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Do I Need Moving Insurance?
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Article 5 of 6 in Understand Your Home Insurance Policy
If you are preparing for a move, make sure your home contents insurance will protect you from losses due to damage in transit. If your existing policy is not adequate, look into moving insurance and keep your property covered!
TIP: Moving damage is not uncommon! From broken valuables to all out disasters, make sure your home policy includes moving insurance before you relocate!
Your Home Insurance Policy and Moving Insurance
Your homeowner's insurance policy provides home contents insurance coverage for your personal possessions, whether they are in your home or traveling. This will protect your property during the course of a move, however, there are limits to this protection. The home contents insurance section of your homeowner's policy limits protection of your personal property to 10% of your coverage or $2500 (whichever is greater) while away from the insured premises. To find out what this means for you, take a look at your home insurance policy's declarations page, and take 10% of your overall coverage. Of course, if your home's entire contents are damaged during transit, this may not be enough coverage to replace everything.
TIP: Your homeowners insurance deductible will apply to any claim, which means you will have to pay up to the deductible amount before your moving insurance will contribute.
Additional Moving Insurance
If you find yourself needing more moving insurance, you first should review the coverage provided by the moving company. BE CAREFUL! Most standard movers have moving insurance of their own, but limit their responsibility to only a basic amount of damage. Normally, moving contracts put the mover's liability for damage around .30-.60 cents per poundÃ¢â¬"hardly enough coverage for your damaged refrigerator or your living room sofa.
As a result, you may need to purchase additional moving insurance to cover you during your move. Moving companies sometimes have third party insurance affiliates which can offer you home contents insurance at a discount.
TIP: Read the fine print on any moving insurance you purchase as additional insurance over and above your home contents insurance. Make sure it provides you the total coverage you need. Determine whether the insurance will give you a full value replacement, or pay for the value of the items at the time they were lost. Full Value Replacement cost will offer you the best coverage during your move.
Home Insurance Coverage at Your New Home
Acquire a new homeowner's insurance policy for your new home immediately. Do not cancel your old homeowner's insurance until you no longer legally own the home. This may present a coverage gap that leaves your belongings unprotected.
TIP: Most standard homeowner's insurance policies will give you temporary coverage in your new home. Your homeowner's home contents insurance section typically covers your personal property in the new home for up to 30 days. If you have not completely moved in after 30 days, you will only have 10% of the coverage to extend to damage or replacement.
If you have a home insurance policy in place at your new home, then that policy may protect you during the move. If you require an apartment or other temporary resident until a new home is ready to be occupied, then purchasing a renter insurance policy which will provide home contents insurance that will protect your items until you settle at a new home.
Checklist for Moving Your Home and Home Contents Insurance
Before you move, use the Freeadvice.com checklist to make sure that you have everything necessary to cover you in the event of a loss while moving.
- Do not cancel your present home's insurance until you have completed your move. This way your home contents insurance will provide some coverage as moving insurance during your move.
- If you have sold your home before you move, make sure your new homeowner's insurance policy for your newly acquired residence is in place. This will at the least give you the supplemental coverage you need while moving.
- Check with the moving company that you have selected for your move for additional moving insurance. Make sure it is full value replacement coverage. This will give you the best coverage for your home contents.
- Know the value of the high dollar items that you are moving. Make a complete list of everything (especially these high dollar items). Take photos. If necessary, get appraisals of items that are high dollar before transit.
- Check to see if the moving insurance will allow you to declare value on your high dollar items. This way, you are assured that your valuable high dollar items will be insured for their worth.
- If you are moving yourself, make sure you document the condition of items that you are moving. That way, if you have to make a claim with your insurance company under the home contents insurance section of your policy, the condition of your items are well documented.
- Contact your agent or your insurance company and go over your specific policy and the coverage offered for moving insurance. Understand what your policy will or will not cover before you purchase more insurance.
Whether you are moving by truck locally, across country or shipping items overseas, moving insurance can be a necessary expense. Whether items are damaged by the movers, transit roughness or they are stolen, you want to make sure you are compensated for anything that is damaged or missing. Contact your agent and go over the moving insurance that is included in your existing policy.
If you need a homeowner's insurance quote on a new home policy that can offer you the best home contents insurance, click here and take advantage of the free quotes today!