When you’re preparing to move you’ll likely transfer your homeowners insurance or renters insurance over to your new place of residence. But, what do you do in between moving from your old place into your new place, when you hire a moving company? What happens to your belongings if there is a car accident or your items are damaged? In this article will touch upon moving insurance and you can decide if you’ll need it!
Check your policies
Although it is not common, some homeowners insurance policies do cover your property during a move. It’s in good practice to call and have the insurance company check your policy to see if moving insurance is included. Reading the fine print on a statement or online may not always be enough, so always double check with a representative.
Upon contacting the insurance company ask the following questions for clarity:
- What type of coverage is included? Generally moving coverage will cover catastrophic damage. What catastrophic refers to is, in the event that the moving service truck catches on fire and drives into a building with all your belongings, they’ll cover it because it’s extremely rare. Loss only damage is when a lamp is broken in transportation — this is not always covered.
- Are items covered if they’re lost in transit? This is another unclear area of insurance policies — some will be covered if they were stolen from the home but if your items are in transit, that likely falls on the moving service.
- Is there a deductible with a moving claim? As with any insurance policy, likely there is a deductible that must be covered before you can officially submit a claim.
- How will a moving claim affect my insurance policy? In insurance history, it is a fact that the more claims you submit, the more likely your insurance premium will increase.
- Do I need moving insurance even with local movers?
When people consider moving insurance they often think it’s only reserved for international moves, but moving insurance is also available for local moves —
whether they’re across the country or down the street from you. One of the biggest considerations to make when deciding on moving insurance is how reputable is your moving service is. If you have local movers, it’s wise to first do a little research on the best moving company. Asking for recommendations can be
worthwhile, checking for any certifications, or inquiring with the US Department Of Transportation and the moving company’s registration number. You can then search their site and view any complaint histories by previous customers.
When you find a distinguished moving company it never hurts to ask questions or look on their website for any additional information about the services they provide — including moving insurance.
Here are some essential questions to ask before committing to a moving service.
- Does the moving quote reflect and cover the moving insurance, or is the insurance an add-on?
- Do they provide moving insurance? If they do, what are the terms and conditions?
- What does the moving insurance cover? Is it catastrophic only and do they cover the entire value of the lost item?
- What type of employees are hired to help in the moving services? Is it a revolving door with temporary employers, or are the staff members employed by the company?
- Is the move performed by the company or do they employ a brokerage firm? If the moving service hires out moving trucks, this can additionally complicate things because you may then need to address the moving insurance coverage with moving truck company.
Gather as much detailed information as you can and have everything in writing as far as moving insurance and the breadth of what’s covered.
What does a moving contract cover?
Every company is going to offer different moving services depending on what area you’re in, how much property is involved, and where you’re moving to. Always inquire with your local movers about a written estimate (a binding estimate) and the services that are included. Work together with the company to discuss in advance the amount of property that is involved to get receive a realistic cost.
Moving companies may also offer a non-binding estimate and that is when the cost is figured based upon the weight and services required. This type of agreement is more fluid, so the prices will reflect that.
There is also an estimate that combines both a binding and non-binding estimate to form what is referred to as guaranteed not to exceed which gives the customer the option either pay the binding estimate or the actual cost — whichever cost is lower.
Is it wise to get supplemental moving insurance?
A moving service may offer you the opportunity to get moving insurance that acts as an add-on to their services. The insurance will be an affiliate of the moving service and will ask that you pay the money up front. Like any insurance plan, if a claim is warranted, you’ll have to pay the deductible before the claim can be submitted.
If moving insurance is a service you’d like to take advantage of, you can acquire a third-party moving insurance through your insurance provider. The policies can be reflected as moving coverage for an existing policy or a complete coverage of the move. When you acquire the moving insurance you’ll have to declare the value of your property and justifiably have to catalog the possessions.
Is moving insurance worth the cost?
Getting moving insurance is a personal choice — some people will err on the side of everything working out and trusting the people who are moving their possessions, while others like to have a cushion of “just in case” — the choice is yours to make. It is important to mention that one of the most common moving mistakes is to not have an insurance policy on valuable items. If you have an art collection or even a wine cellar full of award-winning French wines, this goes above what moving services usually see. With more valuable items, you may want to consider moving insurance.
If you’ve hired a reputable moving service, they take moving very seriously and want to do a good job. Especially if they’re packing and wrapping your belongings you’ll be able to observe the care they take.
Moving mistakes and issues do arise but they’re very few and far between, so you’ll have a very smooth and effortless move with your moving service!
Ability Moving And Storage
At Ability Moving And Storage, we have over 100 years (combined) of moving experience. We treat every move with complete care and ensure that your belongings are looked after.
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