Homeowners insurance protects you against any damages that occur on your property, such as theft, fire, burglary, and vandalism. It may also provide treatment costs for injuries suffered by a guest on your premises. This coverage policy may include protection for your personal property when it is inside the home, in transit, or in storage facilities. However, this doesn’t include coverage for damages to personal property while being transported by movers. Reach out to your provider to know all the coverages under your homeowners’ insurance.
If you are considering moving to a new home and you want to ensure that your belongings are well protected against losses, it may be smart to hire professional movers. Look for a moving company that has business insurance coverage. Federal laws require professional movers to purchase this policy to protect clients’ interests. There are three different liability coverages to choose from to provide repair or replacement costs of damaged personal items while in the care of the movers.
Moving companies must have one or more of these coverages:
Released Value Protection
Released value protection gives limited protection against losses and damages per pound per item. The weight of each article is what determines the coverage. This is a minimum protection plan of sixty cents per pound with no additional charge. This policy doesn’t account for the real value of your belongings, so you might want to consider that before hiring a moving company that has this type of policy.
Full Value Protection
Full value protection provides maximum costs of repair and replacement of damaged items. The coverage amount is determined by the current market value of each item that is lost or damaged while in the mover’s care. This is a maximum coverage, so it costs significantly more than released value protection. Hiring a company that has this policy is the best way to protect your belongings.
Separate Liability Coverage
Separate liability coverage is complimentary released value protection that provides the cost of damages above the released value. Here, the moving organization covers losses at the cost of sixty cents per pound per item, but the homeowner will be responsible for repair or replacement costs exceeding the coverage limit. The movers are required to show clients a written record of the policy after it has been purchased.
If you would like to move without the help of professionals, it is best to contact your provider to know the details of your policy and see if it covers damages that occur while moving. Do not act on assumptions but reach out to your insurance company to know the existing coverages and whether to purchase additional ones.
Ensure that your moving truck is insured, and you can call your vehicle insurance provider to know if it covers a rented truck for moving purposes. You can always purchase additional coverage to protect against accidents that occur while using the truck. Coverage should include costs of damages to properties in the truck at the time of the incident.
At Pierce Insurance Group we can help you customize your homeowners’ policy with the best coverages to include protection when moving from one house to another. Visit our site to get a quote in no time!