The age-old mantra “location, location, location” still holds, though the reasons for relocating are changing.
What with more people working remotely, living close to downtown where most major businesses are found may no longer offer the same appeal to homeowners. The Canadian housing market has seen significant change since the pandemic, when companies pivoted to provide flexibility for employees, and workers have shown they have no interest in going back to the status quo.
Canadians are making it clear that the suburbs are now where they prefer to be. A 2023 Zolo survey revealed that 62% prefer single-family homes, a significantly higher percentage than those drawn to condos or apartments (20%) or townhomes (10%). The suburbs reigned supreme in the responses, with 71% of buyers looking to escape the downtown, either to the suburbs (44%) or to a rural community (27%). Conversely, only 29% of Canadians search for a home in the city centre. In Calgary, current real-estate trends are showing that single-family home prices have been rising consistently since November 2020 as people look to make their own plot of land their permanent space.
Other reasons for people to move or change houses include a change of employment, a growing family, or downsizing after the kids have grown and moved out. Regardless of your reasons for relocating, it’s important to know how to protect your belongings while you’re changing places.
What to know about home insurance while moving
If you’ve decided to settle in your ideal new location, there are some key home insurance considerations before, during, and after moving day.
Your belongings are covered during your move
In Canada, your home insurance travels with you. Loss or damage to belongings is a common concern during moves, but it’s not as well-known that belongings in transit are often covered. Your insurance broker can help you check your policy if needed. Some providers cover up to 45 days from the moment your stuff leaves your current home.
Check your moving company carefully
Even if your belongings are covered by your home insurance while in transit, it’s still important to check your moving company carefully. Request proof of their insurance and read the fine print. Understand what the insurance covers, including replacement or repair costs. Your insurance broker can help you determine if their coverage is adequate or if you should consider a different company.
Also check online for their reviews. Watch for red flags, including low ratings and negative comments.
In order to protect yourself even further:
- Schedule your move well in advance so you can be sure your chosen company is available.
- Inform the moving company if you’re moving high-value items so they can take extra precautions. Be sure to communicate clearly as to your expectations for the handling of each item.
- Document your items with photos or video, especially those of high or sentimental value.
- If there is damage, you can generally open a claim with the moving company within nine months of the move and avoid a home insurance claim, which may end up raising your rates. You’ll need to provide a clear description of the damage and fill out a form demonstrating that they committed a fault during the transport of your belongings and that this fault directly caused emotional, material, or physical damage. In extreme cases, you may also have the option to file a civil liability claim against the moving company and its employees.
How does moving affect home insurance coverage needs?
A move is a great time to review your coverage. Whether you’re shifting from being a tenant to a homeowner or moving into a smaller abode, your home insurance needs may change. A licensed insurance broker such as us at Lane’s can guide you in selecting the appropriate coverage for your new living situation. We will help you find the home insurance coverage that best meets your needs through providing a valuable combination of perfectly tailored coverage, quality services and fair pricing. Contact us at our Calgary, Banff, Edmonton and greater Alberta offices for a free and easy consultation.
