7 Hidden Homeowners Insurance Coverages You Should Know Before You Move

• By: Kurt Thoennessen
• On: 08/21/2017 11:12:30
• In: General
• Comments: 0

Even though the home, renters, condo and coop policies provide broad coverage for your belongings during the move, there are a few details that you should be aware of.

1. First, check your coverage limit for personal property to make sure it is high enough to cover a total loss.
2. Next, review your deductible since it will apply to a claim.
3. Also make sure your policy provides “all risk” coverage for your personal property as opposed to “named perils” coverage. This will ensure that you have coverage for accidental damage such as dropping an antique desk.
4. Confirm that you have replacement cost coverage for your personal property, which will pay to replace damaged items without a reduction for depreciation.
5. Homeowners policies have “special limits” for certain types of valuable property that is lost or stolen. Limited Property types include jewelry, watches, silverware, money, collectibles stamps and coins, guns, furs, and a few other categories… you can review a complete list in your policy along with the coverage limits to be sure you have enough coverage for your valuable items.
6. Most policies will exclude coverage for fragile items like china, glassware and porcelains during a move, so it may make sense to seek special coverage for these items.
7. The last thing to consider is any property you use in a business.  Homeowners renters, condo and coop policies do not provide much coverage for business property you own. A business policy that covers the related belongings is the better solution to cover these items.

I know this may seem like a lot to think about, but taking a little time before the movers arrive to figure this out can save you a lot of headaches and money should something unfortunate happen. As always, you should contact your trusted insurance advisor to learn how your policy will respond to a loss during a move.

I hope this information was helpful and the information made you better prepared for a possible catastrophe during a move.  For more helpful risk management and insurance information and advice, please visit InsureScope.com.  Good luck with your move!