Federal law requires moving companies to offer coverage for the protection of the published value and for the protection of the total value. Homeowners and renters policies provide coverage for your belongings while your personal property is in your residence, in transit, or in storage facilities, but they don't cover any damage caused to personal property while carriers handle it by physically packing or moving items. It doesn't matter if you manage the move independently or if you hire a moving company; this insurance protects your items while they're on the road. Under asset protection, the moving company is responsible for paying up to 60 cents per pound per item, but you can recover the rest of the loss with the moving insurance company up to the limit of the policy you have taken out.
We hope that knowing the different insurance options will make you feel a little more relaxed about the move. The good news is that both your renters and homeowners insurance policies cover your belongings during your (independent) move. The good news is that the right insurance coverage can make your move seamless, even if something unfortunate happens. Soto also says that your car insurance policy generally only provides limited coverage if you're carrying your belongings in your car or rental vehicle during a move. Relocation Insurance Group, for example, offers different types of coverage depending on whether you're using a full-service moving company, a mobile storage or portable container company, or a rental truck.
So, if you need a place to store your things while you're in transition, your renters insurance will usually cover your belongings in the storage unit. This may be an appropriate time to review your state's protocol before selecting a type of liability insurance for moving. However, if you hire a professional moving company, your personal insurance policy for renters or homeowners may not extend to those external moving companies. One last thing to keep in mind if you move to an apartment building is what is called an “insurance certificate”.
If you hire a company called E-Z Move Cool Guys 4 U that you found on Facebook, don't assume they have the right insurance coverage. Once you've verified the coverage you already have, the next step is to ask your moving company what type of moving insurance coverage they offer. This moving insurance is included in the cost of the move, so you don't pay more for this type of coverage. So, if you killed the truck by accident, the rental company's coverage would be responsible, not your renter's insurance. Always ask your moving company for the details of the moving insurance policy you choose and review it in writing.
