Do I Need Moving Insurance?

Experts answer with a resounding “yes,” claiming that moving insurance is well worth the cost since it protects you against your personal belongings being damaged, lost or stolen in transit. Read on to see why moving insurance may be worth it for you.

You May Already Be Covered but Read the Fine Print

If you’re moving from a house you own, your homeowner’s policy may cover your property during transit, although this isn’t common. If you’ve been renting or your policy doesn’t include this coverage, check with your moving company. Many have what’s called “goods in transit” coverage. Read the details carefully, however, to see what and how much it covers. The moving companies have to legally offer for free basic carrier liability, where your goods are covered at 60 cents per pound. If you have expensive goods — or even items such as televisions, appliances or heirloom furniture — you may sleep better at night opting for higher coverage. Upgrading — at a cost — to full-value protection is recommended by moving experts, according to State Farm.

If You’re Not Already Covered, Where Do You Find Policies?

You may be able to purchase “goods in transit” insurance as an addendum to your homeowner’s policy. Give yourself plenty of time before your move — at least two weeks before the moving trucks are scheduled to arrive, but ideally, while you’re still getting quotes from moving companies. Prepare a detailed inventory list of the items that will be transported, as well as their value. Your agent will be able to guide you to the correct coverage level.

You can also look into independent companies that offer what is called “relocation insurance.” That way, the entity evaluating your belongings is separate from the company transporting them.

What If It’s a DIY Move?

Keep in mind that your homeowners or car insurance policy won’t protect your goods if you load them in your own vehicle. You will possibly be covered if you rent a moving truck to transport your belongings. When you pick up the vehicle or make your reservation, you’ll have a chance at that time to opt in or out of the insurance. Check the fine print here as well to make sure your goods are covered, not just the rental vehicle.

Insuring your belongings as you move from one location to another, whether it’s down the block, across the country or on the other side of the world, will give you peace of mind during the stressful moving period.

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