Homeowners Insurance Before Moving In
Consensus: Get insurance the day you get the keys.
Make Adjustments: Up the personal property coverage on or before the day you move in.
The day you get handed the keys and officially own your home the insurance should start kicking in. For this to be possible you have to find an insurer in advance so values and types of coverage needed can get hammered out. If you’re getting a mortgage, in almost every instance the lender will require that you have home owners insurance secured before closing.
Even if you haven’t moved all your stuff in a fire or flood can do serious damage, mold can grow or burglars could vandalize the property. There’s too much at stake to wing it during the period between buying the home and moving into it.
It doesn’t happen often, but if you’ve just bought a home that renters will be staying in short-term you’ll probably need to get landlords insurance in the interim before moving in. Landlords insurance covers the property but also provides additional benefits like fair rental income coverage, damage done to the property by he tenant and landscaping coverage since you’re depending on someone else to upkeep your property.
Renters Insurance Before Moving In
Consensus: Get insurance the day of or before you move in.
Unlike homeowners insurance, which covers the structural property, renters insurance only insures your belongings and liability for accidents on the premise, not the building itself. Therefore there’s no need to get renters insurance until you move in. If you’ve already got renters insurance then great – just update the information on or before your move so you’re properly covered.
Moving insurance for renters and homeowners is another entirely different kind of insurance. Your best bet is to contact your insurer to see how your personal property is covered while it’s in transit and if you’ll need to get additional coverage.
It’s also import to make sure your moving company is insured. At Tower Moving we’re fully licensed and insured to move people in, out and around Toronto and throughout the country.
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