Homeowners insurance is a form of property insurance that gives liability coverage against accidents in the home and around the property while also covering damages to your residence and furnishings and other assets inside your home. This policy usually covers the following incidents on the insured property:
- interior/exterior damage
- loss or damage of personal assets and
- injury sustained by visitors to the property
In the event of a relocation, while it is possible to transfer your homeowners insurance to your new residence, your home insurance policy may not always cover loss/damage to property while in transit. Moving from one place to another is not always easy, and your belongings could be at risk, so having a moving insurance coverage might be more practical.
Moving Insurance Coverage
A moving company may offer various types of insurance coverage.
1.Released Value Coverage (or Basic Carrier Liability): This is the basic coverage required by federal law. The coverage is free and based on weight, paying up to 60 cents per pound for an item. If your one-pound digital tablet worth $800 gets damaged during a move, well, it hardly comes close to paying the total replacement value.
2.Separate Liability Insurance: Some movers may offer this elective insurance for purchase. Operated by state law, separate liability insurance pays for the insurance amount purchased minus the basic carrier liability amount that the mover pays, which is 60 cents per pound. If you choose this policy, make sure to get a written copy and understand the cost of coverage before signing up.
3.Full Value Protection (also called Full Replacement Value Protection): This is another mandatory policy under federal law which has to be purchased. It pays for the current market value of an item, replacement value, or the item’s repair cost. If you decide to go for full-value protection coverage, make sure to get all the details of your moving company’s specific plans to see how they determine your replacement value and evaluate actions that might limit your mover’s liability.
In instances where you decide to move, note that your homeowners or auto insurance policy offers only limited coverage for your possessions. This means that you may have to assume the risk if you use your personal vehicle or a rental truck for the move as opposed to using truck rental companies that offer insurance that protects not only the rental car but also the driver, passengers, and your cargo, depending on your coverage.
The usefulness of having moving insurance can not be underestimated, as being under a coverage plan can provide you the much-needed protection during the already stressful moving process. Need any help with your homeowners insurance? To find the best home insurance policy to fit your needs, contact Bell Black Insurance today! We serve all insurance needs for those in Idaho Falls, Island Park, Driggs, Victor, Swan Valley, Ashton, and the neighboring communities in Idaho, as well as Jackson and Star Valley in Wyoming.