Study: Canadians not properly insuring belongings when moving home
Published: August 18, 2017
Updated: July 24, 2018
Author: Luke Jones
CATEGORY: Home Insurance
Many Canadians remain unsure about home insurance and are not properly covering household items when moving from one region to another. A survey finds 80% of homeowners do not sufficiently secure their belongings with insurance when moving to a new house.
Other studies have shown Canadians often think all homeowners insurance covers belongings, when only certain policies do. The latest findings are from a survey conducted by Square One Insurance, showing customers are still not fully embracing adequate home insurance.
“We conducted this research for several reasons,” said Square One president Daniel Mirkovic in a release. “First, we’ve noticed an increasing number of people moving between provinces. Second, we know that the summer is the most common time of year that people move. And finally, we believed most people didn’t know that their home insurance policies could cover their belongings while in transit.”
The company says it is common practice for insurance companies to allow companies to transfer current policies onto new homes. However, customers must tell insurers about changes.
“If you’re moving to a new home and aren’t transferring your current home insurance policy, then you need to ask your new provider if their policy will cover your personal property during the transition,” Mirkovic said. “Don’t just assume that’s the case; otherwise, you risk losing your property during the move. Some providers cover the transition, but others don’t.”
Additional information from the study finds more than one million Canadians move homes, but remain in the same province, each year. Over 300,000 move to new regions.
Other important findings of the study include:
- Ontario had the largest portion of new residents at 27% in 2016, followed by Alberta at 21% and British Columbia at 20%
- Alberta had the largest portion of residents leave the province at 24% in 2016, followed by Ontario at 20%
- The most common moves are from: Alberta to British Columbia (10%), Quebec to Ontario (7%), and Ontario to Alberta (6%)