When it comes to relocating, there are a few special considerations to keep in mind when it comes to purchasing a moving insurance policy. There are a variety of policies available, and it's important to understand the differences between them. Relocation Insurance Group offers three levels of moving insurance coverage, including total losses, nominal hazards, and all risks. Lakeland Insurance's full-replacement moving insurance coverage determines coverage based on a downloadable inventory list that you submit.
My Town is a moving company, not an insurance company, so they don't offer moving insurance with full coverage. Some of the most common reasons for taking out moving insurance include peace of mind during the move or the coverage of a specific high-value item or items. It's important to note that you have coverage for the contents of your home under your current homeowners or renters insurance policy. However, it's best to eliminate any gaps in coverage between your current policy and the new one.
Check if your renters or homeowners insurance policy covers your belongings if you transport them in your vehicle or in a rented car or truck. As a standalone liability policy, it can cover the coverage gap when you move. If you rent a truck, you can take out truck rental insurance. The rental company may offer coverage for the truck, the cargo and all passengers. It really depends on the level of coverage you select.
The most common rental truck moving insurance includes accident damage coverage, cargo protection, medical and life insurance coverage for passengers, and supplemental liability coverage for accidents you cause. Theft, damage caused by improper packaging and the normal transfer of cargo are generally excluded. Don't just assume that your homeowners insurance (or renters insurance) will cover every item in the household while you move. Federal regulations require all moving companies to offer two types of coverage to consumers who move out of state. It should also be noted that, if you are not moving to a new state, you can check with the consumer affairs agency or state moving association in your state, county or town to check the local moving rules and regulations. Full protection allows the moving company two options in the event of loss, destruction or damage of any item during the move.
Most insurance policies for renters and homeowners don't usually cover the cost of possessions damaged or lost due to a move. Homeowners insurance covers your personal belongings against property damage and theft both inside and outside the home, but that protection doesn't usually extend to breakages during a move. Home insurance generally doesn't cover breakages or damage to your personal belongings while being managed by moving professionals. In general, moving insurance covers any damage caused to household items during transportation (and possibly during storage). Some people prefer to have their belongings insured by a third party if the moving company they use doesn't offer this type of valuation coverage.
Another possibility is to insure items based on their value, where customers declare the value of their items before the move and a premium is paid based on this value. The cost of moving insurance will depend on key factors, such as the value of your belongings and the type of coverage you select. If a moving company truck was robbed and your things were stolen, homeowners insurance probably won't pay to replace your stolen belongings. In general, while a standard home insurance policy covers personal property and will reimburse you between 50 and 70% of the value of your belongings if they are damaged in a disaster, many homeowners insurance policies don't cover assets that are in transit. The final insurance policy premium for any policy is determined by the insurance company upon application. If you hire a moving company, they may have their own insurance policy that provides some protection for your belongings, however, this coverage is often limited. When it comes to buying a moving insurance policy, it's essential to understand all of your options and make sure that you have adequate coverage for all of your possessions during transit.
Make sure that you check with both your current homeowners or renters policy as well as any potential policies offered by rental companies or third-party insurers before making any decisions.
