You’ve read all the fine print to determine what your homeowners’ insurance covers while you’re at your current residence, but what about the transition to a new home? Even the most comprehensive homeowners’ insurance may not cover as much as you think when it comes to your move, so it is best to be clear before you look at purchasing additional moving coverage.
If, for example, the worst were to happen and the moving truck was robbed or got into an accident and your belongings were damaged, would you be covered? It is possible that you would receive some coverage, but the limits may be lower during a move — and you should not assume coverage. Here are the questions you should ask your insurance agent.
What is my deductible during a move?
If you are required to pay $1,000 out of pocket for losses or damage before your insurance kicks in, that will likely still apply during a move. It may, however, increase — so ask your agent for clear guidelines around what your insurance covers while your belongings are in the truck as well as the transition to your new home.
What are my limits?
If you haven’t looked into the details of your coverage limits and specifics, now is the time. Some policies will have maximum limits on certain categories of possessions like jewelry, or the coverage may be decreased while the item is away from the home. You may already have supplemental insurance for particular high-value items, which should help ensure proper coverage during the move — but next, you should also be clear about what kind of damage is covered.
Theft vs. Damage vs. Moving Breakage
Your insurance policy will likely cover your belongings if they are stolen from the moving truck or if catastrophe strikes and the truck gets into an accident — though the moving company’s insurance should also cover that. However, your insurance will not likely cover damage incurred during the move like dropped boxes, torn upholstery, or damaged artwork. You can purchase an additional schedule of insurance for specific high-value items, or but you may determine that you need moving insurance. Sometimes movers will include such insurance in your moving costs, or it may be an additional cost. If you are worried about your belongings being damaged, it may be worth the extra cost to cover the gap left by your homeowners’ insurance!
Will my premiums or anything else change with the move?
Depending on how far you are moving, if you are crossing state lines, or if there is a significant difference between your old home and new home, you may see a change in your policy premiums or other details as a result of your move. Have a conversation with your agent to determine when those changes go into effect and how they will or won’t affect your coverage during the process of moving.
If you determine that you will need to purchase additional moving insurance, that may be something to consider before hiring a moving company since the right company will be able to help you secure the coverage you need.