Moving into a new place is exciting as it gives you a fresh start. As exciting as it can be however, there is a lot to do and you may assign some key tasks to others, such as hiring movers to help you transport your contents.
Insurance may be the last thing on your mind during this time, but accidents do happen. It’s a good idea to make sure there is some kind of insurance coverage in place for your stuff – either on your end or by the moving company - in case anything is damaged or lost. Insurance coverage can protect you from additional costs (and a potential headache).
What is moving insurance?
You’re probably familiar with how homeowners insurance works, but how are your belongings insured when you’re in-between your old home and your new home? This is a strange middle place where your contents are not in a home at all; so how are they protected? Moving insurance fills that awkward void, so you can focus on the fun stuff like what colour you want to paint your bedroom.
Most moving companies offer coverage that is either already included or it can be added on to their service. Before choosing a moving company, it’s best to ask what their insurance policies are up front. Some may offer different packages. Note, they may also be based on a specific way that items should be packed or there may be weight restrictions per box. Know your options before signing anything.
It’s also beneficial to speak with your insurance advisor, as they will be able to update your policy accordingly and may have some other insurance tips to share with you. You should let them know you are going to purchase moving insurance through the company you’ve chosen. Your home insurance may come into play if any damages occur that aren’t covered by your moving company, so be sure to connect with BrokerLink 30 to 60 days before moving.
The importance of moving insurance
You may be wondering why it’s important to ensure your items are covered by insurance before moving. If you answer ‘yes’ to any of thee questions below, moving insurance might be right for you:
- Are the contents of your home important to you?
- Do you worry about items going missing or getting damaged during the move?
- Do you own things that are considered extraordinary in value?
Accidents happen even by the best moving companies. Moving insurance is an added layer of protection for peace of mind.
Does home insurance cover personal property during a move?
Depending on where you’re moving, many insurance companies will be able to transfer your current home policy over to your new home. Your personal property limit will carry over while you’re moving. That’s why it’s important to call your insurance advisor in advance, to share any dates and details with them as they will ensure everything is correctly noted and taken care of on their end.
If you’re planning to move to another province, there may be some additional changes to your home and auto policies too. Your broker will be able to help you throughout this process.
Things to do before moving
Get claims experience letter(s)
This letter details your insurance history and will help you when relocating to another province.
Ask your moving company for proof of insurance
Before hiring a moving company, ask for proof of their insurance. This will give you better insight into whether or not your belongings will be covered in the event of an accident.
Does your home or tenant’s insurance have storage coverage?
If you’re in need of temporary storage, your policy may already include this as part of your coverage.
Can I get additional coverage while moving?
There are three types of moving insurance in Canada:
- Released liability is typically already in the moving service you pay, which gives you some compensation based on the weight of your items should something happen. Your moving company will outline what their policy is. This will give you a better idea if you’re comfortable with their offerings or if you’d like more.
- Full-value protection means exactly what it says. You would get the full amount back based on the actual value of the item.
- Third-party insurance would cover items that are classified as extraordinary value pieces. These are items that either have a high value (a value greater than $100 per pound) or are irreplaceable. This insurance may also help cover costs in the event of a natural disaster.
What if there are coverage gaps between moving dates?
It’s important to make sure there are no times between moving dates during which you’re not insured. While we don’t want to scare you, here are some situations that could happen:
- Scheduling conflicts impacting the closing date.
- Moving companies accidentally overbooked, so limited employees and trucks available.
- Weather delays.
If anything changes with your moving dates, be sure to let your insurance advisor know right away. They can help make sure there are no gaps during which you’re not carrying insurance as you move.
Get in touch with an experienced insurance broker
There are no silly questions when you call us at BrokerLink. We’re always here to help you learn more about your options. Give us a call today to learn more!
FAQs on insurance when you're moving
What happens if movers damage your stuff in Canada?
Depending on the type of coverage you have, the moving company should provide some kind of compensation. It’s always best to ask for these details before signing any contracts. That way you know what you’re getting, and you can evaluate if you’ll need additional coverage.
Are movers liable for lost items while moving in Canada?
Many moving companies offer full protection or some kind of compensation. These details should be provided before you sign anything. Sometimes, a basic plan is free while a more extensive coverage may be an additional fee on top of the moving service. Under full protection, you will be reimbursed or have something replaced if an item is lost and/or damaged.
What if movers steal your stuff?
This can be a tricky accusation because whether it was genuinely lost or stolen, it’s still missing. If you have proof of theft, you may be able to work with the authorities. Without proof, your insurance or the moving company’s insurance should provide you with compensation, based on your contract. It may not be for the full value of the lost/stolen item though – and some items are irreplaceable.