It’s moving season! In the midst of finding boxes, packing, hiring movers, sorting through your belongings and canceling your utilities, you might overlook making sure your insurance policies are ready for the move, too. With so many changes happening, it’s important to make sure you’re protected as you make your big move (whether that’s across town or across the country!).
Moving presents some tricky insurance situations, but with a quick phone call, you and your agent should be able to tackle them together in just a few minutes.
What to Look For in a Renters Insurance Policy When Moving
When moving, you’ll want to understand how your property is covered when it’s outside your home, like when it’s in transit during the move. Once you know how much and what types of damage are covered, you can decide whether you should consider additional coverage.
When getting ready for your move, make sure you’ve readied up your renters insurance policy and understand what it will cover. Moving presents certain risks while your belongings are in transit - they could be lost, stolen or broken on the way from your old digs to your new ones. Your policy may have some exclusions you should know about before you depend on your renters insurance to protect your belongings before a move.
First, check to see what’s covered in terms of damage. Many policies will cover damages caused by perils that are common in the home, but not necessarily by things you’d encounter during a move. Things like breakage or damage caused by your movers are likely not covered, according to iii.org. Also be aware of special limits on your personal property when it is outside your residence, if a covered peril, like theft, causes a loss. Usually, renters insurance policies will limit coverage to 10% of your limits for property away from the home.
If you’re worried about what could happen to your stuff during the moving process, you may want to consider trip transit insurance. Be aware that this coverage also may not cover damage caused by movers, but should provide more coverage than your existing coverage.
If you have fragile or valuable items that you’ll be moving, you’ll want to check your policy’s limits and any restrictions it may have on covering valuable items. You may want to consider adding a floater to your policy for items like jewelry or antiques.
What Changes to Make to Your Renters Insurance and Auto Insurance Policies When Moving
You’ll need to notify your insurer of your changing address before your move for both your auto insurance and renters insurance coverage. Providing your insurer a timeline for the move in advance will help you ensure you do not have a break in coverage and can make any necessary adjustments to best protect your belongings and assets.
If you’re moving across town, making changes with your insurer will be easier, though you could see a change in your rates based on your new area. If you’re moving states and have a regional insurer, you may be moving out of the states they cover. Giving your insurer advance notice, both when you’re making local or inter-state moves, will allow enough time to make any necessary changes to your policy and allow you to ensure that you have enough coverage for the move itself.
As always if you have a question about your insurance policies during your move, give your insurance agent a call. An insurance agent can help advise you on the specific terms of your policy and make any necessary recommendations to keep you protected during the transition.