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With all the chaos of shifting your personal belongings from one place to another, it is easy for things to get damaged or go missing during transit. Some have the luxury of hiring professional movers to do all the heavy lifting, but even this service does not always guarantee all your personal possessions will arrive in their new home unscathed. Though a professional moving company may come with a higher price point, employing experts can help reduce any potential damage caused to your items that would otherwise come with an even higher cost to replace.
For those with especially valuable items—like laptops, camera equipment, guitars, or art—you might already have renters insurance for personal property coverage.
While Zeus Living—which offers beautifully furnished homes for stays of a month or longer—is an excellent option for a temporary home while your new home is being prepared, that does not change the fact that you still have to move.
Read on to find out more about renters insurance and how to make sure all of your precious belongings are protected from the rigors of moving!
Also referred to as “tenants’ insurance,” renters insurance moving coverage is an insurance policy that is similar to homeowners insurance, but does not cover the dwelling or home itself. Instead, it provides liability insurance where the tenant’s personal property is covered against damage from fires, theft, and vandalism.
While renters insurance will not likely cover damage to your belongings incurred via moving, there are many other options that do.
Aside from being professional movers who know their way around a box truck, most moving companies are liable for all of your personal possessions from the moment they begin moving or handling your items until they have arrived in your new home. Moving companies typically offer two types of liability options:
The most comprehensive of the two insurance coverage plans, this policy not only covers the cost to repair broken items, but also the cost to replace them with similar items as well as offer a cash settlement for the item at its market value.
The only proviso of full value protection is that some items are explicitly excluded—such as jewelry, fine silverware, furs, antiques, et al. As with any kind of contract, it is important to always read the fine print.
Released value protection generally covers only 60 cents per pound, per item the moving company is liable for.
If a moving company broke your brand new 15-lb coffee table that had a market value of $5,000, for example, they would only offer you $9 to repair or replace it.
Both of these protection agreements are ways to ensure you against financial losses caused by the mover-for-hire, however, they are not technically insurance policies. They are actually considered tariffs of liability that are authorized by the U.S. Department of Transportation which means they are not regulated or governed by state insurance laws.
Depending on the value of your belongings, either of these liability protection plans could be helpful during the moving process. However, between the two plans, renters are strongly urged to purchase the full value protection over the released value to ensure homeowners pay as few out-of-pocket expenses as possible in the case that an item is damaged during the moving process.
#2 Valuable Belongings Coverage
If you have extremely valuable belongings and are hiring a standard moving company, then there is no question that full value protection is the safest bet.
Similar to renters insurance, though, the coverage has caveats—as mentioned above. It is important to fully understand the coverage options and what is included and excluded, as each moving company will likely have different liability insurance agreements. Be sure to shop around and compare agreements to find the one that best suits your needs.
If no standard moving companies have the type of coverage you desire—say, for extremely high-end or especially fragile items such as an art collection, grand piano, or valuable antiques—then there are other options for personal property coverage.
In some cases with standard moving companies, they might offer the additional purchase of a third-party moving insurance policy. These policies differ from the value protection agreements in that third-party policies are legitimate insurance plans that are subject to regulations by individual states in the U.S.
Before the big move, do your research. Itemize your most valuable items so you can make an informed decision about what type of coverage you want from a moving company or third-party insurance provider. When moving day comes, you will be glad you did.
Whether you are renting an apartment, condo, townhouse or single-family home, moving insurance costs will vary due to a number of factors including but not limited to:
Obviously, the farther the move, the higher the cost. A person making a transcontinental move, for example, who is insuring $25,000 worth of personal property may pay anywhere from $200 to $1,000.
It is important to note, that though renters insurance is relatively affordable—generally ranging from around $10 to $30 per month—it does not make sense to protect your valuable personal items in your home only to allow them to be uninsured and susceptible to perils while moving.
Renters insurance offers peace of mind for those with especially valuable items even when they’re not moving, and its low cost makes it a relatively easy decision to make. If, for example, you frequently travel with your $5,000 laptop, renters insurance can ensure that your precious property is protected.
It can also come in handy if you often rent out your home or sublet a room, protecting your property from those unfortunate moments of theft. If you’re interested in renting out your home, the Zeus Living team is there to assist you every step of the process.
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