How to secure personal property insurance when you move.
If you are preparing to move, then you are probably worried about your personal possessions being damaged or stolen. Fortunately, there are ways that you can secure coverage for your belongings. Here’s what you need to know about insurance during your move.
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 two main types of protection, full value protection and released value protection.
- Full Value Protection: Offers repair or replacement coverage for damaged or lost items.
- 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.
These are some of your options when it comes to insuring your personal possessions during a move. Do you have more questions about your homeowners insurance? If so, then contact the experts at East End Insurance Agency. Our dedicated team is eager to assist you with all your home coverage needs today.