Moving Insurance Tips & Helpful Information

Moving Insurance Tips & Helpful Information
Summary: Moving insurance protects your belongings from being damaged or stolen while they are in transit during a move. To help you separate the noise from the important facts you need to know about moving insurance, we've put together an easy-to-use guide of all you need to know.

Finding a new place to settle in and start a new chapter of your life can be an exciting step forward. However, moving can be stressful and lessen the excitement of getting to your new home. Professional nationwide movers can ensure that your items get to their destination, but insurance is necessary in order to protect your belongings in the event of damage, loss, theft, and other situations that can occur during a move.

Before going out and purchasing mover’s insurance, you may want to look into your current home or rental’s policy to see if you’re covered for your move. You could also consider supplementary insurance or possibly even using your parent’s insurance if you are moving from their home into your own abode.

Homeowner’s & Renter’s Insurance

If you’ve been renting or living in a place of your own, you are likely covered by either homeowner’s or renter’s insurance. It’s necessary to review your policy to determine the exact amount of coverage you receive during a move, keeping your belongings protected at each step of the way.

Homeowner’s insurance can cover your belongings when moving to a different residence. It’s recommended that you speak with your insurance provider to make sure of the type of coverage that you have and how protected your items are if mishaps occur.

Renter’s insurance can vary from establishment to establishment, so you will need to assess your insurance policy to see how comprehensive your coverage is. Your policy will have specific information on what is covered and what is not covered. They also provide you with the criteria that will need to be met if you would like full insurance coverage for your move.

With either option, you will likely need to get in touch with your insurance company and speak with someone that has all the specifics on your policy. Don’t simply assume that you are covered for any and everything and consider getting insurance with your state to state moving company if you are lacking in homeowner’s or renter’s insurance coverage.

Moving Company Insurance

It seems as if there’s no shortage of problems that can occur when moving your belongings, which makes many individuals a bit nervous about transporting their items. It can rattle the nerves giving your entire home to strangers, but movers are professionals that are trained and have the qualifications and skills needed to deliver your household’s items to their specified destination.

Before signing any documents, it’s important that you understand how to pick mover insurance. Moving companies provide you with different liability levels when it comes to coverage, which is known as valuation coverage. This amount is the amount of liability that the company accepts for loss or damage that occurs during your move.

One thing you’ll need to keep in mind is that valuation coverage isn’t insurance, so it doesn’t cover all of your items. Some of the ways you can be limited in coverage include packing your own moving boxes, not reporting damages or losses as soon as possible, or packing perishables or restricted items without the knowledge of the moving company. There are several insurance options when working with movers, such as:

Released Valuation

Released valuation is typically applied to moves, though it is not an insurance policy. This is basic liability coverage and is available at no additional costs in most cases. Depending on your specific moving company, you may be covered for a percentage of the weight of your items.

Declared Value

Declared value is determined by the weight of your belongings when multiplied by a specified dollar amount that you decide upon. If any of your items are damaged, the coverage you receive is based on the value of your item once it has depreciated. This limits the compensation received since the item’s value has depreciated.

Lump-Sum Value Protection

Lump-sum insurance allows you to ensure items based on their value instead of their weight. You will determine the value of your belongings or the item you are insuring, which the moving company is responsible for covering. To get lump sum value insurance, you will need to declare the value on your moving contract.

Full Value Protection

Full value coverage covers the full cash value of any item that has been damaged or lost during your move. With this coverage, a deductible is often required based upon the minimum coverage amount. If you’re moving items that are very valuable, this can be an excellent option that allows you to recover the full costs of items. This insurance option can be supplemented through a separate insurance company and can cover your items for the duration of your move.

Frequently Asked Questions

There are a lot of things to consider when moving, which can be complicated by the vast amount of information out there. Let’s take a close look at some of the frequently asked questions that moving companies receive in regards to getting insurance and keeping items secured.

1. Should I get supplemental insurance?

Even though you may be covered through renter’s insurance, homeowner’s insurance, or have valuation coverage, supplemental insurance can be added. Supplemental moving insurance can be beneficial when moving valuable items, ensuring that they are replaced or repaired if anything happens to them. Since valuation coverage can be limited, you should consider looking into additional insurance if you want to make sure items are under protection.

2. Is transit insurance necessary?

Transit insurance protects your property during a trip or event, giving you coverage during your move. It works in a way that is similar to a home or rental insurance, covering personal items, but may not cover damages that are incurred during the move. Transit insurance varies, so you will need to choose your policy in accordance with your needs. Having transit insurance is not required, but it can be helpful in keeping your items safe and covering losses even if it may not cover damages.

