any items you may need for your first few days in your new home. This will help avoid the stress of being unable to locate essentials while your belongings are being unpacked.
- Check boxes and major appliances after you’ve arrived at your new home. Be sure nothing was damaged during the move. If you use movers, then you may need to file an insurance claim in a specified period.
If you’re considering moving to a new location, then it’s important to stay informed and to have the right insurance coverage in place. To learn more, speak with your insurance provider or call Square One at 1.855.331.6933.
Established in 2011, Square One offers the only home insurance policy in North America that can be personalized to your unique needs. That means you only pay for the protection you need. Square One is also one of the few providers to automatically include water backup and broad water protection in its policies. Square One currently serves British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Arizona. For more information about Square One, or to get an online quote, visit www.squareoneinsurance.com.
For more information on this release, please contact:
Square One Insurance Services Inc.
Tel: 1.855.331.6933 ext 127