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Exploring, Trends, Innovation, and Sustainable Living Solutions for the Year Ahead – shared by Stanley Mutual

Although interest rates are predicted to finally give it a rest, trends suggest that cities will flood the market with rental projects and new housing will crop up in creative ways and places including abandoned office buildings, laneways and tiny home communities.
According to the architecture firm Gensler, in the next five years, roughly 12 percent of the country’s office buildings could be Cinderella-ed into 70,000 rental units, creating homes for up to 120,000 Canadians.

The tiny-home movement will sweep the nation. Tiny homes are catching on coast to coast as a new way to fight homelessness.

Fredericton’s 12 Neighbours has built 70-plus micro-homes on a once-empty plot, with more to come.
The Halifax Regional Municipality recently allocated land for a new 52-unit community in Lower Sackville, Nova Scotia, which is expected to welcome residents this summer.

Last fall, B.C.’s Ministry of Housing announced that 60 single-room units in Kelowna would be ready for occupancy early in 2024.

“Most tiny houses would be considered by insurance companies as either a modular home or a mobile home because you can often hook it up to a truck and move,” says Anne Marie Thomas, director of consumer and industry relations at the Insurance Bureau of Canada.

Some tiny homes, however, may fall under traditional insurance.

Insuring a tiny home… it’s not as easy as you may think!

Some tiny homes are effectively conventional homes on a tiny scale. If you have a foundation, follow the local housing building code, and if your tiny home is permanently fixed to the plot of land. This type of tiny home might qualify as a traditional home under an insurance policy — especially if your build looks more like a conventional house rather than, a cabin or converted shipping container dwelling.
Stanley Mutual Insurance is one provider that insures tiny homes built this way since they aren’t very different from a traditional home — it’s just on a tiny scale.

Chances are unless you already have a home policy with Stanley Mutual, you won’t be able to insure tiny homes with wheels. While a mobile tiny home offers flexibility, it can be tricky to insure. Closer to a recreational vehicle can potentially result in a higher premium.

Homeowners however need to insure it as their primary residence if they’re living in the tiny home full time.

The RV route, unfortunately, has a few more downsides. Tiny mobile homeowners who build from scratch may be required to pay for a third-party inspection agency to ensure their new home has working tail lights, turn signals, water tanks, and all the trappings an regulations of an RV.
In some cases, homeowners with a conventional home insurance policy may be able to call and ask for travel coverage. However, the size of the home in question would factor.
Taking all of this into account, the way your home is built makes a difference. If you are considering building a tiny home, come speak to a Stanley Mutual representative in advance to see what options suit you best.

When shopping for tiny home insurance your Stanley Mutual agent will ask you these essential questions to ensure you get the best coverage possible to enjoy your tiny home life.

Contact your Stanley Mutual Insurance agent at 1-800-442-9714 if you have any questions about insuring your home. Together, we are stronger.

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