Mortgage Protection Insurance

Mortgage Protection Insurance

Moving can Be Hassle-Free with Right Life Insurance Policy

Moving into a new house? Do you think you’ve got all the necessary things covered for moving out smoothly? Have you taken an insurance too? Well, are you wondering if It is necessary to buy insurance for a hassle-free house moving process?

Suppose you move to a new house anywhere in Canada. The packing and the transit were smooth. As you began to move in and unload your stuff, you realize that some of her stuff including a new TV is missing. At that moment, the world will come crumbling down on you because well, you didn’t have insurance. If you did, you could just reclaim what you lost during the move.

There are many similar situations people have to face when they move out. But, if you have a life insurance, there’s nothing to worry about. And if you haven’t really thought  of taking one, this blog is for you.

How Insurance is Helpful in Moving Process

Home insurance, whether you live in your own house or in a rented house, provides you cover in case of any mishappening during the moving process. You must be aware of what type of insurance covers your possessions for 30 days between your old address and your new address. In this case your goods are covered in both your locations.

You need to make some changes in your insurance policy, if you take more than 30 days to move into your new home For example, if you are still staying at your old home and waiting it sell it out before moving out you will need to make changes in the policy.

Once you have your new address, you must call your insurer immediately and ask them to update your new address.

Incase you had been living in 2nd floor apartment and now you are shifting to a semi-basement house, your risk of a sewer backup will be higher. Are you planning to move in with your partner? Did you buy new furniture for your new home? Your insurer will have to change and update the policy according to your situation.

If, unfortunately, your friend who is trying to help you with moving process gets hurt, you should know that your insurance includes liability protection if there is any mishappening or damage to your belongings or people involved in moving them.

Only if you hire a professional mover your insurance covers you to a certain point if there’s some damage to your things while moving.  And after that your home insurance takes over the situation.

Suppose if one of your friends breaks your computer accidently while movie, your insurance will provide its coverage depending on whether you bought a named-risk or comprehensive policy.

How can Mortgage Protection Insurance Protect your Loved Ones

Just bought your new house? Great, Congratulations! Now you need to think about how you can protect yourself and your family from any mishap. There are two main types of mortgage protection insurance:

Life insurance, whether it is term insurance, permanent insurance, mortgage insurance, or insurance for your whole life, will protect your family if something bad happens to you.

If you become very sick but you have already purchased critical illness insurance policy, it pays you some money that you can use for mortgage or for any need.

As soon as you get the address of your new home, you need to inform your insurer about it. Also don’t forget to tell your insurer about any changes in your life insurance policy, like, if you are a couple moving together, or an individual; like size of the property, fire protection, and  construction type; if you have purchased new furniture accumulate the value of your goods; and, if you are planning to buy then you can consider buying mortgage protection insurance.

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