If you own your home and are moving, you might be wondering what kind of coverage your insurance will offer you during the transition. While the answer will vary based on your policy, there are some things you should know before you start moving. With these details in mind, you’ll know what to expect when going through this experience.
1. Damage May Not be Covered
If your items are damaged as you move, you might be wondering if your homeowner’s insurance policy will cover them. In most situations, it will only provide coverage if the moving truck experiences a fire, gets into an accident, or encounters a theft. However, the limits may be lower than they would be if the loss occurred inside of your home.
2. Your Deductible Applies
When it comes to claiming your insurance if something does go wrong with your belongings, your deductible will still apply. It could range anywhere from $500 to thousands, depending on what you chose when you took out the policy. Additionally, you will have to pay for it before the insurance company covers any loss.
3. You May Need Additional Insurance
In many cases, homeowner’s insurance isn’t going to provide coverage for damage during a move. It is why it’s never a good idea to rely on your policy if something goes wrong. If you want peace of mind, you may want to take out moving insurance that will offer the coverage you need.
4. You’ll Need to Cancel Your Policy
Once you sell your home, it’s essential to let the insurance company know that you will no longer be occupying the property. Once they have the necessary paperwork, they’ll be able to stop coverage and apply it to your new home (if applicable). While you may want to keep the policy for those who are moving into your home, the coverage will not apply because it is not their names stated on the paper.
5. It’s Important to Speak with Your Agent
Before you move, take some time to call or visit your insurance agent. They’ll go through your policy and give you specific information about your coverage. They can also add on additional insurance or set a cancellation date. With this information, you won’t have to stress wondering whether or not it covers your belongings during the move.
Tip: If your insurance provider does not offer moving insurance, get quotes from several companies before taking out a policy. It will ensure you get the best price and coverage for your move.
Are You Ready to Move?
Before the moving trucks roll in, and haul your belongings away, get to know your homeowner’s insurance policy. It will help you avoid unpleasant surprises if something goes wrong. If necessary, take out a moving insurance policy for extra security, knowing your things will be taken care of throughout the move.
