Moving to a new house is a very exciting time. Before you start packing up to move into your new place, it is important to consider if your existing homeowners insurance policy will provide coverage while you are moving. Knowing how to protect your belongings during a move will help to ensure that the moving process is as stress free as possible.
Even though your homeowner’s insurance policy provides protection for your personal belongings, it will only provide coverage for the perils that are named on your policy, which most likely does not include moving. Before you start making the move into your new house, take the time to talk with your insurance agent to see what type of coverage you will need to protect all of your assets during the move.
If you are hiring a professional moving company to handle the move, you will have the option to choose from at least two types of liability coverage. The two types of liability insurance that moving companies are required to offer include:
- Released value – with released value coverage, the moving company will assume liability coverage for your belongings by the weight of each item, not how much it costs, and only for up to 60 cents per pound per item. While released value coverage can be enough protection for smaller, less expensive items, it will probably not be enough for more expensive items, such as your flat screen TV.
- Full value protection – with full value protection, your mover will have to repair, replace, or make a cash settlement for any item that is broken or damaged during the move. It is important to remember that if a very expensive antique item was damaged during the move, the moving company is not required to pay for the repairs or replacement of the item unless you had documented its extraordinary value before the move.