Insuring New Canadians
Settling in to a new country can be exciting and overwhelming. Navigating new city streets, jobs, schools, and more can make it easy to overlook the less exciting parts of making a big change. Yes, I’m talking about insurance. Not the most exciting, but it’s important to get it right.
Whether it’s a cozy condo in the heart of the city or a wide-open space in the country, no matter where you call home you need insurance to protect yourself and your loved ones. Here are a few things you need to know:
Condo owners and renters need insurance too. If you are not yet ready to purchase a home and choose to rent, you won’t need insurance for the property itself, this is the responsibility of your landlord. It is however a good idea to invest it contents or tenants insurance. This covers the contents of your home in the event of a loss, such as theft or fire.
The same holds true for condo owners. Your condominium fees will cover the building and common areas, but the contents of your home and any renovations or improvements you make to this inside of your condo won’t be covered.
Homebuyers need insurance. If you are thinking about buying, start connecting with your insurance advisor early while you shop. Not only will you need insurance to secure a mortgage, location can be a factor when determining your premium. For example, homes located in a high-risk flood zone may cost more to insure or be difficult to insure. Being new to an area you may not be aware of all the factors to consider and your advisor can be a big help.
Third party liability coverage – your home or tenants policy has it. What is this exactly? In the event that you are found legally responsible for injury to a third party, your home or tenants policy protects you from the financial responsibility. For example if someone should slip and fall on your sidewalk, your policy will cover up to a specific amount. Talk to your advisor to appropriately assess your risk and determine the right amount of coverage for you.
If you plan on purchasing a vehicle, do your best to be prepared ahead of your move. Here are some things to consider:
- You need a valid Canadian drivers license. Most insurers will not issue a policy without one. If you’re moving to Alberta here is the information you need to exchange your foreign license, if you are moving to Ontario you’ll find that information here. Considering another location? All of the provincial government websites have details about this service.
- Ask for a letter of experience. Talk to your previous insurer about getting a letter to prove that you have had insurance and ask them to provide your claims experience for the last six years. This can help you get the best premium.
- Get a copy of your drivers abstract. Having this could also be a factor in helping you get the best price for your policy.
- Talk to your advisor before you buy. Insurance rates can vary significantly from vehicle to vehicle; it will be helpful to know if the car you intend to purchase will break your budget to insure.
A good insurance advisor will help you get the coverage you need at the best price. I happen to know a few really good advisors, send me a note and we’ll help you get started.
Welcome to Canada!
Have More Questions?
Let me know and I’ll do my best to address it here for you and all of our readers. Better yet, contact an InsureMy advisor; these guys know their stuff. Email Info@InsureMy.ca or give them a call locally at (403) 410-1896 or toll free at 1-844-410-1896.
Everyday Insurance With Allie
Working mom, lover of the great outdoors and self-professed know-it-all. Our resident blogger, Allie isn’t the insurance guru she claims to be – but she’s learning and we are happy to help guide her. All the while keeping you in the loop on the “insurancey” stuff you need to know. #AskAllie