Insurance coverage is especially important when moving from one residence to another but often gets excluded from the list of priorities. Gaps in coverage can arise during the transition between residences with both personal property and personal liability. Consider a few scenarios that may arise during the move and how having the right policies in place can help to alleviate coverage gaps.
Personal Property Coverage
During a cross-country move, several days can pass between leaving the old house and moving into the new one. One way to maintain coverage on personal property during this transition is to keep the homeowners policy on the old home in force until the coverage starts on the new home, even if you have sold your old home. Most insurance policies have a standard coverage concerning personal property within the residence, but separate exceptions for property outside the residence, like when in a storage facility or on the moving truck. Be sure to consult your Mel Foster Insurance producer to clarify your terms before you begin the move.
Personal Liability Coverage
Unlike a policy that covers the physical property during the move, personal liability provides coverage for bodily injury and property damage sustained by others for which you or covered residents of your household are legally responsible. Personal liability insurance can begin on the move date and would then apply during the trip and transition. Some restrictions apply with policy coverage and limitations on value are often implemented by insurance companies. Read the fine print and have all the facts before issues arise during the transition.
Do not cancel the current insurance based on instructions from third parties like the mortgagee, title company or closing attorney. As with any insurance, the agency should never make a change to add, delete or change policies without explicit instructions from you. It’s always best to handle any wanted changes or clarifications yourself.
A majority of losses from fire, theft or windstorm are covered under the basic personal property insurance policy. If the moving truck overturns, most authorities would apply damage to personal property as the result of the vehicle hazard.
Some potential causes of loss are unique to moving, such as breakage, scratching or lost items. The homeowner may be advised to purchase protection from the moving company directly in some instances.
Schedule an appointment with Mel Foster Insurance to verify proper insurance coverage for your upcoming move.