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02 Dec, 2019

Moving Insurance: 7 Myths and Realities

Gone are the days when moving was done with your fingers crossed, hoping all your personal property reached the new house without damage. Today, you have reliable removalists in Sydney who offer a no-damage guarantee and moving insurance plans. What’s more, you have the option to purchase personal moving insurance in Sydney independent of removalists companies. It all boils down to your preference and requirements.

For regular movers, purchasing full-proof moving insurance is imperative. It is prudent because although removalists in Sydney guarantee no damage, accidents happen. The policies of removalists may cover some cost, but your moving insurance will cover most of it. Even if you are not a frequent mover, and moving house for the first time, it is wise to have your personal property protected. But, before, you buy one, read on to know the different types of moving insurances plus myths and realities associated with moving insurances.

TYPES OF MOVING INSURANCES

Moving insurance is an umbrella term for different kinds of plans you can get for your personal property. The terms and condition in your insurance policy dictate what you are liable for claiming and what possessions are covered. The different types of moving insurances available in Sydney are:

• Carriers liability
• Full-protection and replacement liability
• Declared value coverage

The easier and most basic moving insurance to obtain is the carrier’s liability insurance that most removalist companies in Sydney, New South Wales, and Australia offer via third-party. You can get a full-protection and replacement liability insurance for the contents in your home and get reimbursement in case the goods are damaged. As for declared value coverage, you get insurance for insured goods and the cost provided is as per the depreciation value of the item and not the actual cost you incurred while purchasing it.

Whichever type of moving insurance you get, you must purchase it according to your requirements, future moving plans, and financial condition.

7 MOVING INSURANCE MYTHS AND REALITIES

All Moving Insurance Plans Are Alike

In reality, different moving insurance plans entail separate coverage. The primary carrier liability plan is cheap to buy but provides shallow coverage and claim for your damaged goods. A full-protection and replacement liability insurance will have a higher premium, but it will provide maximum reimbursement for your insured belongings. In addition to moving insurance, there is storage insurance which many people think is included in the moving insurance, but that is a myth as well.

There is No Difference between Moving Insurance and Valuation Coverage

Removalist companies in Sydney are obligated to take due care with your belonging as per NSW Fair Trading. In accordance, many removalists offer valuation coverage, which is different from moving insurance. The removalist can provide you with moving insurance via third-party, but they cannot sell it to you directly. Therefore, moving insurance is always between you and the insurance company. With moving insurance, you can claim more, whereas valuation coverage only covers a small portion of the actual damage (if there is any).

You Don’t Need Moving Insurance While DIY Moving

The purpose of obtaining moving insurance is to cover your belongings. While companies don’t guarantee insurance for items during loading or unloading, they can provide protection and coverage for your goods when they are in transit. Damage can happen when your goods truck is travelling, especially if the move is interstate. Some people think their homeowners or renters insurance can cover the costs of such damages.

In reality, your goods are covered only when they are in the house and not while they are moving, which is why getting an additional moving insurance plan is recommended.

Insurance is Included When You Book Moving Services

Removalists can provide valuation coverage, but they don’t guarantee or insure anything. When you book removalist services, they can only offer valuation coverage, which is quite less. According to the Financial Services Act 2001, removalists companies in Sydney cannot sell insurance to customers. If your chosen company is affiliated with AFRA, it will have public liability insurance and can arrange for third-party insurance, and also give you consultation. If a company advertises otherwise and falsely states they sell moving insurance with their services, you can file a complaint against them according to Australian consumer law.

You can Claim Reimbursement For All Your Personal Property at Any Time

It is essential to keep an inventory of items you have insured, as you will get reimbursement for those items only. There may be certain items that aren’t covered by your insurance. Also, there is a deadline for claiming compensation for damaged good. Ensure you process the claim before that. Read the fine print of your insurance agreement and keep before & after photos as proofs.

You Don’t Need Moving Insurance Because Hiring Trusted Removalists is Enough

Even a reputed removalist company in Sydney can’t guarantee 100% protection of your belonging. They can provide reimbursement for certain damages, but that amount is usually insufficient for covering the loss. You must get moving insurance because accidents happen and your policy can save you from incurring a massive loss during moving. Your removalist services must be fit for purpose, but you can’t expect them to insure your personal property.

Moving Insurance is Costly

Obtaining the basic carriers liability insurance is cheap, and you don’t have to pay a high premium. Moving Insurance plans are relatively inexpensive, and you must include them with your homeowners or renters insurance. You can save money by paying a higher excess, which will reduce your premium. Anyone can get moving insurance and calculate the amount of cover he/she requires. You can choose from a plethora of plans according to your income.

Conclusion

It is vital to know the realities and myths when getting moving insurance. Therefore, you must take professional consultation. You can contact a reputed insurance company in Sydney or obtain guidance from the removalists you hire. Majority of people consult their removalists regarding valuation coverage and insurance plans. You must explore your options and make an informed decision based on facts.