Relocation involves a lot of preparation and coordination, and one of the most important factors that is usually not given much consideration is insurance. When you are moving house, the chances of your items getting damaged or lost are high. Whether it is a small mark on your furniture or a big accident in the shipping process, insurance will help you avoid additional expenses and headaches.
The following are some insurance policies one may need when moving home. These are contents insurance, removal insurance, and other special policies for valuable items or for storage. All of them have their role in guaranteeing that your belongings will be safe during the relocation process.
Insurance Needs Moving Home
Home Contents Insurance
Contents insurance is a policy that protects your belongings in your home against risks like theft, loss, or damage. When relocating, this insurance can also include your personal property in the course of the move from one place to another. This means that if your items are accidentally damaged or lost during the move, you could claim compensation under your insurance policy.
However, it is crucial to read the fine print of your policy because not all contents insurance will cover your belongings when you move. Some insurers may demand that you give them prior notice or buy an additional policy. This is especially so for valuable or delicate items, as they may be restricted or even excluded from the coverage.
Removals Insurance
Removal insurance is a type of insurance that is designed to cover your property in the course of a move. While standard contents insurance may have certain restrictions or exclusions for items in transit, removals insurance is specifically intended to cover your belongings for damage, loss or theft while they are being packed, loaded, transported and unloaded by a removal company.
This type of insurance is especially helpful if you are planning to move your belongings that are expensive or delicate in nature like electronics, antiques, or artwork. It may also include damage in transit or while in transit, which is not usually covered by the normal contents insurance.
Most of the professional removal companies provide removals insurance as one of the services they offer or as an additional service. However, it is important to find out the extent of the coverage offered, as this may differ from one policy to another. You may require extra removal insurance if the basic one does not meet your needs or if you have valuable items that need special coverage.
Additional Insurance Considerations
Insurance for High-Risk Items: Valuable items like jewellery, antiques, artwork, and collectibles are not always covered in full by a standard removals or contents insurance policy because of their value or because they are easily damaged. Some of these items may require you to purchase special insurance or even extend the coverage of your current policy to make sure that they are well protected during the moving process.
Storage Insurance
If your items will be stored in a warehouse before they are delivered to your new house, then you should get storage insurance. It is also important to note that standard removal insurance may not include items in storage, especially if the storage period exceeds a given time frame. Storage insurance is a form of insurance that covers your property against loss or damage while in storage, for instance, through theft, fire, water damage or vandalism.
Liability Coverage
It is important to have liability coverage in case the items get damaged, or someone gets injured during the moving process. It offers coverage in the event that your property is damaged by your removals company or if a person is injured on your property in the course of the removal. Most professional moving companies offer basic liability insurance, but it is always wise to get more coverage in case of any damage to your belongings, especially if you are moving delicate items.
Reviewing Existing Home Insurance
Do you know if your current home insurance policy will pay for moving?
Before you move house, it is advisable to check your current property insurance policy. Find out if it covers for any mishap that may occur during the moving process. Some policies have certain exclusions or limitations when it comes to the items in transit. Check with your insurance company to find out what is and is not included in your policy and whether you need to get a short term or extra policy.
When can you cancel your old home insurance and start a new policy?
It is important to note the time when transferring or cancelling the old insurance policies. It is advisable not to cancel your current policy until you have completely moved out and have transferred the ownership of the old property. To avoid gaps in coverage, begin your new house insurance policy on the day you sign the contracts or when you move into your new home.
Choosing the right home insurance
When choosing a new home insurance policy, consider the following:
- Valuable items and per-box maximums.
- Against such occurrences as theft or natural disasters that may occur during the moving process.
- Exclusions and single-item limits are available to make sure that your most valuable items are well protected.
Comparing Insurance Providers
Different insurance companies may have different policies and plans. It is advisable to compare different insurance provider in order to identify the one that will suit your needs best. Search for policies that have favourable conditions, affordable premiums, and a wide range of coverage choices. If you have to change your insurance company, it is advisable to do so early enough to ensure that there is no lapse in the insurance coverage.
Insurance Tips Depending on the Type of Move You Are Planning to Make
Why it is advisable to hire a professional removals company?
When hiring a professional removals company, it is important to ask about the insurance policies that the company has. While most of the companies offer standard insurance for your belongings, it may not be enough for valuable or delicate items. If necessary, consider other insurance policies to make sure that you are well protected at all times.
DIY and “man with a van” moves
If you are considering a do-it-yourself move or hiring a ‘man with a van’ service, you should be aware of the following. Your belongings may not be protected in such a case, and the normal contents insurance may not be sufficient. Look for any exclusions and if necessary, opt for transit or accidental damage insurance for your belongings.
Frequently Asked Questions (FAQs)
Who bears the risk between exchange and completion in insurance?
Usually, the buyer is required to insure the property from the time of exchange. Make sure that your new policy is implemented at this stage.
Is it possible to continue insuring the old property if one decides to rent it out?
Yes, but you may require a different policy, for instance, landlord insurance to cover for the unique perils of the property when let out.
What happens to the home insurance policies when one decides to move?
Relocation may affect your insurance since the new house may have different risks than the previous one. It is recommended that you inform your insurer of the new address and details as soon as possible.
What if one is in charge of both properties at the same time?
It is possible that you will require a different policy for each property until the sale or transfer is finalised. It is recommended that both properties are insured to a level that will not leave any gap in the coverage.
Guidelines on How to Handle Home Insurance When Relocating
Things to Do
- Check your current insurance policies for the information on coverage.
- Inform your insurer about your move and new home information.
- Make a checklist to confirm that all the items are included and well explained.
Post-Move Considerations
After you have moved in, it is advisable to check your insurance to see whether it is still relevant to your new situation. Ensure that the policy details reflect the new property’s characteristics, including the location, size and any new valuable items that you may have acquired during the move.
Conclusion
Insurance is one of the most important factors that one has to consider when planning to move to a new home. Knowing your current policies, the different types of coverage, and the right insurance to take can help you avoid costs and stress that you do not need. It is recommended to spend some time and ensure that you get the right coverage for your belongings so that you can have a stress free moving process.
This way, you will be able to cover all the aspects of your move and be able to concentrate on the process of settling down in your new home.
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