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What happens to my home insurance when I move?

Shopping around for new coverage before the big move? We can help – compare cheap home insurance quotes with us today from Canada's top providers.

Moving is a busy and stressful time. There are a lot of things to check off your list. If you own the home you’re moving from, this includes informing your current home insurance provider of your upcoming move. Ideally, you should do this as soon as possible. The insurer will ask you some key questions – such as your move-out date, your move-in, and whether you require homeowners insurance on the new property.

So here's how to manage your home insurance during a move.

Key takeaways on home insurance and moving

  1. Before you move, you'll need to inform your home insurance company. You can't just transfer your current policy; instead, you'll be offered another quote based on the new risks you're facing. 

  2. If you're unhappy with your new rate, you can switch providers. Just keep in mind that mid-policy cancellations can lead to a penalty fee. And you'll want to make sure you don't have any gaps in coverage.

  3. During the move, many home insurance plans will still cover your belongings for a certain time frame. You should double-check with your provider, though, as every policy is different. 

What happens to my home insurance policy when moving?

In most cases, your insurer will be able to offer you a policy on your place, but this doesn’t mean you’re transferring your current policy to the new home. Instead, you’re ending your current policy and starting a brand new one. This is because a new property comes with its own set of factors – such as the location, materials, and replacement cost – which will impact the cost of your insurance.

This also applies to the new owner of your current home – they cannot assume your existing insurance policy. They would have to apply for their own policy and the premium will be determined according to their own risk factors.

Make sure to notify your provider as soon as possible. Different insurance companies have different rules but giving at least 30 of notice before the move-in date is best. 

How to switch home insurance companies when moving

If you've notified your provider of the move and you're unhappy with your new rate, you don't need to settle. Instead, you can shop around and compare home insurance quotes for your new property. 

Switching home insurance companies is as easy as cancelling your old policy and signing for a new one, but you need to be aware of the possible implications you may face.

Firstly, cancelling mid-policy often leads to penalty fees. Call up your current insurer to make sure you understand the process (and to make sure you're still comfortable with the switch). If you cancel with enough notice in advance (e.g. 30 days, 60 days), you may be able to waive the penalty. 

Secondly, you'll want to make sure the end date of your old policy and the start date of your new policy line up time-wise. Having a gap in coverage is not only a bad idea because your property will be uninsured during this time, but it may also have poor implications on your future home insurance rates. 

Compare low-rate home insurance quotes for your new property.

In just a few steps, you can view personalized home insurance quotes from Canada's top providers – your best rate is only a few minutes away.

Are my contents covered when moving?

Yes, while different home insurance policies have different terms, most will still cover your belongings against loss and damage while they're in transit – you can check with your provider ahead of time to make sure.

TD Insurance, for example, will continue to protect your contents for another 45 days during the move-in process. Most standard home insurance policies from Sonnet Insurance will also cover your belongings in storage for up to 90 days. 

The moving company you use will likely also have its own contents insurance that protects your items during the process. 

The bottom line

The most important thing to do when moving is to make sure you are insured every step of the way. Call your insurer as soon as you're aware of the move, and if you're unhappy with the new rate, you can shop around and compare home insurance quotes with us.

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