For insurance brokers, a move is a good time to talk to policyholders and adjust the protections included in the insurance policy.
When making a big move, policyholders want to know:
1. Should my insurer be told about a move, even if I’m renting?
Whether you are a tenant or owner, it is important to tell your insurance company at least 30 days before the moving date. Tell your insurer about any changes so that you are properly covered in case of problems.
For example, if you are buying new furniture, you should advise your insurance company of its new value. This will ensure you are adequately compensated if you make a claim.
DURING THE MOVE
2. Are my belongings covered during the move?
That depends on the type of policy held. If it is a policy with comprehensive risk coverage, your belongings are covered during the move. That way, if furniture is damaged or the television is broken, the policyholder will be covered up to the amount listed on their insurance policy.
If your policy does not have comprehensive risk coverage, your belongings will not be covered.
3. Does my policy cover my belongings at both addresses?
In some cases, it is possible to move gradually over several days. In such cases, some of your property will remain at the old address while the rest is stored at the new one.
“In most cases, the home insurance policy provides coverage for both addresses for 30 days starting from the day the move starts.” – says Lucie Lee Frappier, Team Leader for the Residential Underwriting team at APRIL Canada.
4. If my friends help with the move, what happens if one of them gets hurt?
Say a friend helps you move and gets hurt. The home insurance policy provides compensation for this relatively common form of risk. Indeed, sometimes a friend can get hurt because they stumbled, missed a step on the stairs, or carried a box that was too heavy.
In such cases, the liability insurance included in the home insurance policy will compensate the victim on behalf of the policyholder, and cover the injury received.
5. Does the truck rental contract offer any kind of protection?
Whenever you talk about a move, you have to talk about transport. And whenever you talk about transport, you have to talk about trucks. Renting a moving vehicle is often required when you are moving house.
“When renting a truck, it is important to purchase the insurance offered by the truck rental company. In fact, it is a mistake to think that personal auto insurance would cover injury to third parties and damage to the truck.” – Michael Vicentijevic, Commercial vehicle underwriter, APRIL Canada.
A FAQ 27 endorsement may be added to an auto insurance policy. This protects the policyholder from damage they may cause to a vehicle that doesn’t belong to them. However, this rider is primarily reserved for tourism vehicles and not for commercial trucks. Therefore, coverage depends on the size and type of truck rented.
INSURANCE AND MOVERS
6. If the move is being carried out by professional movers, are my belongings necessarily covered by the moving company’s insurance policy?
A moving company must be carefully chosen, and customers must make sure that the company has all the insurance coverage required to appropriately cover their belongings.
7. Can customers ask for a copy of the moving company’s insurance policy?
Yes, to avoid nasty surprises, ask for references and a copy of their insurance policy. In case of loss or damage to your belongings, the moving company’s insurance policy will be the first to compensate you.
“Customers who hire movers must specifically make sure that the movers have cargo insurance so that they can rest assured that their belongings are covered during transit.” – Michael Vicentijevic, Commercial vehicle underwriter, APRIL Canada.
8. What if the cost of damages is greater than what the mover’s insurance policy covers?
In such cases, your home insurance policy will supplement the coverage up to the amount indicated in the contract.
9. Any advice?
A move entails changes to all types of insurance products. You should also think about advising the insurers for your car, boat, motorcycle, etc.