Is The Moving Process Covered By Your Homeowners Insurance?

It is important to obtain homeowners insurance to protect your home and all of your personal belongings. But, when the time comes to relocate, do you know whether or not your homeowners' insurance will cover the move?

Your homeowners' insurance policy may or may not cover your belongings during a move or while in the moving truck. That is why it is imperative to contact your insurance provider to determine what your policy covers in this situation. 1 Consult with your insurance agent to determine what type of insurance you can purchase to ensure that all of your belongings are protected during your move, including transportation with a moving truck.

Limitations On Moving Insurance Coverage

While your homeowners' policy may cover damage to your belongings if it occurs in your home, it often does not cover damage while moving items from one location to another. Read your insurance policy thoroughly, and then contact your agent if you have any questions.

If your policy specifies that it includes moving and storage coverage, you must determine what that coverage entails. It may only cover catastrophic damage to your possessions in many cases. Most policies do not cover individual items, but if your belongings are in storage and the storage facility burns down, or the truck transporting all of your personal items is involved in an accident that destroys everything, you should be covered. Note that some of your personal items are damaged due to normal wear and tear, such as dropping; they are unlikely to be covered by your policy.

Inquire With Your Moving Agent About What Is Covered During Your Move.

There is no substitute for making an informed decision, especially when it comes to ensuring the safety of your belongings. If you're not sure what your coverage levels are, here are some questions to ask your agent:

• In what situations is loss or damage to my belongings covered?
• What types of damage are covered — and what aren't?
• What deductible do I have to pay if all of my personal belongings are lost or destroyed?
• Is it a plan idea for me to get moving insurance?

Moving Insurance Is A Priceless Asset.

If you hire a moving company, they should provide insurance for any lost or damaged items during the move. This coverage should also include the cost of repairing any damage to your property caused by the move.

Examine the moving company's insurance policy thoroughly to ensure you understand how much coverage is available. In some states, movers are only required to provide a bare minimum of liability insurance worth no more than $60 per pound. 2 In this case, you should consider purchasing additional insurance and looking for comprehensive coverage that provides full replacement value for lost or damaged items.

It's worth noting that if you're moving from one state to another, moving companies are required by federal law to provide you with the option of minimum liability or a full valuation.

Three different states also have different regulations regarding how valuations are calculated when moving within your state. 4 Contact your state movers association to learn more about your state's movers liability and valuation requirements. The Federal Motor Carrier Safety Administration has this contact information. Before signing up for a policy, ask questions and ensure you're confident that all of your belongings are covered.

Some questions to ask about moving insurance include:

• Is insurance coverage included in the cost of the move, or is it an extra cost?
• What kind of deductible is included in the coverage plan?
• How is the valuation determined?

When you've settled into your new home, update your homeowners' insurance policy to reflect any changes in the level of coverage you require.