Make Sure Your Expensive Electronics Are Insured During A Local Move
If you've invested a lot of money in fancy electronics, you'll want to make sure they're properly insured. While you may already have your electronics insured through a renters insurance policy, your insurance coverage may change while your possessions are in transit. Even if you're moving just a short distance, you may need to purchase a moving insurance policy from your local moving company to protect your electronics. Here's how to determine the best way to protect your electronics during a local move.
Check for Worldwide Coverage
Your renters insurance policy likely includes protection for your belongings under the policy's personal property coverage. What level of protection your policy provides, however, will depend on its terms and conditions. Some renters insurance policies only protect belongings when they're in your apartment, while others extend their coverage outside of your apartment.
If your renters insurance policy has worldwide coverage, you may not need any additional insurance protection. As Investopedia explains, worldwide coverage provides global coverage. Even if your belongings aren't in your apartment, worldwide coverage extends protection beyond the walls of your apartment. You should read your policy carefully to make sure there aren't any exclusions or limitations to your policy's worldwide coverage that would affect how your electronics are protected. As long as there aren't any exclusions or limitations for electronics, yours should be insured even when your local moving company has them.
Add Worldwide Coverage
If your renters insurance policy doesn't have worldwide coverage, you might be able to add it. Talk with your insurance agent to see if you can add worldwide coverage to your policy for just a few days: the days that your belongings will be in transit.
When it's an option, adding worldwide coverage is often the easiest way to protect electronics and other belongings. Your insurance agent already should have all relevant information, so they should take just a few minutes to add the coverage.
Purchase Assessed Value Moving Insurance
If you don't have and can't add worldwide coverage to your renters insurance policy, you'll have to purchase a moving insurance policy from your local moving company. There are three types of moving insurance:
- declared value insurance, which provides a set amount of coverage per pound
- assessed value insurance, which insures items for a specific value
- full value insurance, which has deductibles, minimum coverage levels, exclusions and limits
Of the three options, assessed value insurance is a good choice if you specifically want to insure your valuable electronics. Declared value insurance only provides minimal coverage, and it's not designed to cover highly valuable items. Full value insurance would provide robust protection, but it's also much more expensive. Assessed value is designed to insure specific items that are highly valuable.
With assessed value coverage, you can have your electronics insured for precisely the amount you want. You can select the amount of coverage you need for your electronics, however, without paying for unnecessary insurance items for other items. Because you're only paying for the insurance coverage you need, the costs are usually lower than obtaining similar coverage levels through a full value policy.
If you have any questions about a moving company's assessed value insurance, ask local moving companies like Walsh Moving & Storage for a copy of their policy. Show the copy to your insurance agent, so they can read through it with you. They'll be able to compare the coverage with the protections provided by your renters insurance policy and make sure that the assessed value moving insurance is providing you with the additional protection you need. Once your insurance agent has helped you understand the assessed value policy and how it'll interact with your renters insurance, you'll be able to purchase the right amount of assessed value coverage.
Share