Moving? Do Not Forget to Review Your Home or Tenant Insurance in Nova Scotia
Moving has its fair share of challenges, or as many people would say, far too many challenges! From packing your belongings to selling your home to arranging a moving company; you have a lot to do. Whether you are moving into your own new home or a rental, you must add one more to-do to your list: insurance.
Depending on the location, type of residence and any new belongings you may have, your insurance needs will certainly change. So, do not forget to examine your home or tenant insurance in Halifax before you settle into your new residence.
Changes You May Need to Make in Your Home InsuranceNo matter what, you will need an updated or new home insurance policy. That is because the premium you pay on tenant insurance and Nova Scotia home insurance is based on the property and its location. Your insurance agent will need to know information such as:
- Property Details - The age, construction, roof type, square footage and any finishes in the home.
- Home or Condo - If you purchased a condo and are moving from a home, your insurance needs will change and vice-versa.
- Address - Your home’s address will affect your premiums. If you live in an area prone to disasters, your insurance premium and type of coverage may go up.
- Lender Requirements - If you purchased a new home, the type of loan and lender you work with will also determine what changes you must make to your Halifax home insurance. Your lender may require specific coverage levels, which you are obligated to meet as part of your financing agreement.
Do Not Forget Renter’s Insurance
As a renter, if you are moving to another rental property, you still need to have your tenant insurance reassessed. You may have acquired more personal property or you may be moving from an apartment to a rented house. These are all circumstances that can change your coverage needs and premiums.
No matter where you are moving or the type of property you are buying, you need to assess your insurance needs carefully. After all, home insurance is not just an important document; it is what protects your most important capital asset.