When you're relocating, it's essential to consider the potential risks and damages that could occur to your possessions. Homeowners and renters insurance policies may not cover all of your items during a move, so it's important to understand the limitations of moving insurance policies. Moving insurance is a type of coverage that can safeguard your belongings from harm or loss during a relocation. The specifics of what is covered depend on the policy, but it can range from floods or fires to a moving company mistakenly dropping your expensive items.
If the moving company you use doesn't provide this type of coverage, you can take out insurance from third-party providers to cover any items that aren't covered by the moving company.
Full protectiongives the moving company two options in the event of loss, destruction or damage to any item during the move. If you choose to move yourself, your renters or homeowners insurance policy may cover your belongings if you transport them in your vehicle or in a rented car or truck. The cost of moving insurance will depend on factors such as the value of your belongings and the type of coverage you choose.
You can read about both types of liability in the brochure Your Rights and Responsibilities When You Move, under federal regulations, that moving companies must provide when moving from one state to another. Generally speaking, moving insurance covers any damage caused to household items during transportation (and possibly during storage). Federal regulations require all moving companies to offer two types of coverage to consumers who move out of state. If you decide to move yourself, you won't have the advantages of coverage from a moving company if your possessions are damaged or broken.
Some circumstances may limit the liability of the moving company and make buying moving insurance more attractive. If you're defaulting on your homeowners or renters insurance policy, it definitely won't cover moving to a new home. It's essential to comprehend the restrictions of a moving insurance policy before making a decision about whether or not to purchase one. Make sure you read through all the details and understand what is covered and what isn't before signing up for a policy. That way, you can ensure that all your belongings are properly protected during your move.