Insurance Coverage While Moving

Anyone who’s moved knows there are a lot of details to coordinate—final inspections, deposits to collect and pay or a home to sell, boxes to pack, utility companies to call, change-of-address forms to fill out. One of the last things you want to deal with once you reach your destination is damaged, broken, or missing property. Whether you are moving across the street or to another state, having the right insurance coverage while moving is crucial to protect your belongings and ease your mind during the process.

Homeowners or Renters Insurance: Start by reviewing your current homeowners or renters insurance policy. In many cases, these policies may provide coverage for your personal property while it is being moved, although this coverage is often limited. Familiarize yourself with the terms and conditions of your policy to determine if you need additional coverage.

Moving Company Liability: If you decide to hire a professional moving company, they may offer some level of liability coverage for your belongings. It's important to understand the extent of this coverage and any limitations that may exist. Moving companies typically offer two types of liability coverage: released value protection and full value protection. 

• Released Value Protection is often provided by default and is the most basic form of liability protection offered by moving companies. Under this coverage, the moving company assumes liability for your belongings at a rate of no more than $0.60 per pound per item. While this coverage is generally included in the cost of your move, it offers minimal protection in case of damage or loss.
   
• If you seek greater coverage for your belongings, you can opt for Full Value Protection. Under this coverage, the moving company will be liable for the replacement value of any lost or damaged items. However, keep in mind that this type of coverage usually comes with an additional cost. Review the terms and conditions of the policy and understand any deductibles or limitations that may apply.

Rider or Floater Policy: If you own high-value items such as fine art, jewelry, or antiques, you may want to consider obtaining a rider or floater policy. These are additional insurance policies that provide coverage specifically for valuable items that may not be adequately protected by your standard homeowners or renters insurance policy. Be sure to check with your insurance provider to determine coverage limits and any necessary appraisals required.

Temporary Storage Coverage: If your move involves storing your belongings in a temporary storage unit, make sure your insurance coverage extends to this situation. Some insurance policies may include coverage for stored items, while others may require you to purchase a separate policy. 

Self-Move Coverage: If you decide to handle your move without the assistance of a professional moving company, be sure to review your insurance coverage as your homeowners or renters insurance policy may not cover any damage or loss during the move. If applicable, consider purchasing specific coverage for your belongings during the self-move process.

Document and Inventory: Before the move, create a comprehensive inventory of your belongings and take photos or videos of valuable items. Having this documentation will help streamline the claims process in the event of damage or loss. Keep receipts, appraisals, and any other relevant documents related to your belongings in a safe place.

Questions to ask your home or renter insurance provider before your move:

• Does my current homeowners or renters insurance policy provide coverage for my belongings during a move? How long does the coverage last?
• What is the extent of coverage provided by my policy for items being transported?
• Are there any limitations or exclusions to coverage while moving? Is breakage covered? Is mysterious disappearance or theft covered?
• Does my policy cover damage or loss during packing, loading, transportation, and unloading?
• What is the deductible for any claims related to moving? Can I choose a higher deductible to save money? 
• Is there a maximum limit on the coverage provided for items being moved?
• Will my policy cover belongings while they are in transit or only while they are in my old and new homes? Am I covered if I move my belongings without professional assistance? 
• Does my insurance policy provide coverage for any temporary storage units I may need during the move?
• Are there any additional costs or riders required to ensure coverage for high-value items during the move?
• What documentation or proof will be needed in case of a claim related to the move? Will my insurance price go up if I make a claim?
• What deductible will I have to pay if I make a claim? Can I choose a higher deductible to save money?