Moving to a new home means most of your belongings will be moving with you. Although homeowners insurance covers some damages to your properties outside of your home, it doesn’t provide extensive coverage. Don’t assume that this policy covers all threats; rather, reach out to your insurer to know what is and isn’t covered. Most homeowners insurance policies cover perils like fire and theft. However, damages due to occurrences outside of the covered perils will lead to out-of-pocket costs.
Here are some important things to know before getting your belongings on the road to your new home.
Understand Your Deductible
Your deductible is the amount you need to pay out-of-pocket before your insurance kicks in. In case of any losses during transit, you will be required to pay an agreed sum of money as deductible before your coverage can cover the rest. Knowing your deductible keeps you prepared ahead of any emergencies.
For instance, if you suffer damages worth $9000, and your deductible is $2000, your provider will reimburse you only for $7000 worth of damages.
Know the Limits of Your Policy
Every insurance policy has a limit. No matter the extent of damages incurred, you will only be paid up to the limit of your policy. If the damages incurred are higher than your policy’s limit, you will have to pay for the excess out-of-pocket.
Also, your policy’s limit while your belongings are inside your home may be higher than when they are outside/ in transit. Therefore, call your insurer to know all the details of your policy before moving your belongings to your new home.
Apart from the standard limit, high-worth items like jewelry or paintings may have a different policy limit. Therefore homeowners are advised to purchase additional coverages for such valuables to ensure additional protection.
Understand the Difference Between Theft and Breakage
Generally, homeowners insurance covers damages to your properties outside your home due to theft or fire. Note that theft isn’t the same as breakage; hence any fragile items that break while in transit will not be covered.
Do I Need Moving Insurance?
Moving companies usually offer moving insurance to cover any damages to their customers’ possessions. This is one way to go if you want to ensure that your belongings are well covered. Moving insurance covers an extensive list of perils that may occur on the road to a new home. It keeps your belongings safe and puts your mind at ease should any damages occur.
At AimPro Insurance, our team of experts can help you take out a policy to protect your belongings while moving to a new home. Prepare for any emergencies that may arise by taking out the necessary coverage plan. Contact us today to get a quote!