How Can I Insure My Possessions During a Move?

When it comes to moving, the to-do list is sometimes unmanageable. Between packing boxes, arranging moving companies, packing more boxes, negotiate a selling price, purchasing a new home, cleaning, and packing more boxes, it’s hard to keep everything straight.

Moving Insurance

Once you add insurance concerns to the list, it can make anyone’s head spin. Luckily, we’ve put together a checklist for you to determine if all your insurance needs are covered and your possessions are protected while in transit.

1. Check your homeowner’s policy.

Some homeowner’s policies actually cover possessions including furniture, electronics and personal items while in transit. In order to take advantage of this coverage, you’ll need to inform your company of the move and the new home location. If you’re moving into another home, your current policy may cover all necessary liability. If you’re moving from your current home to a storage unit or an apartment, your homeowner’s policy might expire on the date of closing. These are all important items to ask your insurance agent when you begin preparing to move.

2. Ask about a Floater policy.

If your homeowner’s policy doesn't include moving coverage, you can purchase a policy that's specifically designed to insure possessions during a move. This type of policy is known as a floater and is effective only during your move. Some insurance companies are able to add a floater to the coverage already provided by your homeowner’s policy.

3. Talk with your moving company.

If your homeowner’s policy does not cover the move and doesn’t offer floater coverage you will want to purchase insurance from the moving company. It is important to read the fine print with any moving company and be sure you understand its policy before you hire them so you'll know what's covered and what isn't. Pay attention to insurance limits to be sure their coverage is adequate to replace all of your household belongings, if necessary. According to the American Moving & Storage Association (AMSA), movers are required to cover the items that they move for a minimum of 60 cents per pound, per article. The association’s website gives this example: If a 10-pound stereo component, valued at $1000 were lost or destroyed, the mover would be liable for no more than $6.00.

4. If you’re moving yourself.

If your homeowner’s policy does not cover a move and you’re not hiring a moving company that provides insurance, you may be able to purchase cargo insurance from the same company that leases moving trucks and trailers. As with all insurance, make sure you understand coverage, exclusions, and deductibles. Generally, these policies are very limited because you are doing all of your own heavy lifting, driving, etc.

As with any insurance company, you want to ensure that in the worst-case scenario, you and your family are taken care of. In between finalizing your new home purchase, working to complete your job transfer, or covering the final details with your moving company be sure you have adequate insurance for your household goods to protect your family from any possible loss or damage while in transit to your new home sweet home.

By Matt Reynolds - Google+

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