When you’re thinking about moving, it’s likely that your Albany, GA Renters Insurance policy is the last thing on your mind. That’s fine while you’re packing and in the process of planning your move, because it’s easy to make sure your renters insurance moves with you.
You do have to make sure the policy comes with you when you’re moving. What are your obligations? Is damage from moving covered by renters insurance? Let’s find out.
Renters Insurance And Moving
You’ll Need To Move The Policy
When you’re moving, your renters insurance policy can generally come with you. The issue is that the insurance company has to be aware that you’re moving. If you don’t give them your new address and there’s a loss six months later, you are likely to run into coverage issues.
The good news is that one simple phone call to Effective Coverage can handle the move for you. All you need to do is let us know that you’re moving, and that you’ll need to change the address on your renters insurance. That’s a quick and easy thing to take care of, as long as you reach out.
The better news is that your policy generally includes up to thirty days of overlapping coverage while you are in the process of moving your principal residence. If you get to the new home, start unpacking, and realize that you’ve forgotten to change the address, it’s not the end of the world. Just call and fix it, and you shouldn’t have a coverage issue.
But what if you’re moving to a new state?
Renters Insurance And Moving To A New State
Things are a little bit different when your policy needs to follow you to a different state than the one it was written in. That’s because each state has a different set of rules and regulations that apply to insurance. Your policy needs to comply with all of them, and that’s why moving to a new state with renters insurance means rewriting the policy.
Fortunately, that’s a pretty transparent process. Your policy number and effective dates will change, but it’s just as easy as changing the address on your policy. It’s simply a different process. The unearned premium you’ve paid on your old policy will be transferred to the new policy.
What is “unearned premium”? Let’s say that you paid for the whole year of coverage, and it’s $180 a year. You’ve had the policy for six months, and you’re moving on day 183. Half of what you paid is “earned premium” because you’ve had six months of coverage. The other half is “unearned premium” that the company won’t retain because they haven’t given you anything in return for it.
The unearned premium usually makes a significant dent in the cost of the new policy. It’s easy and straightforward, and again all you have to do is call Effective Coverage to make that change and we’ll take care of it for you.
What about the process of moving? Is damage from moving covered? We’ve got the answer below.
Is Damage From Moving Covered By Renters Insurance?
As much as we pack and carefully load the things we own, sometimes the worst happens. Alternatively, sometimes the movers make a mistake and cause damage. Is damage from moving covered by renters insurance?
The Cause Of Damage Is Important
Renters insurance generally covers your personal property based on things called perils. These are a list of things that are covered by the policy, such as fire, theft, vandalism, weight of ice and snow, and many more. If the damage was caused by a covered peril, such as the truck catching on fire, you could have coverage.
Damage from moving because the movers dropped your things, of course, is not covered. That’s not a covered peril. The good news is that covering that loss might not be on your!
Movers Should Have Insurance!
Instead of expecting your Albany, GA Renters Insurance to respond to damage to your personal property caused by the process of moving, there’s another policy that should respond. Anyone you hire to help with your move should have the proper registrations and insurance to cover that sort of loss.
When you’re moving, it’s important to carefully vet the company you’re using to transport your things. Do they have insurance? If so, can you see a certificate? The words “insured and bonded” painted on their truck mean absolutely nothing at all. That might have been painted five years ago, but the policy could have lapsed since then. It’s crucial to know that they have coverage now.
The movers won’t like submitting a claim for the damages they caused, of course. No one ever likes submitting a claim. But they’ll like it more than paying for the damages to your property out of the company’s bank account. That’s why they have insurance, after all.
You have renters insurance in Georgia because you want to make sure your things are protected against a long list of other causes of loss. Many companies have significantly increased their prices in Georgia, but Effective Coverage has access to underwriters who are able to write the coverage at an appropriate price so that you can budget renters insurance.
The national average price of renters insurance is just $187.00, according to the III. That works out to as little as fifteen dollars per month. The vast majority of families can budget renters insurance easily at those prices.
Additionally, it's important to note that renters are at a significantly higher risk of experiencing loss than homeowners. Renters occupy roughly one third of total housing stock in the country, and yet they are fully fifty percent more likely to experience theft than homeowners, according to the Bureau of Justice Statistics.
It only costs a few dollars a month to protect your family, and this cheap renters insurance is a great way to mitigate the additional risks that come with being a renter.
Effective Coverage offers the nation's only completely mobile platform to quote and purchase renters insurance right from your phone or tablet in just one minute. Get an online renters insurance quote today and protect your family.
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