Moving is stressful. That stress only multiplies when you start thinking about the potential for damage to your goods or the loss of an item. When those thoughts happen, that’s when moving insurance suddenly becomes a priority.
For most people, moving insurance is not something they have spent much time thinking about. They tend to have many questions. Here are seven of the most common questions we hear.
We at Good Greek Moving & Storage encourage clients to at least look at moving insurance that will give them a higher level of coverage than that provided through basic carrier coverage. That basic coverage, which moving companies are required to provide, only pays about 60 cents per pound if something is damaged.
All moving companies are required by law to provide customers with basic carrier coverage. However, they also should have trustworthy third-party insurers that they can recommend for you to use.
This is typically an extreme, last resort. If there are issues with a damaged item, then the first step is to file a claim with the company or your third-party insurer. A lawsuit usually only happens if the company refuses to pay. Other issues – such as asking for more money once your items are on the truck – could lead to a lawsuit.
In some cases, a homeowner’s policy will offer coverage for your belongings when they are in transit. However, it may only offer minimal amounts of coverage. You’ll want to look at the details in your homeowner’s policy and call your insurer if you have any uncertainty or questions about the policy.
Renters insurance may also cover items in transit, although this is rare. It’s more likely, however, if you plan to stick with the same renter insurance company at your new place. In that case, some companies may offer insurance coverage for your belongings.
If you decide to do a DIY move using your own vehicle, then you also take on the responsibility for your belongings. It’s possible your current homeowners’ policy and car insurance will offer some coverage for items if they are damaged while you move them in your own vehicle. However, if you use a truck rental service, they will offer insurance that protects the rental vehicle as well as the driver, cargo and passengers.
This is where you also need to pay attention to details and plan ahead. A smart move is to make a comprehensive inventory list of all the items you plan to move, in case something gets lost. It’s also smart to take a photo of the more valuable items. This will come into play if you file a claim for damaged goods and need to prove it happened during the move and not before.
These are some of the frequent questions around getting moving insurance. The first step is to find out what you have right now. Then, get the insurance that makes the most sense for your specific situation. While it’s more likely that nothing will happen to your items, insurance provides peace of mind that can greatly lessen the stress of moving day.