Do I Need Insurance If I Am Relocating?

Do I Need Insurance If I Am Relocating?

Has your life situation changed, requiring you to relocate? Are you wondering about what you will need in order to be prepared for the move, and if some type of insurance may be necessary? If you have begun the moving process, you no doubt have been busy packing, hiring movers, transferring your homeowners or rental insurance, but you also may be wondering if you should invest in moving insurance as well. If you have questions about relocating in San Diego, California, Windfall Insurance Services Inc. can help. Continue reading to better understand your insurance options when relocating.

What Exactly Is Moving Insurance?

The purpose of moving insurance is to help a policyholder replace or pay for the repair of personal property in the event that it becomes damaged during the moving process or while being hauled by a moving company. Relocating does put your personal belongings at risk for potential damages, and moving insurance helps to protect your items if any problems arise, no matter how cautious you are during a move. Many people do not even know that their renters or homeowners insurance policies do not cover any expenses for items damaged during a move, they only cover expenses of damages to items when they are in the home. If you know you are going to relocate, it is a good idea to get moving insurance, even if it is just for peace of mind, especially if you are moving high valued items. The amount that you will pay for moving insurance will depend on the type of policy you opt for, but is generally an affordable cost.

Typical Moving Insurance Options

If you are moving and choose to have hired movers help you relocate. One such option is full value protection insurance, which holds the hired moving company responsible for the overall replacement value for any lost or damaged possessions during the move. Not only is this type of moving insurance highly recommended because it covers all replacement costs, it is legally required in most cases. This type of moving insurance will vary by the moving company you select. Another type of moving insurance is released value coverage, which is the most basic policy type, and also required by federal law. It is free, and provides the minimum amount of coverage, essentially paying up to sixty cents per pound for one item. It is important to note that if you are moving high-priced items, released value coverage will not cover the cost of a full replacement. There is also a type of moving insurance known as separate liability coverage that some third parties offer for an additional cost. This insurance covers the remaining cost of the released value protection that your hired mover is responsible for.

If you are relocating in and around the area of San Diego, California, and have questions about moving insurance, call Windfall Insurance Services Inc. today for a consultation.