There are several ways to insure your possessions while you’re moving. Perhaps your current homeowners policy includes coverage for your personal property during a move. The policy may cover your possessions at the new location for a limited time, also. The same coverages, exclusions, and deductibles apply while you’re moving as they would for a regular homeowners claim.
If your homeowners policy doesn’t include this coverage, you can purchase a policy that’s specifically designed to insure possessions during a move. It’s known as a floater and is effective only during your move. Or, you can add a floater to the coverage already provided by your homeowners policy.
A third alternative is to rely on the insurance offered by the moving company. You’ll want to see its policy before you hire a moving company so you’ll know what’s covered and what isn’t. Also, pay attention to insurance limits. If the company’s insurance is not up to your standards, purchase a floater.
If you have a loss during a move, the mover’s insurance is primary. That is, the mover’s insurance company will pay first. Your insurance pays only after the mover’s insurance limits have been depleted. For example, the mover’s policy has limits of $10,000 and your floater has limits of $25,000. If you have a $15,000 loss and the movers are at fault, the mover’s policy will pay $10,000 and your policy will pay $5,000.
As you review the combined mover’s insurance and your own, pay attention to what they cover and how much. Know what the exclusions are and what the deductible is. Your insurance agent can help you be sure your possessions are adequately covered.
If you have questions, contact the Experts at Henssler Financial: experts@henssler.com or 770-429-9166.
Disclosures
The following information is reprinted with permission from Forefield, a division of Broadridge Financial Solutions, Inc. This article is meant to provide valuable background information on particular investments, NOT a recommendation to buy. The investments referenced within this article may currently be traded by Henssler Financial. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing. Henssler is not licensed to offer or sell insurance products, and this overview is not to be construed as an offer to purchase any insurance products.
