COVID-19 brought a lot of change. Our perspectives changed, what we find most important may have changed, where we spend our time changed, and where we can do our work changed. A common theme I saw during the early COVID-19 was people were working from home or traveling less for work. As a result this made people think, maybe I don't need to live in the city to work in the city.
I live in a small town in Southern Ontario and i saw this happening in my own neighbourhood. More new homes being built and more new people moving in from surrounding cities. All this has been a good thing for my small town, but i quite often here people say things like "I didn't realize it was a 15 minute drive to the grocery store" or "Why is the internet connection slower here?"
As an insurance professional representing a Mutual Insurer, I have been able to work with many new clients who made the move out of the city and their previous insurer wasn't able to provide coverage for their new property. Here are some things to consider with regards to insurance on a property out side the city.
There is a good chance your premium will go up. There can be a few reasons for this, but the primary one is fire protection. The majority of urban risks are considered fire hydrant protected, with rural risks chances are there aren't any hydrant and a volunteer fire department is the first responder. Insurance companies charge higher premiums for unprotected risks.
Does your new property have natural gas heat? A lot of times when people move out of the city to a rural property they realize they may have to purchase propane to heat their home or even oil. If your new property has oil heat or wood heat (woodstove or wood furnace) be prepared to provide a some additional information about them to your insurance provider.
Outbuildings on your new property. More space quite often comes with more buildings. Does your new property have a workshop or barn? How do you intend on using these outbuildings. Make sure your policy has enough coverage for these buildings and be sure to speak with your insurance provider to discuss these buildings.
Call MR Insured today for more information 226-228-2814.