Moving Insurance Guide for Homeowners: What You Need to Know
When you buy a new home, you will have to move all your property from your previous residence to the new one. Having taken necessary safety precautions to secure your belongings, there are usually delicate ones that may defy safekeeping. Certain circumstances like accidents resulting in damage to your property while moving could be listed in your homeowners insurance coverage. You will need to speak with an agent to adjust your coverage limits and to know if your home insurance covers moving.
Understand How Much Your Deductible Is
The deductible on your insurance coverage still applies. Your deductible is the amount you will pay before your insurance coverage kicks in. What that means is that if you have a $1,000 deductible on a $5,000 worth of furniture that is stolen from the moving truck, you will find that your policy will reimburse you $4,000. However, this is usually within the limits of your policy.
To protect every piece of property that you possess, you need to prepare an inventory listing all of your belongings and share the same with your insurance agent. Valuable items with prices that are difficult to estimate may require separate policy riders, which will raise your insurance premiums.
Know Your Coverage Limits
You need to understand that, whether or not it’s during a move, any property covered by homeowners insurance will only be protected up to your policy limits. Keep in mind that your policy may include a lower limit for your personal property while it’s away from your home. Additionally, the standard limits will vary depending on the category of property. You may be able to purchase a scheduled personal property coverage for specific, high-value items. A moving insurance guide from your agent will clarify the specifics.
Understand the Difference Between Theft and Breakage
Your homeowners policy will likely cover theft. However, it may not provide coverage for items that break while moving them. In a scenario when your movers accidentally damage your furniture, or if they tear off an expensive piece of art, such situations will be regarded as a breakage. Typically, a homeowners insurance policy won’t cover breakage, but you may find that a moving company offers its own insurance covering such type of risk. Additionally, scheduling items of significant value may offer greater coverage. If expensive antiquity is a scheduled item, this will typically be covered no matter where the loss or damage occurs.
You Need to Speak with Your Agent
Although it pays to speak with your agent regularly, contacting your agent a month or two before your move can help you learn if you have sufficient coverage for the move with your existing policy. This will also help you go over your change of address and review coverage options and limits for your new place. It provides ample opportunity to review any expected changes to your premiums with the new home. Speaking with your agent in advance of your move is an opportunity to ensure that you have all the coverages you want to get settled in your new home.
Contact the experts at Remland Insurance in Orange, California. Our experts will help answer questions about all your insurance needs.