Does Homeowners Insurance Cover Damage To My Belongings While Moving?

When you're relocating, you're likely to have many items with you. Thus, you may be wondering if your homes insurance covers you if something occurs to your belongings during the relocation.

The explanation is that this is not always the case. While homeowners insurance does cover your personal belongings in general, the loss must be tied to a hazard specified in your policy.

In general, covered dangers include risks such as fire and theft. Thus, homeowners insurance may help cover the loss if the moving truck is stolen.

Your homes insurance policy may cover damage to personal belongings during a move in certain circumstances. For instance, if a moving truck is involved in an accident while transferring your items and your property is destroyed, your homeowners' policy will likely cover the damage. However, in some situations, your coverage limitations may be reduced while your belongings are being transported during a move. Your agent can assist you with any inquiries concerning your unique policy.

Are You Aware Of Your Deductible?

The deductible associated with your personal property policy will remain in effect. This is the amount you will pay prior to your insurance coverage taking effect. Thus, if you have a $1,000 deductible and $5,000 worth of furniture is stolen from the moving truck, your policy will normally refund you $4,000, as long as the theft is within the policy's limitations.

Be Aware Of Your Limits

It's also critical to understand that, whether or not you're moving, any property covered by homeowners insurance is only insured up to the policy's limitations. Additionally, your policy may provide a reduced coverage for personal property while being stored away from your home. Consult your agent to determine how your own coverage can assist in protecting your possessions throughout your move.

Additionally, there are several standard restrictions based on the type of property. For example, your insurance may include a maximum amount of coverage for valuable items such as jewelry or baseball cards.

Additional coverage, referred to as scheduled personal property coverage, may be available for specific, high-value items.

Understand the Difficulty of Theft Versus Breakage

While your homeowners' policy is likely to cover theft, it is unlikely to cover damaged goods or objects that break during your move.

Consider what would happen if your movers dropped a table and the legs snapped off or if they tore the canvas off an expensive oil painting. While a standard homeowner's insurance policy does not cover breakage, you may find that a moving company provides its own insurance to cover that risk.

Again, scheduling high-value things, such as an expensive oil painting, may provide additional coverage — and the scheduled item is normally covered regardless of where the loss or damage happens.

Consult Your Agent (or Get an Insurance Attorney)

By calling your agent a month or two before your move, you can ascertain what type of coverage your current policy may provide for your relocation, discuss your change of address, and examine coverage alternatives and limits for your new residence.

Additionally, this is a time to discuss any anticipated changes in your premiums due to the new house.

Consult your agent well before your relocation to ensure that you have all the coverages you desire for your new house. Then, with the necessary safeguards in place, you can concentrate on settling into your new home and enjoying the days ahead.