Any relocation presents unknowns and risks, and one risk of the risks is potential damage to belongings that are being moved. Moving insurance generally offers Massachusetts residents and businesses protection against this risk.
Moving insurance policies have been uniquely underwritten to provide protection for belongings during relocation. Because these are unique policies, individuals and businesses should consult with an insurance agent who specializes in this insurance when choosing coverage.
This includes both interstate and intrastate moves. Any relocation that’s to or from an address in Massachusetts can likely be protected with a moving policy from one of the state’s licensed insurers.
Moving companies often do provide some insurance coverage for belongings that they transport, but the coverage is normally quite low. The standard coverage is usually a fraction of what goods cost, and even optional upgraded coverages can still have drawbacks.
The limits for standard moving company coverage are typically given on a per-pound basis. For example, a company’s standard coverage might pay 25 cents for every pound if something is damaged or missing. This rarely provides sufficient coverage for even moderately heavy items, such as dishes, clothing or kids' toys. It almost certainly doesn’t provide full coverage for more expensive goods, like computers and cameras.
Some moving companies offer optional coverage, but this coverage can be limited and expensive. While a company’s upgraded courage probably offers more protection than the company’s standard policy, this doesn’t mean that the upgraded courage provides enough protection. The provided limits must be carefully reviewed to see how they compare with the values of all transported goods.
Additionally, any upgraded coverage that moving companies offer is frequently quite expensive for the coverage that’s provided. In addition to the insurance company’s rates, the moving company may also receive a commission. This can drive up the cost of the coverage.
In comparison to these two options, moving coverage that’s purchased through an insurance agent will probably be more robust and more affordable. This is especially true when individuals and businesses work closely with an independent insurance agent.
An agent can help determine what level of coverage is needed so that belongings are properly covered but no extraneous courage is purchased. An independent agent can then compare quotes from multiple insurance companies to see which insurer offers the best rates on the desired amounts of coverage.
Most homeowners and renters insurance policies come with personal property protection, which primarily insures various personal belongings. Whether this coverage extends to when belongings are moved between two locations depends on the specifics of a policy’s terms.
Some homeowners and renters policies offer what’s known as “worldwide coverage.” Personal property coverage that is worldwide, usually covers belongings no matter where they are (with a few exceptions for war zones, etc.). If worldwide coverage is in place, belongings indeed may be covered during a move.
When homeowners and renters policies don’t have personal property protection with worldwide coverage, the policies are much less likely to cover belongings during a move. These policies will probably only offer a small amount of coverage for belongings that aren’t on the insured premises, and this amount is typically much less than the value of a person’s belongings.
For help insuring belongings during a relocation, contact the independent insurance agents at The Feingold Companies. Our Massachusetts agents have the expertise necessary to help you determine what level of protection is appropriate, and we can find the best moving insurance policy that offers that level of protection.