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31 Mar, 2021

Removals Insurance – What Is Covered When You Move?

As you take the big step of moving into a new home, it is natural to feel giddy and excited. However, if you don’t plan the process and don’t have removals insurance, your entire moving process can be jeopardised.

Besides hiring professional removalists in Canberra to manage the packing and transportation of your belongings, you need moving insurance to safeguard them in case anything gets damaged or lost. Whether you are relocating short distance or long distance, the chances of mishaps cannot be ruled out, and you need to be proactive.

Here is your complete guide to removals insurance outlining its definition, what is covered when you move, and more.

What is Removals Insurance?

Moving insurance is different from homeowners insurance and renters insurance as it provides different coverage in case your property contents get lost or damaged during relocation.

Moving insurances are designed to protect your things when you move to a new home, and you can arrange for a cover through your hired removalists in Canberra. If you want to get removals insurance from an insurance company not recommended by your booked removalists in Canberra, then do your research properly to choose a reputed and reliable insurance company.

Three Types of Removals Insurance

Depending on the requirement and your household income, choose to have any of the following moving insurance to protect your belongings.

Limited Liability

Most reputed removals companies in Canberra include basic liability coverage while rending their services to customers. In case you are moving yourself, you can get this removals insurance from a trusted agency, and it is the cheapest option.

However, limited liability insurance offers the least protection, and if anything gets damaged, you will receive the minimum value for it. Out of the three moving insurances you can buy, basic liability coverage has the lowest excess and premium, but it doesn’t offer full or even medium protection for your belongings.

Declared Value Protection

Providing much better protection than the basic liability coverage, declared value protection provides compensation based on your belongings’ current market value. When you get this insurance, the company takes note of your belongings, their depreciated value, and the additional cost of your shipment weight.

Accordingly, you get better coverage than limited liability insurance. You need to pay more money, but you will get much better reimbursement in case of damage or misplacement of any declared property content.

Full Replacement Liability

Although the most expensive moving insurance, full replacement liability coverage offers complete cash value return for insured belongings if they get lost or damaged during your move. This type of moving insurance is ideal when you have high-end items that need to be moved, and you want maximum protection for them. You will need to pay high excess and premium for full replacement liability, but you can have complete peace of mind that your belongings will be insured.

Removals Insurance vs. Homeowners/Renters/Contents Insurance

Commonly, people assume their homeowners, renters, or contents insurance cover their belongings while they are handled and transported by professional removalists in Canberra or themselves. However, this assumption is dangerous because these insurances serve different purposes, and when moving, you will need removals insurance to provide protection to your belongings during transit and handling.

Therefore, if you are planning a move, evaluate your insurance policies to know exactly what they mean and protect. Additionally, seek the assistance of a professional to understand moving insurance. Situations may need it even when you have homeowners, renters, or contents insurances are mentioned as follows.

• When you are DIY packing and moving
• You have expensive and high-end items that need protection
• You are moving to another city, state or country
• You want better coverage than the basic one offered by your hired removalists in Canberra

Personalise Your Moving Insurance

Once you have hired professional removalists in Canberra to manage the move without any hint of stress, you can get moving insurance as per requirement. Whether you are getting a policy via a third-party agency your removalists recommend or one of choice, you can get your plan customised.

Most insurance agencies can personalise your insurance policy after you select what coverage you want. The scope for personalisation is more with declared value protection and full replacement liability insurances as these policies offer better coverage and options.

The Bottom Line

Besides hiring professional removalists in Canberra to ensure your property contents are moved safely, consider getting removals insurance to protect your belongings in case they are lost or damaged. Getting moving insurance is especially necessary when you are doing the packing and moving yourself.

Through this guide, you can learn everything you need to know about moving insurances, types of policies and why you need them even if you have homeowners, renters, or contents insurances.