3. What if I’m moving from my parent’s home?

Moving from your parent’s home into your own dwelling is a proud moment but getting your items to the new place can be tricky. You may be able to use your parent’s insurance policy to your benefit if you are on their policy, allowing you to cover the move to your new home. This will depend on your parent’s insurance company as well as what the underwriters working at the company concluded.

4. Does renter’s insurance cover my items when buying a home?

Going from renting a residence to owning your own home is a big commitment, so worrying about getting your items to your brand new home is to be expected. Your renter’s insurance may be beneficial in your move, as many insurance policies cover basic perils during transit. However, there may be limitations and restrictions depending on your insurance company and policy. Speak to a representative to get the most up to date information on your policy.

5. How do I file a claim?

If items are lost or damaged during your move, you will need to file a claim in order to get compensated for your losses. Different moving companies have specified periods of time during which your claim will be accepted, so be sure to review your coverage and file any claims within that period. Give plenty of information, including pictures and other documentation if necessary.

6. What do moving companies typically exclude from coverage?

In many cases, when filing a claim there are some items that are excluded from your coverage. Some of the main criteria that are excluded from coverage include consequential losses and items packed by the owner.

Consequential losses are losses that arise due to depreciation of an item that is damaged or due to delays in your move. Packing your goods on your own may also be cause for exclusion if boxes were sealed before the moving company had the chance to inspect the items.

7. Should I pack my own items or hire movers?

Packing your own items makes the moving process faster by allowing your movers to get to the home and simply load everything onto the truck. However, you may want to allow your movers to inspect your boxes before sealing them if you want to be covered. Items that are packed without being inspected may not be covered if any damage or losses occur.

8. How do I choose which level of insurance I need?

There are different levels of insurance that you may require based on several different factors of your move. To determine which coverage you need, you will need to assess the importance of your belongings, their value, whether or not they may be targeted for theft, how easily items can be replaced, and how likely items are to break.

Moving longer distances can also affect the amount of coverage needed, as there is much more risk involved when driving along the interstates and highways. You should also consider hiring long distance professional movers to pack your boxes, as boxes sealed before your movers arrive are labeled as packed by the owner and are often excluded from claims.

9. What if something breaks during my move but I didn’t hire professionals?

It’s always risky when you’re moving with individuals that aren’t professionals – items can be damaged during any stage and there is no moving insurance coverage to settle things. However, you may be able to be compensated through the individual’s personal liability insurance or through a voluntary property clause. Often, it’s much safer to hire professionals so that you can be covered without any issues.

10. What if I damage my own property after the move?

The coverage you receive after a move has been completed depends on the type of policy that you have – named perils or open perils. Named perils to list the items and occurrences that your insurance covers. Open perils policies, also known as all-risk coverage, may allow you to make a claim for damages you’ve caused to your own items. Even silly things can be covered, such as spilling paint on your furniture or dropping an expensive electronic device while moving it up or downstairs.

11. Does my new homeowner’s policy cover my move?

Moving to a new home calls for a new homeowner policy, but this does not necessarily mean that your move to the home is covered. In many cases, policies cover your items after they’ve arrived at the home. Before moving items, review your policy and make sure that there are no gaps in your coverage while moving. In some cases, your current policy will cover the move while in other cases additional insurance may be required.

12. What should I do to prepare for my move?

When looking for insurance, you should list all of the items that will need to be moved from one place to another. When listing items, write down their value as well as their approximate weight. Doing so allows you to assess the risk factor of your move – moving a few items may not call for higher coverage while moving expensive items or an entire home will need more coverage.

13. Should I take pictures of my items before moving?

Before you pack and load all of your items, it’s a good idea to get your camera and take some pictures of your items. Having pictures of items can make it easier to keep up with your items as they’re being loaded as well as what has been unloaded or things that are missing. Filing an insurance claim is easier when you have documentation of your items, as the company knows exactly what needs to be recovered.

When you’re planning on moving, insurance can be a great way to recover items when they’ve been damaged or have gone missing during your move. Whether you’re moving within the state or across several states, moving insurance should be considered. In some cases, homeowner’s insurance or renter’s insurance covers your belongings when moving to a new residence. However, it’s necessary to do thorough research into your policy and make sure that you are fully covered.