With July 1 fast approaching, many Quebecers are busy preparing to move homes – and that can mean expenses galore if you’re not careful. Here are a few tips to help you save a little money on Moving Day: Roll up your sleeves If you’re looking to save money on your move, you’ll have to commit to doing most of the work yourself. One way to alleviate the workload? Do some major decluttering. “The first step would probably be to get rid of anything you no longer need or that no longer has value to you,” Shawn Filion, a financial advisor at Desjardins, tells Noovo Info. Hiring a moving company takes away a lot of the stress, but it is significantly more expensive than renting a U-Haul truck and bribing a few friends with beer and pizza (unless you’re moving long-distance, of course, then that might be out of the question). The final decision on whether or not to hire a moving company often depends on what you ultimately decide to keep, explains Janet Gray, a financial planner with Money Coaches Canada. “It’s personal. It may depend on what you’ve accumulated,” she notes. “It also depends on the value of certain items, whether financial or sentimental.” You may reconsider some of your choices after getting a quote from a moving company, she says, and be motivated to get rid of any belongings you don’t need. Plus, some items, like pianos, cost more and may require a special service. Gray points out that reducing your total number of boxes can represent significant savings, especially for a long-distance move, where costs can increase with the number of kilometres. Buyers: negotiate your home insurance Sometimes, savings cost time, and one thing you shouldn’t overlook is buying home insurance. But rather than going with the first quote you get, pick up the phone and shop around. Carlos Melo, technical affairs and information centre manager with the Insurance Bureau of Canada, advises bundling your car and home insurance policies, if possible. “This could save you some money and entitle you to certain discounts,” he said. It’s also important to identify your insurance needs ahead of time so you’re well covered. “Am I willing to accept, for example, a higher deductible?” Melo asks. “A deductible is what you’ll have to pay in the event of a claim, so it can have an impact on your premium.” Over time, you can also control certain factors that will save you money long-term. “It boils down to maintaining your home well, so avoiding damage as much as possible will save you money over the years, given that you have had few or no claims,” he explains. You can also install certain water damage, theft or fire detection systems to lower your insurance payments. Tenants: You should buy insurance Even though it’s not mandatory, it is important to have home insurance even if you are a tenant, according to Melo. “Generally, the tenant insurance market only covers 30 to 40 per cent of people,” he said. “They sometimes think that the landlord’s insurance will cover them, but that’s not always the case.” He points out that a leaking washing machine that damages a home or building could cost several thousand dollars in repairs, and a tenant may be forced to pay out of pocket if they’re not properly insured. Antoine Morneau-Sénéchal, a lawyer specializing in housing law, notes that there are two types of insurance for tenants: liability and property. Liability insurance covers events that the tenant is responsible for (like a leaky washing machine). “The person who wants to hold you liable must prove it,” said Morneau-Sénéchal. “In most common cases, such as a poorly connected washing machine, it is easy to prove that it is the tenant’s fault; the point of origin will be easy to find.” However, if your apartment building’s electrical system causes a fire, you will not be responsible for the repairs. Additionally, property insurance protects your furniture and personal belongings. “If there is a fire or water damage, the landlord is never responsible for compensating us for our property (our belongings),” he notes. “It is the insurer who will pay us, not the landlord, with some exceptions.”
