Whether you have finally found the home of your dreams or have outgrown your starter home, moving can be an exciting time.
However, like most people moving houses, you may be wondering if you need to get different home insurance to cover your new home and contents or move the current policy with you. If that is your concern, keep reading to understand your home insurance options during a move.
Understanding home insurance
A home insurance cover offers homeowner financial protection against loss resulting from accidents, theft, and disasters. The standard policy provides four types of coverage:
- Home structure coverage,
- Home contents coverage,
- Additional living expenses, and
- Liability protection.
Home insurance cover may sometimes extend at an extra fee to cover loss to your property while in transit or a storage facility. However, the terms of the contract may vary from one policy to another. So you will need to check out different home insurance quotes before purchasing to understand what best fits your needs and budget.
Am I covered while moving?
Although a standard home and contents policy will cover your belongings while in your home, in transit, or in a storage facility, it will not cover damages that occur if movers mishandle your property. Additionally, the insurer will not take liability if the moving truck is involved in an accident.
That is why it is important to look for a professional moving company with insurance to cover damages that occur in the moving process. If you are using movers, here are some things you should pay attention to in the contract agreement to ensure that your property is protected:
- The kind and the level of coverage they provide in the event of property damage during transit
- Their maximum coverage compared to the value of your property to ensure it is sufficient in case of anything
- Cover for damage caused to the premises by the movers is included in the contract
- Time limits, such as the time within which you can file a claim for damages. A good rule of thumb is to ensure that the allowed time is sufficient for you to unpack and check for damages.
Will I need a different type of insurance when moving?
Under most circumstances, a standard home and contents insurance should be sufficient to cover you while moving. But it would be best to consult with the insurance provider to determine if your policy is sufficient for your move.
If your current home insurance policy does not cover or is not sufficient for your move, you may want to consider other options such as:
- Trip transit insurance. This cover offers protection for your personal property against perils such as fire, theft, or disappearance while your belongings are in transit or a storage facility. The policy can be written as excess coverage above what the moving company provides or for the property's full value.
- Special perils contents coverage. This covers breakages during transit but does not include fragile items.
- A floater. This offers protection on high-value items such as jewelry, china, collectibles, fine art, etc.
- Storage insurance. If you need storage for your goods for a period exceeding the limits of your home insurance policy, you may want to consider carrying a storage insurance cover.
Get the best home and contents cover for your home.
Finding the best home insurer for your home can be quite an overwhelming task. Fortunately, a comparison site like iSelect can help you choose the most suitable home and contents insurance policy from a broad range of reputable providers. The best bit is that such companies will handle the entire process for you, from initial comparison to completing the purchase.
