Now, I know what you’re thinking: “What does moving have to do with my insurance?”
Well, moving has more to do with your insurance that you probably realize. It is not as easy as simply updating your address, there can be many things that need to be dealt with depending on what type of insurance policies you have.
Changing your address on your car insurance is most likely the easiest thing to do, but I guarantee there may be one or two things you may not have realized. Here is a list of things your insurance company will need to know when you move:
• Your new address and if your mailing address matches – If you are moving into a new subdivision, there may not be mail service yet and you will need to have your mail sent elsewhere
• When are you moving? You will want to ensure that your policy reflects the correct address at the proper time – it is always better to update your address with your broker before you move and not three months later.
• If you commute to work with your vehicle, has that distance changed?
• Where will your vehicle be parked at night? Several insurance companies offer a small discount if you have your own private driveway or secure underground parking
• Are there any other licensed drivers in the household that are not currently listed on your policy? I bet you didn’t realize that if you live with another licensed driver and they do not have valid auto insurance, they must be either listed or excluded from your policy
One other thing to take note of is that your premium will likely change depending on where you are moving to. Moving to the countryside is probably going to be cheaper than moving to downtown Toronto.
If you have tenant’s insurance or homeowner’s insurance, there is a lot more to update than just the new address.
Here are a few things that you will need to know:
• Details on the building itself. When was it built? What is the square footage? Is there a basement and is it finished? (There is a lot of information your broker can find out for themselves by using a service like Google Street View, but since Google hasn’t successfully mapped 100% of the planet yet, there could be more questions about the building)
• When was the last time some form of renovation was completed? For example; was a new bathroom put in the basement or was old electrical wiring ripped out and replaced?
• If you have a basement, check to see if there is a sump pump and if there is, does it have a battery backup system? Many insurance companies will offer a small discount for homes equipped with a sump pump.
Moving can be stressful enough on its own, so a great person to ask about property details would be your landlord or realtor, if you are unable to find out the information on your own.
As soon as you know you are moving, give Absolute Insurance Brokers a call at 1-877-941-2266 and we can help you with any insurance questions you may have about your move.
