One of the biggest concerns when you’re moving house is loss or damage to your belongings. It’s why we carefully screen moving companies and cover our most fragile items with layers of protective padding. Yet, accidents can and do happen, which is why it’s important to consider what type of insurance coverage you’ll have on your contents before the moving trucks roll into your driveway.
COVERAGE FROM THE MOVER
Professional moving companies must seek out a government-regulated minimum coverage of 60 cents per pound of article. This is regardless of the actual value of the item, which could mean that damage to your $2,000 television will only see an insurance claim of $30. For added coverage, most professional movers will offer additional insurance. The best type of coverage is Replacement Value Protection, which makes the moving company liable for the value of the items being moved. The amount is usually calculated at about $10 per pound. You should make sure that the total declared valuation is equivalent to the total replacement cost for all the items being moved.
COVERAGE FROM YOUR HOME INSURANCE PROVIDER
Most home insurance policies will cover contents from the original home into your new property for up to 30 days after your move. The policy should also cover your personal contents while they are in transit. Do note that your home insurance only covers items that were already included in your existing plan. So if you’ve purchased an expensive electronic item or a precious family heirloom in between acquiring your home insurance policy and your move, you should make sure that the new treasured item is covered against loss.
All insurance policies will have exceptions and exclusions, which you should carefully scrutinize. For example, if items break because you didn’t pack them properly, as opposed to the mover’s negligence, some policies may not cover the damage. Open boxes, furniture made of pressed wood or particleboard, and wiring inside electronic items may not be covered by movers’ insurance or home insurance policies.