If you own a home and have a mortgage payment still, we know you have homeowner’s insurance. It’s basically guaranteed since nearly every bank requires coverage while there is still money owed on a home. Of course, once your home is all paid off, you may choose not to continue carrying insurance, but that’s not something we suggest. If you rent, we hope you carry renter’s insurance for the same reason you’d have homeowner’s insurance: if something catastrophic happens, like a fire, you don’t want to be left rebuilding your life with only the money you have in the bank. It may not feel like it some days, but all those tchotchkes and t-shirts add up to a pretty sizeable sum when you have to replace most or all of it. So how do you protect your things while they’re between one home and the next?
Insurance Coverage and Moving
Auto Insurance Versus Homeowners
The first question so many people have is, when moving, should their furniture and goods be protected by their homeowner’s insurance or their auto policy? It makes sense that, while in transit, your things could all be covered by your auto policy. However, that’s generally not the case. Even if your goods are all boxed up and packed away in a moving truck, they are more likely to be covered by your homeowner’s or renter’s policy than by auto insurance.
Homeowner’s Insurance While Moving
Most homeowner’s and renter’s insurance policies have some convoluted rules covering your property if it’s left in your car overnight and other unique circumstances when you’ve experienced theft away from home. So what happens when you move? Many moving companies offer a separate insurance policy to cover your furniture and boxes of household goods when you move, but do you really need it? The answer is a solid maybe. Here’s what you need to know:
Both homeowners and renters policies fall under the broader heading of property and casualty insurance. This means that, at least on the surface level, the policy covers your property while you are a policyholder. Of course, things like purposeful damage are never covered, but most insurance policies have a few other restrictions as well. The good news, if you’re moving soon, is that your homeowners or renters insurance policy may still cover your household goods while you’re in transit to a new home. If you will continue to carry insurance through the same company at your new home, there is generally a subsection of the policy that covers the few days it takes to transport your goods to the new location. However, you will need to either read your policy for coverage or call your insurer for verification.
Moving Companies Offer Help
When moving, many moving companies offer insurance to cover damage done to your household items via theft, breakage, water damage, and more. Whether you opt in to this coverage is up to you, but if you’re already paying for homeowner’s insurance that covers items while moving, you may not need that extra coverage. Check with your insurer and ask what they cover to better guide your decision.
If you’re preparing to move, the best way to protect your goods is to trust the to professional moving companies like Primetime Movers in Memphis. Call us today to schedule your move!