If you are moving, you may want to check if your renters insurance covers damages from moving.
What Does Renters Insurance Cover When Moving?
While renters insurance primarily provides coverage for damage or loss due to events like fire, theft, or vandalism, it can also extend to cover moving-related damages. [1]
Renters insurance when moving typically covers damage to your personal property during the actual move. If your belongings are damaged or lost while in transit, renters insurance can help cover the cost of repairing or replacing them. Whether it’s due to a moving truck accident or theft during the move, renters insurance can provide peace of mind during the often stressful process of moving.
If you need to store your belongings in a storage unit or with a moving company for a short period of time, renters insurance can still offer protection in the event of damage or loss.
Some policies may have a limit on coverage for items in transit or may not cover certain types of damage. It’s important to review your policy and speak with your insurance provider to understand the specific coverage and any limitations that may apply.
What Doesn't Renters Insurance Cover While Moving?
Renters insurance may not cover damage caused by the moving company or by improper handling of your belongings. This means that if your furniture or other items are damaged while being loaded onto a moving truck or while in transit, your renter’s insurance may not provide coverage for these damages.
Renters insurance typically does not cover the cost of hiring professional movers or any damage that occurs as a result of their actions.
If you fail to properly pack fragile items or secure valuable possessions, your renters insurance may not cover the cost of replacing these items if they are damaged during the move.
You may want to consider purchasing additional coverage specifically for the moving process, such as a separate moving insurance policy or purchasing coverage from the moving company.
What Coverage is Provided by Your Moving Company?
Whether you are moving across town or across the country, it is important to consider the coverage provided by your moving company.
Most reputable moving companies offer some level of coverage for the items they transport. This coverage may vary depending on the company and the type of move (local or long-distance).
There are generally two types of coverage provided by moving companies: released value protection and full value protection.
Released value protection is the most basic coverage included in the cost of your move. This type of coverage typically provides compensation based on the weight of the item, rather than its actual value. While this may provide some level of protection, it may not cover the full cost of replacing a damaged item.
Full value protection offers more comprehensive coverage. With full value protection, the moving company may be liable for the full replacement value of any damaged or lost items. While this type of coverage may come with an additional cost, it can provide greater peace of mind during the moving process.
Documenting the condition of your items before the move and carefully packing and labeling your belongings can help minimize the risk of damage during the moving process.
What is Third-Party Moving Insurance?
Third-party moving insurance is a type of insurance coverage specifically designed to protect your belongings during a move. It provides coverage for any damage or loss that occurs during the transportation of your belongings from one location to another.
Third-party moving insurance is separate from the coverage provided by the moving company. While many moving companies offer basic valuation coverage, it is often limited and may not fully cover the cost of damaged or lost items. Third-party moving insurance gives you an added layer of protection and ensures that your belongings are covered no matter what happens during the move.
How to Cover Your High-Value Items?
If you have high-value items such as expensive jewelry, art, or electronics, consider additional coverage options. One option is to schedule a personal property endorsement, also known as a floater or rider, to your renters insurance policy. This provides extra coverage for specific high-value items that may exceed the limits of your standard policy.
Another option is to consider purchasing full-value protection from your moving company. This provides coverage for the full value of your belongings in the event of damage or loss during the move. Keep in mind that this coverage typically comes at an additional cost, so weigh the pros and cons and determine if it’s worth the investment for your high-value items.
Taking proactive measures to protect your high-value items during the move is essential. Use sturdy and protective packaging for fragile items, and consider hiring professional movers who are experienced in handling delicate and valuable belongings.
How Much Renters Insurance Do I Need?
The amount of renters insurance you need depends on the value of your personal belongings and the potential risks associated with your rental property. A general rule of thumb is to calculate the total value of your belongings and ensure that your renters insurance policy can cover that amount.
To determine the value of your belongings, take an inventory of all your personal items including furniture, electronics, clothing, and other valuables. Consider the replacement cost of these items, rather than their current depreciated value. This will give you a better idea of how much coverage you need to protect your possessions.
If you live in an area prone to natural disasters like floods or earthquakes, you may want to consider adding additional coverage for these specific risks.
Review the policy limits and deductibles of your renters insurance. Make sure that the coverage limits are sufficient to replace your belongings in case of a loss, and that the deductible is something you can afford to pay out of pocket in case of a claim.
Are You in the Process of Moving to a New Home?
Contact Matt’s Moving today to learn more about their renter’s insurance options and ensure that your belongings are protected during your move.
Source:
[1] Lee, R. (2022, November 3). Does renters insurance cover damage from moving? Business Insider. https://www.businessinsider.com/personal-finance/does-renters-insurance-cover-moving-damage
