Moving Insurance in Canada – what you need to know

Moving house can be very expensive. And if you are buying a new house at the same time, you probably don’t want any additional costs. Wondering whether or not you should opt for moving insurance is a natural thing to do. To make the decision, you need to know all the details about it, so you are aware of its benefits, but also its costs. Here’s everything you need to know about moving insurance in Canada.

Do I really need moving insurance?

Well, depending on how important your items are, moving insurance can be very helpful if anything happens. And accidents do happen, even to the best moving companies. That’s why is much better to be secure and take the insurance if you can afford it at the moment of the move. This way, you’ll make sure that your belongings are protected during transport, and in case any damage happens, it will be covered by the insurance company. So, to protect your moving budget, invest a bit more into the moving insurance and have one less of all the moving headaches.

a broken plate is covered by moving insurance in Canada

a broken plate is covered by moving insurance in Canada

What are my options when it comes to moving insurance in Canada?

There are generally three options to choose from when we talk about moving insurance in Canada. Depending on the value of your items and your budget, you can pick the most suitable solution.

Option one: released liability

The most affordable (actually, free of charge) option is the one that is already included in the moving services you pay. The released value protection type of moving insurance gives you a certain amount of compensation, not the whole sum. Actually, they will pay $0.60 per pound for items, which is not covering the full market value of your belongings. It is based on the weight of the product, which can be a lot less than the product’s value. Also, the sum is even lower when the move is local – $0.30 per pound.

Option two: Full-Value Protection

Full-value protection is a lot different from the previous option in many ways. Firstly, this type of moving insurance in Canada protects the full value of your items, which means that you can get the exact amount of money as the real value of the lost/broken item. Also, there are other solutions, too – your item can be fixed, or substituted with the exact/similar one. The cost of this insurance runs from $8-12 per pound.

Option three – third party insurance

This type of insurance will cover the items that have an extraordinary value, as well as the damage that happened due to natural disasters.  The items of extraordinary value have to be officially appraised and included in the Bill of Landing, too.

Can I pack the insured items?

No. All the items that are covered by the Released Liability and FVP insurance, need to be packed by the moving company. Also, these items need to be unpacked in the same way as well. The reason for that is the moving companies will make sure your items are packed professionally and with proper packing supplies.

On the other hand, DIY packing is not secure enough, especially if you are not experienced or skilled. It’s one of the disadvantages of not hiring a moving company you shouldn’t forget.

Do I have a time limit to file a claim?

Yes. Generally, if you need to file a claim for damaged items, be sure to do it within the 60 days of your moving day. Also, be sure to check your insurance contract, since some companies have different time frames. Our advice is to check the items as soon as you move in and file a claim if necessary immediately after you notice something is damaged or missing. The safest thing is to pick reliable movers who can help you with situations like this. Be sure to learn how to recognize trustworthy moving professionals with ease and avoid any unnecessary problems.

What happens if one item of a set is damaged?

If one item of a set is lost or broken, it’s not the whole set that will be evaluated. Actually, you will be compensated for only the one item that is lost.

How to calculate the value of the items?

moving insurance in Canada costs

This is one of the main puzzles when it comes to moving insurance in Canada. People don’t know what’s the value of their items and entire rooms, so they don’t know what to expect when the time comes to file a claim. To know what is the worth of your items, you need to be prepared in advance. Firstly, if you have an estimate of the weight of your items, you can do some basic calculations for each room. And then, compare the value of the room by checking the items in them. Also, the Internet can be of great help here, too. You can browse the net for the value of specific items. Look them up on sites like Amazon, eBay, etc. and see if there are same or at least similar items you can compare your belongings to.

Can I lose coverage because of a change in moving dates?

Well, yes. When it comes to moving insurance in Canada, you need to be very careful with the dates listed in your insurance policy. This means that any change in moving dates can affect your moving insurance and leave your items uncovered. The changes in moving dates can happen for several reasons:

  • extreme weather delays
  • dropping keys on a different day
  • closing dates changes
  • the moving the company itself can postpone the delivery of your items for various reasons.

If any of these happens, be sure to update your policy right away. Contact the insurance company and let them know. Even a day or two can make a huge change and leave you without compensation in case of damage or loss.

Knowing everything about moving insurance in Canada and reading your policy carefully will make sure you have an easy and safe move. Moving an entire home is never easy and cheap, so you need to take care of all the safety bits to avoid additional costs and problems.


Author’s bio

Mary Wilkins is a teacher who loves spending time outdoors with kids. She also writes blogs on different topics and spends time on social networks searching for everyday tips and inspiration.