Insurance Insights: Moving Experience
Before placing all their worldly possessions in a moving truck and moving to a new home, home buyers should get in touch with their homeowners (or renters) insurance provider. This call will help them ascertain whether their policies cover their belongings while they are in transit. It may well be the case that a homeowners policy will cover the same perils during the move that it does at home. On the other hand, policies may not coverage damage caused by movers, who must offer two kinds of supplementary insurance. No-cost “released value” coverage insures belongings at a rate of 60 cents per pound, while additional-cost “full value” insurance covers repair or replacement of damaged goods.
NOTE: Whether or not you are moving, you should review your homeowners policy regularly to make sure you are getting all the coverage you think you’re getting. Nothing is worse than suffering a loss and finding that you are not covered.