Moving can be difficult – whether you are moving locally or out-of-state, on your own or with a moving company. But knowing you have the right insurance to protect your possessions can ease the stress, so here are some tips for getting proper coverage before you putting the first piece of furniture on the truck.
Before You Move
Homeowners and renters policies provide insurance coverage for your belongings up to the limits of your policy while your personal property is at your residence. However, your home insurance will not pay for any damage done to personal property while in the care of movers (i.e. the physical movement of belongings by movers). You can acquire trip transit insurance to cover your personal property for perils including theft, disappearance or fire while in transit or storage, but it does not provide coverage for breakage. Trip transit insurance can be written for the full value of your property, or as excess coverage over and above that provided by the moving company.
Ask your insurance professional the following questions before you move:
1. What kind of coverage does my homeowners/renters policy provide for my personal belongings when moving from one home to another? Your homeowners or renters policy generally covers personal property in transit and in storage facilities on an actual cash value basis. There is optional special perils contents coverage that will cover breakage of all but fragile items (collectibles, vases, fine arts, etc.). Fragile items of high value can be appraised and scheduled on a Fine Arts floater with optional breakage coverage added.
2. What types of disasters are covered under a trip transit policy? Generally, the same perils that are covered by a transit policy. This does not include breakage or damage done to your possessions by the moving company. Nor does the policy cover flooding at a storage facility.
3. Do I have special coverage for my expensive jewelry or art work? If not, consider getting a special “floater” policy that will fully cover your luxury items no matter where they are located when the loss occurs and will even pay if the item is lost. Be sure to discuss with your Florida insurance professional on how much deductible is on the floater, if any, and how it affects you.