How to secure insurance coverage during your move.
If you are moving, then you are probably worried about your belongings being damaged, lost, or stolen. Fortunately, there are things that you can do to protect your possessions. For instance, you have several personal property insurance options to take advantage of. Here are some of the coverage solutions to consider for your move.
Home Insurance and Your Personal Possessions
Most homeowners are aware that their homeowners insurance provides coverage for their personal belongings. However, what you may not know is that your home policy provides coverage for your possessions even while they are in transit or temporary storage. This clause means that your belongings are covered during the course of a move.
Please keep in mind that this coverage is subject to certain limits. For instance, if you hire a professional moving company to handle your move, then you will have less personal possession insurance. To secure the coverage that you need, you may have to purchase additional coverage from the moving company.
Coverage Through Your Moving Company
If you are hiring a professional moving company, then they will likely offer you the opportunity to secure protection through them. While these forms of coverage are not officially considered a type of insurance, 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.
This is what you need to know about insuring your belongings as you move. Do you have questions about your homeowners insurance coverage? If so, then contact the experts at Gant Insurance Agency for assistance with all your home coverage needs today.
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