Moving is tough, stressful, and messy. Whether you’re doing it alone, with a couple of friends, or hiring professionals, accidents can happen and your belongings might get damaged. What then? You know you have insurance, but does renters insurance cover moving? Renters insurance covers the cost of repairing or replacing your belongings if they are damaged or destroyed. It protects your belongings and covers the cost of replacing them if they are stolen, damaged or destroyed in events like fire, storm, and theft. However, does renters insurance cover damages when moving out? If the damage happens during the move, under certain circumstances, your renter’s insurance policy might cover some personal property damage. It can cover damage from specific hazards during a move. These include theft of your belongings or damage from other various reasons (fire, vandalism,). On the other hand, renters insurance may not cover damages caused by movers, though in that case, that would be the moving company's responsibility.
What Does Renters Insurance Cover During Your Move?
Here are some of the events your insurance will have covered:
• Fire and smoke
• Explosion and lightning
• Windstorms and hail
• Theft, vandalism or malicious mischief
• Car accident
• Falling objects
• Damage induced by ice, snow, or sleet
• Other natural perils
These conditions don’t vary too much between insurance companies and you should have a list of perils your belongings are covered against in your policy. Depending on your insurance, some perils may not be listed or intentionally excluded from your policy. However, when your belongings are stored away from the rented home there is a limit on the amount of coverage you’re entitled to. That limit is usually 10% of your renter's insurance policy's property coverage. One more thing to keep in mind. If your home becomes uninhabitable due to a covered peril, your renter's insurance will cover the moving costs to your new temporary home while your rental home is being fixed.
• Fire and smoke
• Explosion and lightning
• Windstorms and hail
• Theft, vandalism or malicious mischief
• Car accident
• Falling objects
• Damage induced by ice, snow, or sleet
• Other natural perils
These conditions don’t vary too much between insurance companies and you should have a list of perils your belongings are covered against in your policy. Depending on your insurance, some perils may not be listed or intentionally excluded from your policy. However, when your belongings are stored away from the rented home there is a limit on the amount of coverage you’re entitled to. That limit is usually 10% of your renter's insurance policy's property coverage. One more thing to keep in mind. If your home becomes uninhabitable due to a covered peril, your renter's insurance will cover the moving costs to your new temporary home while your rental home is being fixed.
What Is Not Covered by Renters Insurance During Your Move?
Here is the list of common exclusions:
• Damage caused by movers
• Damage caused by your negligence
• Theft caused by your negligence
• Improperly packed belongings
• You failed to lock the moving truck
• Peril is not listed in your policy
So if you drop your stereo while you’re carrying it out of the house, your renter's insurance will not cover it. Also, if your item exceeds your policy’s limit then you will only be reimbursed for some of it. The amount should be stated in your renter's insurance policy. Improperly closing a moving truck or being robbed by your negligence (such as leaving the keys of the vehicle in the ignitions) will mean you won’t be covered as well. To protect yourself against possible ambiguities it is worth checking the type of insurance a typical moving company provides.
• Damage caused by movers
• Damage caused by your negligence
• Theft caused by your negligence
• Improperly packed belongings
• You failed to lock the moving truck
• Peril is not listed in your policy
So if you drop your stereo while you’re carrying it out of the house, your renter's insurance will not cover it. Also, if your item exceeds your policy’s limit then you will only be reimbursed for some of it. The amount should be stated in your renter's insurance policy. Improperly closing a moving truck or being robbed by your negligence (such as leaving the keys of the vehicle in the ignitions) will mean you won’t be covered as well. To protect yourself against possible ambiguities it is worth checking the type of insurance a typical moving company provides.
Other Possible Options
Any licensed, professional moving service is liable for damage to your belongings from the moment they start packing it up to the moment they drop it off at your new location. Usually, there are two levels of coverage: released value coverage and full value coverage. Released value coverage is usually offered for free. The way it works is the following: It offers you around 60 cents per pound, per item. Imagine having an amazing photo camera worth 1000$ and weighing around 2 pounds. Would you be happy with the 1.20$ payout if it gets broken in the moving process? Full-value coverage allows the moving company two options if any item is lost, destroyed, or damaged during the move. Item can either be repaired so it is in the same condition as before being damaged or it can be replaced with another similar item of the same value. The last option you can use is getting a third-party moving insurance policy. The way this works is: if something is damaged, lost, or broken the moving company would pay the released value while third-party insurance would cover the rest of the expenses. In conclusion, does renters insurance cover moving? Yes, it does, but to be certain that your belongings are protected it is worth exploring other options mentioned above.