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moving into a new home

Do’s and Don’ts when moving into a new home

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There’s something about spring that brings about a fresh sense of change and a renewed spirit. That’s probably why it’s one of the most popular times to move into a new home.

Maybe you’re a brand new homeowner, found your dream home, or downgrading into a condo. Either way, changing homes means re-evaluating your insurance needs.

Here are some do’s and don’ts when making the big move, and the four key parts of building a solid home insurance foundation.

Do

  • Change your homeowners or tenant insurance, and consider bundling with other existing policies
  • Hold a garage sale, donate to charity, or throw away old items to de-clutter.
  • Take an inventory of valuables in your home.
  • Consider protection for your valuables against damage during the moving process. Contents Replacement Cost pays for the cost of repair or replacement subject to loss settlement.
  • Consider hiring a moving company, or asking family and friends to help pack your belongings.

Don’t

  • Make the rookie mistakes of not making a large enough down payment, skipping a home inspection, or get lost in additional costs (i.e. legal fees, taxes etc.).
  • Forget to notify your insurance company to change your auto insurance–Where you live affects the premiums you pay for your car.
  • Forget to forward mail to your new address and transfer cable and Internet services.

isure’s  Four Key Parts of Your Home Insurance

  1. The Building—Protection against major events such as fire, windstorm, lightning, vandalism and other covered events. It’s important to note that flood and other water damage is usually not covered in a home policy. Check with your broker if you are unsure of what you are covered for.
  2. Personal belongings—Covers the basics (clothing, furniture, other appliances) in a covered disaster. Other high value and leisure items usually have limited coverage unless you have purchased additional coverage. Due to a 70% limit of the amount of insurance you have on the structure of your home, ensure that you keep an updated list of possessions and their values.
  3. Personal liability—This is coverage when slip and falls and other accidents happen on your property.
  4. Additional Living Expenses—If your home is inhabitable after an insurance claim, your insurer will likely reimburse costs from living somewhere else, meals and other incidental costs (usually at a limit around 20% of your home’s replacement costs).

There are a number of additional home coverage options. For more information about home insurance, click here. To contact your broker, call 1-877-514-7873, email bsure@isure.ca, or connect with us on social media.

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