Moving to a new location can be stressful, but what happens if the moving truck gets in an accident? Many homeowners may wonder if home insurance covers moving disasters. It's important to remember every insurance company determines its own coverage parameters, so you may get different answers from different agents.
Here are important points to know about insurance concerning moving incidents.
Ins & Outs of Moving Insurance
Your standard homeowners insurance plan likely does not provide sufficient, if any, coverage for moving disasters. Typical perils that your standard policy covers include fire and theft. So, if you lose items during a move, you may be able to file a homeowners insurance claim, depending on how it's worded.
Coverage limits, however, might be an issue if your policy does not list all your individual valuable items. Certain possessions might only be covered up to $1,000, which would mean even if the item were worth more, you would have to pay the difference out of your own pocket.
Track Your Deductible and Coverage Limits
You should always be aware of your deductible, which is the amount you pay with your own cash before your coverage kicks in. In general, the more you pay in your monthly premium, the less you will pay out of pocket when a disaster occurs. If your deductible is $1,000 and you lose $10,000 worth of computing equipment because the moving van overturns, you will pay $1,000 and get $9,000 from your insurer to replace your lost items.
Be aware of what your coverage limits are for certain disasters involving the moving truck. To protect every piece of property you own, you should create an inventory list of all your belongings and share it with your insurance agent. Find out which items require special coverage. Certain valuables that are difficult to price, such as antiques, may need specific policy riders that may raise your premium payments a little.
Moving Insurance Options
Since most people do not move often, you may not need to alter your policy much. Moving companies offer an alternative to regular insurance called valuation, which still functions as protection that reimburses customers if their items are damaged in a move. They do not call it insurance because moving companies typically aren't licensed to sell insurance, but it still functions the same way.
The two types of valuation that moving companies offer are released value protection and full value protection. Released value protection is a basic option that is free of charge, but usually must be requested by the customer. Full value protection offers more comprehensive coverage at a higher premium. Choosing this option means the moving company agrees it will provide full reimbursement for damaged items. Additionally, you may have third-party options.
Homeowners Insurance vs. Moving Insurance
As you plan your move, talk with your insurance agent, and go over your inventory list. Some items may require an onsite appraisal by the insurer. If your standard plan does not cover anything involving moving, consider adding riders to the policy that specifies covered items. Your other option to ensure protection is to discuss valuation with the moving company. Consider all the factors involved with the move, such as distance and your ability to replace items quickly.
Reviewing your homeowners insurance policy with regards to moving can help you determine if you need additional coverage when you use the services of a moving company. Despite the complexities of insurance, there are clear solutions for everyone who plans on moving. Contact the experts at Fuller Insurance
today in Southern California to learn more about getting the appropriate coverage for your needs.