7 Insurance Moving Tips
Moving is stressful, even under ideal circumstances. And far too often the circumstances aren’t ideal – there’s too much to do and not enough time to do it!
The stress multiplies exponentially if your precious items are damaged or destroyed in the process. Nothing can replace a treasured memory, but getting your insurance in order before relocating may give you peace of mind and provide some potential compensation in the unfortunate case of an accident.
Hope for the best, but prepare for the worst by following these seven tips for moving:
1. Protect your personal property
The first tip is to protect your personal property with either homeowner’s or renter’s insurance. This applies before you’re moving, and is especially important if you’re about to haul your possessions across the country.
The basic functions of homeowner’s insurance and renter’s insurance are mostly the same. Both are intended to cover the policyholder’s personal property. Both types of policy provide potential protection for personal liability and some medical bills that may arise from accidents on the property. And both may cover extra living expenses in case you are temporarily displaced.
What’s the big difference?
Homeowner’s insurance may also cover damage to the structure that encloses all that personal property. It insures the home! When you have renter’s insurance, the landlord is responsible for insuring the physical structure.
If you aren’t covered yet, getting homeowner’s insurance quotes is a surprisingly easy process.
2. Create an inventory
If you have an existing homeowner’s or renter’s policy, then you should document your existing possessions and any new purchases for the purpose of getting accurately compensated in the event of a loss.
You can save receipts, write down items and serial numbers, take a video, or even use a dedicated application to record your inventory.
Whatever method you choose, make sure to keep these records offsite, and transport them separately from your possessions during the move.
3. Select “full value protection” with your movers
You’ve spent a lifetime acquiring precious memories and belongings – don’t let them slip away in an instant by skimping on coverage.
Interstate movers are required to offer two types of protection to their customers. Released value protection is minimal and is included in the moving fee. We recommend you purchase full value protection.
Full value protection provides greater coverage in the event of a loss, with variable deductibles and costs.
Movers may also offer separate liability coverage as a supplement to released value protection.
After you’ve selected the mover’s coverage that fits your needs, it’s time to double-check a few things:
- Are you clear on the amount of coverage you have?
- Do you have an accurate inventory?
- Are potential on-site damages made by the movers covered?
- Are there limits on how and when damage claims can be filed?
The right coverage may mean something different to everyone, but it’s fair to say that if it’s worth the expense of moving something, it’s worth the expense of insuring it.
4. Purchase storage insurance
Will your belongings make a stopover in a storage facility before arriving at their final destination? If so, it’s wise to purchase storage insurance. This may be helpful whether you’re using professional movers or doing the heavy lifting on your own.
5. Keep your automobiles protected
For many people, a car or truck is their second most valuable belonging, after a home. Some homeowner’s insurance and auto insurance policies cover a car that is being transported, but many don’t offer that protection. Before using any auto transport service, check with your agent to confirm or secure coverage.
6. Know your limits
Did we say, “check with your agent?”
One more topic they may clarify is category limits. In addition to overall limits for compensation in the event of a loss, many policies include compensation limits based on the category of item – electronics, for example.
Understand all of your limits before hitting the open road. And if you don’t feel sufficiently covered, consider tip #7…
7. If it’s important – schedule it
You’ve checked with your agent, and unfortunately that original Picasso painting isn’t going to be completely covered. The solution may be a scheduled personal property policy that provides full coverage on a specific item. These policies are usually put into place for very expensive items, and their coverage is outside of the scope of your homeowner’s insurance or renter’s policy.
Insurance policies often use specific language to dictate items and conditions that are protected. The only way to guarantee that you may be covered during a move is to contact your agent. They may confirm or increase your coverage to protect your precious valuables and property in the event of almost any situation.
Don’t have an agent yet? Click this link to find one today – we can help you make moves!
