What is moving insurance, and do you need it?

Two moving company employees unloading the van full of boxes.

Did you know that Australians are among the most mobile population in the world

More than 40% of Australians change their addresses every five years or so, which is higher than the global average. 

Yet moving can be an incredibly frustrating and anxiety-laden experience. Most of which is caused by the concern of getting your household items safe and sound to your new home. 

However, you can remove those worries when shifting to a new homer by using moving insurance. 

Happy family moving in a new home

What is Moving Insurance? 

Moving Insurance, otherwise called Transit Insurance provides financial cover for your household items that are damaged or lost when transporting to your new home. 

Let’s face it. Moving exposes your possessions at increased risk.

In the chaos that occurs during the move, you may not be able to find out about the mishap until it is too late. 

Insurance serves to cover the cost of any issues like that.

Types of Moving Insurance

There are quite a few types of moving insurance coverages:

Accidental Damage

Covers any physical loss or damage, including a deliberate act of a third party. 

Nominated Perils

A limited cover for loss or damage due to any one of the events listed like fire, collision, flood etc. 

However, both of them are subject to exclusions as listed in the policy. 

Why do You Need Moving Insurance?

Even with the most capable hands, there is a chance of your belongings getting damaged due to the very nature of what’s required to move your possessions.

With removals & storage insurance, you can get cover for damage that may occur during handling or transit. 

Though your coverage will vary depending on the provider, you may be covered for the below:

  • Loss or damage during packing and unpacking
  • Loss of damage when loading or unloading 
  • Loss of damage while in transit
  • Loss or damage due to mishandling
  • Incidental storage costs 

Policy Claims

Any claim that arises are typically handled within 48 hours of submitting the request irrespective of who caused the damage. 

However, if you happen to notice the damage or loss way later, your policy should also cover that too. 

Usually, you’ll have around 45 days from the date of delivery to inspect your belongings and file a claim. 

Conclusion

Moving insurance gives you peace of mind and assurance during a stressful period. 

It reimburses the cost of the property lost or damaged during the moving process. However you should make yourself familiar with any exclusions, or terms and conditions before purchasing insurance. 

Keep in mind that even the best removalist company cannot sell insurance policies and can only refer you to a third party. 

Do not let them con you into buying one from them. 

Of course the easiest way to avoid any issues is to make sure that you’re using a highly reputable removalist.

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