Moving Insurance in Vermont
What is Moving Insurance?
Moving always comes with a certain level of risk, for your possessions are at risk of damage, theft or loss anytime they’re in transit. Moving insurance offers Vermont residents and businesses that are moving a way to financially safeguard against covered incidents that could happen during a move.
Moving insurance is a specialized form of insurance that offers unique protections for a narrowly designed time -- a relocation. Because this is a unique coverage, residents who purchase the insurance should work with a knowledgeable agent who can explain the nuances of different policies when deciding which one to purchase.
Who in Vermont Needs a Moving Policy?
Moving policies may be purchased by both individuals and businesses, and most people and businesses that are relocating may want to consider getting coverage. This includes both local moves, in-state moves and out-of-state relocation, for something can go wrong during a move of any size.
Moreover, insurance agents who are familiar with this type of insurance can likely help both individuals and businesses. This is one of the few protections where the policies purchased by individuals and those purchased by businesses are quite similar to one another.
Do Moving Companies Offer Insurance?
Most moving companies do offer some moving coverage as a standard feature of their services, but the amount of coverage provided can be quite limited. Any coverage that’s offered as a standard protection is usually expressed as an amount per pound for simplicity, and it might be as low as $0.30 if something is lost or damaged during transit.
30 cents per pound might be an adequate amount of coverage for a select few lightweight items, such as pillows or cheap comforters. It doesn’t come near to covering the full value of most household items, though.
For an extreme but common example, consider how this coverage would play out if a laptop was broken. A modern laptop can weigh as little as a couple of pounds (or less), yet cost hundreds or thousands of dollars. 60 cents won’t even cover sales tax on the cheapest new laptop, not to mention a high-end one that goes for four figures.
Most other household items aren’t quite as light and valuable, but they still commonly are worth more than 30 cents per pound.
A moving policy purchased from a traditional insurance company can supplement any coverage that’s a moving company provides. When residents and businesses select their own moving policy, they have control over how much protection they want for possessions.
Can People Buy Additional Insurance from Moving Companies?
Some moving companies might offer optional insurance policies that can be purchased to bolster protection. These policies normally are offered by insurance companies, though, and the premium is frequently increased so that the moving company can earn a fee on each policy sold.
In most cases, comparing multiple moving policies with an independent agent will result in finding a more affordable policy. An independent agent is able to request quotes from multiple insurers, which makes it easy to identify the policy that has the lowest cost but still meets and individual’s needs.
Do Moving Policies Cover DIY Moves?
Moving policies may also cover do-it-yourself moves, in which case coverage isn’t available from a moving company. To find out whether such a move is covered by a particular policy, individuals can review the policy’s terms and conditions with a knowledgeable agent.
Do Homeowners and Commercial Property Insurance Policies Cover Moves?
A homeowners insurance policy or commercial property insurance policy might cover belongings during a move if the policy contains “worldwide coverage” or a similar protection. Worldwide coverage normally extends protection to anywhere that belongings are at the time of an incident -- with a few exceptions.
Such coverage might not extend to when another company is handling the possessions, though, and there can be other exceptions. If a homeowners or commercial property policy doesn’t provide adequate coverage during a move, a moving policy can fill in the gap.
How Can Individuals in Vermont Get Moving Insurance?
If you have an upcoming relocation and want to compare moving policy options, contact the independent insurance agents at T.S. Peck Insurance. Our agents have the expertise necessary to help identify your insurance needs, review your available protections and find additional moving insurance should you need some