- Does Homeowners Insurance Protect My Property During a Move?
Does Homeowners Insurance Protect My Property During a Move?
Moving to a new place can be exciting, especially if you’re upgrading your home or life.
But moving can also be a tumultuous process that’s full of packing, strangers handling your most valued possessions with less care than you do, unpacking, and more bubble wrap than one person can personally pop.
But what happens if the movers you hired chip a leg of your kitchen table or drop a full box of China dishes on the ground and shatter them?
How are your personal belongings protected during a move? Does homeowners insurance cover moving? How can you be sure repair costs won’t be coming out of your pocket if something happens?
Is My Personal Property Covered by Homeowners Insurance If It’s Damaged by Movers?
Your personal belongings are not usually not protected when damaged by movers or friends helping you move. They’re only protected if damaged or destroyed by a covered peril, such as a fire or natural disaster. So, unfortunately, the previous circumstances of clumsy or careless movers would probably not be covered by your homeowners insurance policy.
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When Could Homeowners Insurance Cover My Personal Property During a Move?
There are a few instances when your homeowners insurance policy may cover your belongings during a move. Trip transit insurance may be purchased to cover your personal property against covered perils while in transit from one home to the next.
Theft is usually a covered peril under home insurance policies, so your belongings may be covered if they’re stolen out of a moving truck. Fires are also typically covered perils, so a moving truck catching fire and destroying your personal belongings will likely be covered by your home insurance policy.
Each home insurance policy is different, and each company has different coverages. The best way to figure out if you’re covered is to call your agent before the big move so they can walk you through your personalized policy.
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Home Movers Insurance vs Homeowners Insurance
If you find out that your personal belongings are not covered by homeowners insurance during a move, don’t flip on the panic switch just yet. Professional moving companies are required by law to have their own insurance to protect your property during a move. You can choose from two options: released value or full value protection.
Released value moving insurance is the lower-tier level of protection offered by moving companies. It’s liability coverage that insures your items based on their weight instead of their value, insuring them up to 60 cents per pound.
For heavy items with a lower value, like an old couch or kitchen table, the replacement cost would be closer to its insured value. However, for lightweight items, like TVs and electronics, the replacement cost would be nowhere close to its insured value.
Full value protection moving insurance is the best protection you can receive from a professional moving company. If your belongings are damaged or destroyed, it ensures the moving company must repair them, replace them with a similar item, or provide a cash settlement that covers its current market value or replacement cost.
It’s important to list a price for everything you’re moving, especially expensive, lightweight items like jewelry and electronics. If the price is not listed, the moving company must only pay up to $100 per pound.
Just like contacting your own home insurance company to see if you’re covered during a move, it’s a great idea to contact moving companies in your area to see which company offers the best rates and insurance protection.