The people have spoken. And as it turns out, when it comes to insurance knowledge, they're not afraid to admit their shortcomings.
According to a recent survey conducted by Square One Insurance Services, over 80 per cent of Canadians fail to properly insure their belongings while they're in transit. In fact, it was Square One's informal observation of this fact that contributed to it putting together its larger study in the first place.
"We conducted this research for several reasons," began Square One President Daniel Mirkovic. "First, we've noticed an increasing number of people moving between provinces. Second, we know that the summer is the most common time of the year that people move. And finally, we believed most people didn't know that their home insurance policies could cover their belongings while in transit."
As the press release notes, there are essentially two methods through which personal items can remain insured during a move. The first is if you transfer your current policy to your new home, something that most insurers will likely allow for. The second is if you do switch and take out a separate policy that specifically covers the move. That, however, is often an expensive proposition.
"If you're moving to a new home and aren't transferring your current home insurance policy, then you need to ask your new provider if their policy will cover your personal property during the transition," said Mirkovic. "Don't just assumer that's the case; otherwise, you risk losing your property during the move. Some providers cover the transition, but others don't."
Square One's study also produced interesting findings regarding inter-provincial moving. Its research showed that over 300,000 Canadians move to new homes in different provinces every year, with the majority of them going to either Ontario (27 per cent), Alberta (21 per cent), or British Columbia (20 per cent). The most common moves were Alberta to British Columbia (10 per cent), Quebec to Ontario (seven per cent), and Ontario to Alberta (six per cent).