Moving to a new province is a decision that no one makes at the drop of a hat. A huge amount of planning and or preparation is needed for the move and the issues dealing with the regulations of the new province and getting you and your assets there safely. Here are some things to consider before your move:
What kind of insurance do you need for the move:
Does your homeowner’s insurance change in another province? Many considerations cab affect policies, such as crime rates, hazardous climate patterns, and the materials used in the construction of your home. Also, you need to know if your current agent or carrier is licensed to write in your new province. If not you may need to find a new broker and an insurance company. You can use the Canadian Insurance Broker website to find a new agent near your new residence.
Does your moving company have adequate insurance:
It is vital to compare moving companies, how your possessions will be insured under your homeowner’s policy and how a deductible would apply to claims made for items damaged or lost along the way. Knowing the mover’s insurance options will also help determine if additional coverage is warranted.
Do you need to insure a vacant home:
There may be a situation where you move before you sell your current home, if this happens ask about obtaining a Vacant Dwelling policy on your unoccupied home. Without proper coverage, events like fires, explosions, and other injuries or fatalities occurring on your vacant property can put you at tremendous risk.
How will a different climate affect your policy:
Moving to a province that has severe weather threats may change your policy, and insurance carriers will want to know the condition of the new home and its ability to weather a storm. It may be required for the insurance company to assess the home’s overall durability. These details will affect the degree of coverage and policy cost.
For instance, if you move to where wind may cause catastrophic damage, you’ll likely see a wind/hail insurance deductible that’s separate from an All Other Perils Deductible. In places with an increased flooding risk, like much of Ontario, you may need to consider flood insurance.
If you’re purchasing a home in BC, the recent amount of wildfires for their potential insurance implications. Consider homes comprised of composite materials and brush should be within 30 feet of a structure. These factors will positively impact the policy and carrier options.
Relocating to a more rural area? Homes could be situated over abandoned mines, and mine movement could cause significant damage not covered by a standard homeowner’s policy. Sinkholes are also common and are frequently excluded from homeowner’s policies.
Also, it could go the opposite way, if you are moving from an area with any of these situations to a safer location you may see some savings, so it is a good idea to have your homeowner’s policy checked either way.
Auto Insurance is not the same across Canada:
Auto insurance varies from province to province, with some provinces like BC have government-controlled auto insurance so review the laws pertaining to your new area.