How to protect your belongings during a move.
Your personal possessions are never more at risk than they are during a move. As you move to a new home, your belongings are at risk of being damaged, stolen, or lost. Fortunately, you can protect your personal property by securing the right insurance. Here’s what you need to know about your coverage options.
- Coverage Through Your Existing Policy
If you already have a home, condo, or renters insurance policy in place, then your existing policy likely offers some coverage for your items during a move. This is because most home policies include a clause that offers personal property coverage while your possessions are in transit or in temporary storage. Please keep in mind that this coverage is subject to the specific terms and conditions laid out in your policy, and further limitations may apply if you are hiring a professional moving company to transport your belongings.
- Coverage Through Your Moving Company
If you are hiring a professional moving company, then they likely offer you the opportunity to secure protection through them. While these forms of coverage are not considered official insurance policy, they do provide monetary compensation in the event that your items are damaged or lost during the course of your move. Most moving companies offer full value protection and released value protection. Full value protection offers repair or replacement coverage for damaged or lost items and released value protection offers actual cash value coverage based on price per pound. According to the Insurance Institute, this translates to an average of 60 cents of coverage per pound. So, if you were transporting a 100-pound couch, then you would only receive $60 of compensation if your couch was damaged or lost. As this coverage is far from adequate, most moving companies and insurance experts recommend securing supplemental protection.
- Home Insurance Vs. Coverage Through Your Moving Company
Many homeowners are not sure if they should rely on the coverage offered by their home insurance or if they should secure protection from their movers. To help you make your decision, it’s important to remember that making a claim with your home insurers will cause your premiums to increase significantly. Relying on the coverage offered by a separate policy, such as the one secured through your moving company, tends to be cheaper.
This is what you need to know about securing coverage for your move. Do you have additional questions regarding your home insurance? If so, then contact the experts at Patterson & Associates in Richardson, Texas. We are ready to assist you with all your coverage needs today.