Renters insurance is one optional yet strictly recommended type of coverage that is specially created in order to serve as a protection of renters in numerous ways. From liability protection to personal property as well as other coverage areas, you can expect to get tons of benefits once you have a renter's insurance policy. But the big question now is, will your renter's insurance also serve as a moving insurance? Is moving to another place going to be covered by this insurance policy?
Since the insurance of landlords practically does not cover their tenants' personal belongings, renters insurance can serve as their protection. The policies on rental insurance greatly vary from one state to another as well as from one company to the next. And if you are a wise renter, you will surely ask the raise the correct questions and try to learn the things that you need to check first to know if your insurance as a renter will cover moving damages.
Before you sign up for a renter's insurance, ask your agent in order to clarify if the policy that you will buy will really cover moving. There are some policies which call for submission of paperwork within a specific time frame prior to the move, while there are those that have wording included in the policy which will automatically transfer the coverage to the place where you will be living.
As a whole, the policy on renters insurance is created to have you fully covered, particularly your personal belongings, no matter where you will live.
It is a common mistake of many renters to assume that their chosen moving company carries the insurance of replacing or repairing the damages incurred by your personal property during the move. In the same way, not all policies on renters insurance cover the damages to belongings once they are no longer within your rental house, whether new or old.
Although there are policies that really cover the damages that can take place during the process of moving, others do not necessarily cover damages on the items in between the residences. But, most agents offering renters insurance provide a low-cost addition to the usual policy of rental insurance which will cover the expenses of moving.
Even though your renter's insurance policy has stated that the items that suffered from damages during the move are going to be covered, there is a chance that you are not going to feel satisfied with the kind of coverage that they offer. The insurance can include coverage for the item's total value or its replacement and these costs do not actually mean the same thing.
A decade old sofa will be valued at a remarkably lower rate compared to the cost of getting it replaced. Make sure that you carefully look into your policy to know what specific value percentage will be covered, whether it is a mere 10% or something as much as 100%.Written by Margarita Hakobyan
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