Thinking about moving?

Location, location, location. The saying still holds true, but the reasons that motivate people to move are constantly changing.

With the uptake in working remotely, city centres may not hold the same draw for economic purposes they once did. Whether your employment circumstances have changed or maybe it’s just personal preference, the Canadian housing market has seen a lot of action recently.

Some have made the decision to move back home with family, while some people are taking advantage of pandemic induced low interest rates or the desire for a more comfortable work from home or remote learning set up. The reasons vary but the trends show that people are on the move.

According to a survey, 32% of Canadians would prefer living outside of a large urban centre, with 44% of those people preferring a larger home with more space for things like a balcony, backyard or pool.1

But what about moving insurance in Canada? Or contents insurance while moving? Or contents transit insurance? In case you’re one of those people that’ve decided on your perfect new location, here are a few things to think about before, on, and after moving day:


Will my home insurance cover my belongings when I move or do I need moving insurance?

Yes, with TD Insurance, you can have insurance that travels with you in Canada. Accidentally damaging or losing your belongings is a common concern when moving. However, it's less commonly known that your belongings in transit are automatically covered when you move.

If you're moving within Canada, TD Insurance will continue to insure your contents for up to 45 days, starting when your first possession leaves your home.


How will moving affect my coverage?
Will I need different coverage if I'm now a condo or homeowner vs. tenant?

If you are moving to a new place, now would be the perfect time to review your coverage. A TD Insurance licensed advisor can help you pick the right type of coverage. Depending on where you are moving to, you may need a different type of home insurance than what you had before, or you may need to add on extra coverage to suit your needs.

For example, if you’re moving into a condo, you may want a policy that covers your personal belongings and any improvements that have been made to your unit, amongst other things. Whether you are now a condo owner, homeowner or tenant, we will provide you with the right coverage tailored to your needs.

If you want to learn more about why you would need home, renter's, or condo insurance and how it can protect you from liability, we can provide you with that information. Below, you’ll find different types of home insurance coverage, so you can stay better protected when you move. You'll even find definitions of some basic insurance terms that’ll be handy to know when purchasing or renewing your coverage.

Are you a homeowner?
Learn more about home insurance

Are you renting?
Learn more about renter's insurance

Are you moving into a condo?
Learn more about condo insurance


Will moving impact my car insurance premium?

Besides considering the type of home insurance you will need, if you're moving, it's also the perfect time to review your car insurance policy. There are several factors that insurance companies take into consideration when calculating your car insurance premium, and the location of your new property is one of them.

Your premium may vary depending on where your new location is, how long your commute to work may be, how often you will be using your car now, and the number of drivers on your policy.

However, there are ways to save, such as qualifying for a multi-line discount when you purchase both your home and auto coverage through TD Insurance or combining insurance with your spouse/common-law partner. Here are some other saving tips related to moving, which lists ways to lower your home insurance. 

Legal

The content on this page is for general information purposes only and does not constitute legal advice. Coverages described herein may be subject to additional eligibility criteria, limitations and exclusions. In the event you make a claim, potential indemnification is also subject to the receivability of the claim and the type of coverage you bought.

In the case of conflict between the content on this page and your policy wordings, your policy wordings shall take precedence. Please speak to an Advisor or consult your policy wordings for further details.

1. https://www150.statcan.gc.ca/n1/pub/45-28-0001/2020001/article/00080-eng.htm