When do I need a homeowner’s insurance policy?
Before picking up the keys to your new home, find an insurer able to provide you with adequate homeowner’s insurance coverage. Although most lenders require this insurance as part of a mortgage process, renters need a policy, too. Start your coverage on the day you take possession of your home or apartment.
Having a policy in place helps in the event that the moving process leads to damage. Even before you move in, a fire or flood can occur. Someone can vandalize or break into the property and take what you own, too. In other words, you face greater risk when you do not have homeowner’s insurance. At least with this coverage you can gain reimbursement for some of your expenses, should damage or theft occur.
The best time to arrange for a policy is during the packing process at your old home as you prepare to move. At this time, it is more convenient to create an inventory of your personal belongings. Take the opportunity to photograph expensive items and heirlooms. If your policy covers your belongings before the move, start coverage right away.
Homeowner’s Insurance for Renters
A renter’s insurance policy covers your personal belongings and accidents occurring on the rented property. Your landlord’s own policy makes up the difference from homeowner’s insurance, filling the gaps in your renter’s coverage.
You do not need a renter’s insurance policy until the day you move in. If you already have a renter’s policy for your current residence, simply change the address information on moving day. Before doing so, talk to your landlord or property manager about their coverage requirements. Sometimes a lease specifies how much insurance you must carry while living on the premises.
Do I need moving insurance?
Moving is a time when things break, suffer damage or become lost. If your homeowner’s insurance or renter’s property coverage does not protect your belongings during the move, consider getting a moving policy.
Moving insurance is coverage you get above and beyond your homeowner’s or renter’s plans. If your current policy does not provide this coverage, consider the added protection. Of course, you should also look for the best policy with a reasonable down payment and deductible.
Insurance Provided by Your Moving Company
Reputable Raleigh area moving companies maintain their own insurance policy. Before hiring one of these companies to move your personal property from one location to another, ask about their coverage. There is no guarantee that things will go smoothly during a move. Anything can happen, such as a motor vehicle collision with the moving truck that damages your property in transit.
Moving companies also offer coverage for an additional fee. This full value coverage means they will replace, repair or compensate you for damaged goods.
Movers usually offer released value coverage for free. Released value coverage compensates you for damaged items at 60 cents per pound. But if expensive electronics or other costly items suffer damage, you will find compensation falling flat toward replacement. A 25-pound flat screen TV that cost you $1000 will only bring released value compensation of $15.
Talk to your professional movers in the Triangle Area about their insurance coverage and options, before signing a relocation contract. Remember that your items can suffer the same damage going from one neighborhood in Raleigh to another, just as damage can occur from North Carolina to another state.
Raleigh Area Movers You Can Trust
Branch Out Moving and Delivery works hard to prevent any damage of your personal property from one location to the next. We provide the protection you need through our own insurance and additional coverage options that work well with or in place of your own homeowner’s insurance or renter’s insurance policy. Call us at 919-888-0090 today for a moving consultation.