What to Know About Moving Insurance

What to know about Moving Insurance

Moving into a new place is stressful enough without worrying about what happens if something gets lost or broken. You probably already know this, but your homeowner’s insurance might not cover your belongings if they’re damaged in moving. There are some things you can do to protect yourself, though. Let me walk you through them:

What Moving Insurance Covers

The first rule of moving insurance is not to assume your homeowner’s insurance will cover you. It’s more likely than not that it won’t.

Homeowner’s insurance policies will only cover certain items, and they don’t always include the contents of your home. Your policy may have coverage for personal property, but if you want to be sure that everything from your bed to the books on your bookshelf is covered, you need a separate moving policy.

Understanding Your Moving Insurance Coverage

Understanding the difference between “full value” and “released value” coverage is a big part of understanding moving insurance. It’s important to know which type of coverage you have because it affects your deductible and the amount you pay if something gets damaged or lost (more on that in a minute).

Full-value coverage is more expensive than released-value coverage because it covers everything your items are worth—not just what you paid. But it also means that if you own a piece of artwork that’s worth $5 million but only paid $10 for it at auction 20 years ago with all its original paperwork, then under full-value coverage, your policy would only reimburse you up to $10 instead of the full value of $5 million.

This might seem unfair at first glance: You spent so much time on this painting! But remember that even if this were true, there are plenty more paintings like yours. They’re not going anywhere (unless they go into storage). So while we can all agree that getting some money back when something goes missing/is ruined would be nice. Releasing some liability from ourselves makes sense too.

The third rule of moving insurance is to ask your moving company about their insurance coverage, too.

If your moving company offers coverage, ask them about it. They may have a plan that covers the cost of your belongings in the event of damage or loss.

The fourth rule of moving insurance is to remember some things can be covered but usually only for up to $100 worth in total.

The fourth rule of moving insurance is remembering that some things cannot be covered. They’re usually only covered for up to $100 worth in total.

Here are some examples of what’s typically not covered:

  • Electronics, jewelry, and artwork (unless they’re antique or collectible)
  • Antiques and collectibles (these will cost more than regular coverage)
  • Pets (especially if they’re a breed that can’t travel on an airplane or in the car)

The fifth rule of moving insurance is to make a detailed inventory of all your stuff before you pack it up and send it off.

The fifth rule of moving insurance. Make a detailed inventory of all your stuff before you pack it up and send it off.

Moving can be a stressful time. There are so many important details to keep track of, from packing to renting trucks, that it’s easy for things to fall through the cracks. The best way to avoid an unpleasant surprise when you arrive at your new home is by making sure all the boxes are where they need to be before they leave with the movers.

To make sure everything goes smoothly, take stock of what’s going where—and then use this information as a checklist when unpacking later:

  • List all items being moved (shipped and left behind). This includes furniture or other large pieces and smaller personal belongings like clothing or jewelry.
  • Mark each item clearly with its owner’s name or initials so there’s no confusion about who owns what during transit or after arrival at their final destination.

Moving isn’t cheap, so take a few minutes to ensure you’re protected from loss or damage when you relocate.

If you’re moving, you may wonder what to do about your belongings. You can’t just throw everything in a box and hope for the best. You must ensure your items are protected from loss or damage during transit. In other words, moving insurance is a good idea.

In case it’s not obvious from our assertive tone: yes. We strongly recommend that everyone who moves gets some kind of protection against potential losses. While they’re transporting their personal belongings across town or the country. But before we dive into details about what kinds of coverage are available and how to ensure you have them (or don’t). Let’s first debunk some myths that are floating around out there:

  • Moving insurance isn’t homeowners insurance; it isn’t business insurance, it isn’t car insurance; and it doesn’t even have anything to do with health care plans. (if you think this last one sounds weird because those plans cover moving expenses… well… don’t worry too much).

Champion Movers Can Help You with Moving Insurance

In the end, moving insurance is a bit like health insurance. You can’t be 100% sure you’ll need it, but it’s better to have and not need it. Then to get stuck with a big bill for damaged or lost items. So before you start packing up your stuff, take some time to look into what kind of options are out there for moving insurance. It may only cost a few extra bucks, but it just might save you from losing thousands of dollars worth of possessions in the event of an accident.