It hardly matters whether you are moving out-of-state or locally, with a moving company or on your own, getting the right insurance is all that matters. Why do you ask? Well, for starters, it protects your belongings, so there’s one less important thing to worry about. Here’s a A Guide to Getting Your Home Move Insured.
Even though everything may seem hunk-dory, do not go for just about any insurance you come across in the first place. You need to understand home insurance, as moving a house requires a lot of homework to be done on your part. However, if you are moving for the first time, and you do not know what home move insurance is, here’s everything you need to know about it:
Understand your Insurance Plan
Renters policies and homeowners insurance already cover your belongings, but only until they are at your home. When in storage or transit, you won’t be covered by said insurance plans. But then again, it does not mean you are out for the count, as depending on your contract, you may still have some sort of protection. To know more about what’s covered and what’s not, talk to your insurance professional to identify your options, which are:
This kind of protection specifically protects high-value items i.e. China, vases, jewelry, fine art, collectibles and so on.
If you need permanent or temporary storage for a few items, this coverage is a must.
Car Insurance Verification
If you want your vehicle shipped, get an insurance certificate from the auto shipping company. This is mandatory, and they are required by law to provide you one. At the same time, check to see if the coverage offered is same while your vehicle is shipped. Also, if there are any formalities on your end, get over with them as soon as possible.
Trip Transit Insurance
This basically covers you from all personal property related perils like disappearance, fire, or theft. It is no different from what is covered by your renters or homeowners policy, the only difference is you get the same coverage for when your belongings are in storage or transit.
Trip transit insurance can cover the entire value of your property, or excess of the amount provided by your moving company. Do keep in mind, though, you need to be covered for flooding or breakage when your belongings are at the storage facility.
Special Perils Contents Coverage
If you own a lot of items that are fragile, then you need this coverage.
Find out what your Movers Cover
The type of coverage offered by your moving company for breakage or damage is not insurance, which is why it does not come under state insurance laws. But by federal law, interstate movers are required to offer two liability options – released protection and full value protection. The same is also offered by movers for intrastate moves.
With that said, it is vital for you to understand the different levels and types of protection you can choose from, which in most cases are:
Full Value Protection
This protection offers the replacement value for your belongings if they are damaged, lost or destroyed while in the mover’s care. The company replace or repair your items. Otherwise, they could offer a cash settlement based on current market value or the cost of the repair.
The cost of such a coverage plan can vary, and depending on the deductibles, the price increases or decreases.
- Released Value Protection
This kind of coverage is offered completely free of cost apart from the moving fee you already paid. Keep in mind that it offers minimal to no protection – no greater than 60 cents per pound on every item.
Separate Liability Coverage
This coverage serves as an upgrade to your released value protection, for an additional fee obviously. If you do get this extra coverage, you still get 60 cents per pound on every item. Nonetheless, the remaining loss is covered up to the limit you decided initially by an insurance company. At the time of the purchase, your mover is required to provide the policy in written so that you know what you signed up for.
What to do if you Move yourself?
If you decide to move long distance on your own, for example from New York to Charlotte (North Carolina), you won’t get the benefits that come with a moving company, but you still have options. You can get protection by consulting an insurance provider on your own to review the insurance options available by them. Otherwise, you can get the optional collision damage waiver if you are renting a moving truck.
By now, you should have a better understanding of how you can get your belongings insured during a move. Even if you do not know everything, at least you know where to start.
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