June 11, 2020
Today is the day. MOVING DAY.
You’ve packed, organized and cleaned for weeks and now it is time to load everything into the moving truck.
But first, let's make sure you AND your household items are protected.
What you might not realize is that your homeowner or renters insurance might not cover or protect you while your possessions are in transit from location A to location B. Although rare, accidents and incidents (besides just dropping items) can happen. Your professional moving company could potentially be involved in an accident on the road or your driver could decide, scarcely enough, that they will just drive off with all of your worldly possessions. It is better to be prepared, just in case.
Before the Moving Day:
Prior to your actual moving date, your first step should be to contact your insurance provider and ask them some all-important questions.
Does my homeowner’s insurance or renter’s insurance cover my items while in transit?
Make sure you ask for the details on what is covered, how much is covered, what is your deductible and if there are any exceptions.
If there is a claim, would that push up your future premiums?
Are there any riders or floaters that can increase your protection?
Does your insurance agent offer any 'basic perils' coverage if you intend to continue using your current insurance company in your new property?
When speaking to your insurance agent, it is also import to keep the following in mind to ask:
Is there a time limit for your claim and what is the process?
Are you covered if you’re moving your items into storage or using a professional moving company?
Are you covered if you are driving the moving vehicle yourself, such as U-Haul?
Do your contents have to be properly packed? Does this mean the movers have to pack them for you?
Is there a price-per-item limit?
Checking the details and cost on the above could save you time, headaches and money.
If the answer to your question on coverage was “no, your homeowners or renter’s insurance does not cover you”, it is time to do some homework.
If you are using a professional moving company, ask them if they provide insurance coverage.
Federal regulations do require your mover to offer two types of insurance if you are moving out of state but these policies do operate differently from your usual coverage.
Release Value Projections: this option covers your possessions based on weight only. It is important to keep in mind, however, that items, such as your brand new, high-end TV, don’t actually weigh that much. The average pay on this coverage is up to 60 cents per pound.
Full Value Protection: Although this coverage may protect you for the repair or replacement on your property, it is important to check how the policy covers you. For example, will your damaged item be replaced with new items or at their depreciated value?
Separate Liability Insurance: in some states, this coverage pays the insurance amount purchased minus the basic carrier liability amount that the mover pays.
Prior to moving, transfer your renters insurance:
Renters insurance is a must-have policy for anyone living in a rental property. This policy covers your property against loss, theft and damage. A typical renter’s policy will contain:
Person Property Coverage - to protect your belongs
Personal Liability Coverage - to protect you if you damage someone else’s property or if someone is injured on your property
Loss-of-Use Coverage - to help you should your home become uninhabitable.
When moving to a new location or rental property, there is no need to cancel your current policy, you can simply transfer it. It is important to keep in mind, however, that your premiums might increase, depending on the structure of your new residence and/or location. This is also a good time to review your coverage and determine if you need to increase your coverage or add endorsements. Your insurance agent can help you with any questions you have related to what is covered and what is not.
Once you've talked to your insurance agent and the moving company, to review your options on coverage and any potential issues, you will be able to move to your new home with more confidence that you and your belongings are protected.
The Valeri Agency works closely with our partners at West Bend Mutual Insurance Company in our commitment to keeping our customer informed and protected when it comes to moving. If you are interested in learning more about coverage you can read this blog provided by our partners at West Bend. If you have questions about your existing policy or if you are preparing to move and want to make sure you are covered, contact the Valeri Agency today.