If you are planning to move, chances are you will hire a moving company to get things sorted for you. Not only is it convenient, but doing so ensure you have more time on your hands to deal with issues which need your attention. However, apart from hiring a moving company, you will need to get moving insurance since renters or homeowners insurance will not cover loss or damage to your belongings while in transit.
It is possible you may not know what moving insurance is, and if that is the case, then here are the ins and outs of getting such coverage.
What if my Homeowners Insurance Covers a Move?
It is not unlikely for you to get coverage from your homeowner’s insurance for a move. If this is the case, review your policy or talk to your agent to get more information.
Homeowners insurance or not, it is still advisable to get moving insurance. You need to understand that even if your homeowner’s insurance covers a move, it will not cover you entirely. In most cases, there are so many clauses that make it impossible for you to file a claim if a problem arises. There is no reason you should take a risk. Also, prevention is better than cure, why not get moving insurance just to be on the safe side?
Types of Moving Insurance
When it comes to looking for moving insurance, you will realize there are different options for you to choose from. These are mandated by federal law and are as follows:
- Full Protection
This coverage is recommended by experts. In case your belongings get damaged; you either get the current market replacement value, repairs or replacement with a similar item. If you opt for this coverage plan, make it a point to study the literature to assess how your moving company determines the replacement value of different items, especially for those that cost quite a bit.
- Basic Liability Coverage
This is the most common coverage plan and is offered for free as required by Federal Law. How this coverage plan works is that it is based on weight. The payout can be as much as 60 cents per pound, for each item you own. Keep in mind though, if something valuable breaks during transit, the payout will hardly be enough to get a replacement.
- Separate Liability Insurance
This coverage plan is optional but is governed by State Law. This insurance pays the amount of insurance you purchased in the first place, plus the basic liability coverage, which can payout as much as 60 cents per pound. If you get this additional coverage plan, get a copy of the policy to get a know-how of the insurance amount purchased, and how much it will set you back.
What if I Move Myself?
You have the option to move on your own, and many people take this route. It will save you some money, but your auto insurance or homeowners insurance will not cover you, for the simple reason you are not a professional mover. Here, you should look into truck rental companies.
First, you won’t have to put your personal vehicle at risk. Second, said companies offer their own insurance, that covers the rental vehicle, passengers, driver and your cargo as well; but it depends on how much coverage you are willing to get through.
How do I File a Claim?
To file a claim, you need to prove that the loss or damage occurred to your belongings by the movers, and not before that.
It would be a good idea to submit a comprehensive list of items that cost a lot (i.e. digital devices, jewelry, etc.) before the movers transport your belongings. Also, take before and after pictures, as it will allow you to file your claim with ease, and be facilitated promptly.
It is safe to say that moving insurance provides peace of mind and protection, which would otherwise be impossible, considering how a move is an incredibly stressful time.
Even though you may have to pay more, it is worth every penny, considering the fact that it will be nowhere near as costly as replacing every item that could be lost or damaged.
It is imperative that you only deal with moving insurance coverage providers that are reliable. If you are not sure which one to get, do your homework. Ask your friends and family for recommendations, or go through reviews online. Once that is done, compare potential candidates, to see which one meets your needs and requirements specifically, and only opt for that one in particular.