How to Get Insurance Coverage During a Move
Here’s how you can get the insurance coverage you need during your move.
If you are getting ready to move to a new home this summer, then it’s important to figure out what your homeowners insurance policy covers. For instance, it’s important to understand your coverage limits and whether this coverage will be enough. Here’s what you need to know about your home insurance during a move.
If you have homeowners, renters, or condo insurance, then your existing policy might offer some protection for your personal possessions during a move. Many policies contain a special clause that provides coverage for your belongings while they are in transit or while in temporary storage. However, this clause is subject to certain conditions and coverage may be limited in scope. The best way to determine your policy’s coverage limits is by speaking to your insurance agent today.
Can I get additional coverage?
Many insurance providers offer the ability to get additional moving coverage by adding a policy endorsement or by taking out a separate policy. Additionally, you also have the option to get insurance through the moving company that you are using. Generally, moving companies offer two main coverage options: full value protection and released value protection. Full value protection offers full coverage to repair or replace any damaged or lost items. Released value protection, on the other hand, only offers actual cash value coverage based on the item’s price per pound. As this averages out to about 60 cents of coverage per pound, this coverage is extremely limited and not recommended. If you are looking for additional moving protection, you are much better off relying on a coverage option from your insurer or on full value protection from your moving company.
This is what you need to know about insuring your belongings during a move. Do you have further questions regarding your homeowners insurance? Then don’t hesitate to contact the experts at Club Agency Insurance Brokerage in Garden City, New York. We are ready to assist you with all your insurance needs today.