Everyone knows that moving to a new home can be a real headache, but you may not realize that your homeowners insurance will help with the process – even if your friends won’t! How does homeowners insurance cover moving costs? Homeowners insurance covers your belongings for some losses and the moving company should provide proof of insurance that covers other moving accidents. Knowing what is covered and what isn’t helps you prepare for any accidents when moving your belongings from one residence to your new home.
Your homeowners insurance policy will most often provide coverage for the items in your home, as well as outside the residence. In fact, policies can cover possessions in transit, or in a storage facility. As always, you should call your insurance provider to review the terms of your policy before you move in order to make sure you have the policy and protection you need.
You should know that damage from vehicle accidents or dropping things typically isn’t a covered event, and both of these things can happen during a move. Be sure to ask your moving company about their procedures and protections.
Standard homeowner policies cover personal property in events such as listed below, although most of these will not take place during a move.
- Explosions, riots or civil commotion
- Damage occurring on aircrafts
- Damage occurring on vehicles
- Malicious acts or vandalism
- Theft
- Falling or dropping objects
- Ice, snow, or sleet; water or steam
- Sudden and accidental malfunction of certain household systems
Important to Note: If you have covered personal property such as jewelry and collectibles, these items will be covered for nearly all sources of damage except listed exclusions such as wear and tear, insects or vermin or a state of war.
Movers’ Business Insurance
Federal law dictates that interstate movers must offer liability coverage to customers, which covers customers to compensate for damage or breakage of personal items while in transit with the movers.
There are generally three liability options. Be sure to read the mover’s contractual agreement to understand what your actual coverage is.
Released value protection: Minimal protection against loss or damage based on the weight of the item, usually offered at no additional cost to customers but fails to account for actual value of your items.
Full value protection: Reimburses the replacement cost (or the current market value) of your belongings if they are lost, destroyed, or otherwise damaged while in the mover’s care. This coverage is typically available at additional cost.
Separate liability coverage: Works with released value protection by providing coverage for the loss above the released value.
Protection When Moving Yourself
When you move yourself – or your friends decide to help – you’ll be moving without the coverage a moving company provides. You’ll have to rely on your own coverage for any moving accidents. Contact your insurance provider to go over your coverage options. You can determine what is inherent in your current homeowners policy and decide whether additional coverage can be supplemented to cover your move.
Once you’ve reviewed your personal coverage, double check that the rental truck itself is insured. You can contact your car insurance company to establish if your coverage extends to a rental vehicle. If it doesn’t, sign up for the optional coverage offered by the rental company.
Call for a New Policy
If you are moving into a new Sarasota or Bradenton area home, call Anderson & Associates Insurance Group to establish the proper coverage for your residence. We are happy to help with explaining all the coverage you’ll need.
