What You Need To Know About Tiny House Insurance
As home prices increase as a result of the pandemic, many Canadians are considering transitioning to tiny homes. A Narcity report shows that the number of searches for ‘tiny homes for sale’ has increased across Canada by 55% during the start of the pandemic. A tiny house definitely costs much less than a regular home. However, if you plan on transitioning to tiny home living, you must research carefully on tiny house insurance before making this big decision.
Just like a regular house, a tiny home is exposed to several risks such as lawsuits and fire. Lawsuits and fire damage can be quite expensive and could take a toll on your finances. So make sure you are building a home that is eligible for insurance.
Our first advice is to find out the local and provincial building codes. Build your tiny house according to these codes as well as the Canadian Standards Association (CSA) guidelines to keep your home safe and eligible for home insurance.
Standard insurance companies do not typically insure tiny houses because they are built in a different way. Fortunately, insurers such as Aviva offer Manufactured Home Insurance which could potentially insure your tiny home.
Eligibility for home insurance
Here’s how to make sure your tiny house is eligible for home insurance according to Aviva. See to it that your tiny house is parked permanently on a fixed foundation. Build your tiny house so that it is skirted and conformed to local certification or standard. Ensure that your tiny house is deformation-resistant having passed the CSA standard.
Tiny house insurance inclusions
A tiny house insurance falls under Manufactured Home Insurance. Other homes under this category are modular homes, mobile homes, and double-wide homes. Manufactured Home Insurance includes coverage for your property as well as your belongings just like a standard home insurance. It also covers detached buildings on your property such as a garden shed, up to $1 million worth of personal liability, and living expenses when your home is being repaired. You can add on other coverages as needed.
Tiny house insurance discounts
Just as with a standard home insurance policy, you can also qualify for discounts on your tiny house insurance. Discounts will be applied to newly built homes, claims-free policies, mortgage-free homes, and houses with a burglar alarm installed.