Moving this Summer? Don’t forget to put insurance planning on your checklist
Author: The Massey Clark Fisher Team | Monday, Jul 02, 2018
So you’ve found the perfect house and you’re joining the 3 million Americans that pack up and move every year. Congratulations! However in all the flurry, insurance planning might slip your mind. Not to worry though, we’re here to ensure that it stays front and center. These are the different types of insurance that you need to consider during a move:
If you’ve opted to use a professional moving company or you’re undertaking a long distance move, moving insurance can help you sleep better at night knowing your valuable belongings are protected. All moving companies are required by federal regulations to offer two types of coverage to consumers on out-of-state moves: released value protection and full value protection.
Released value protection is set at 60 cents per pound. This means that should anything go wrong, you will be reimbursed at 60 cents per pound of the item, whether its a feather pillow or refrigerator.
Full value protection offers coverage based on your valuation of the contents being transported. The cost is based on about 11 percent of the valuation, e.g if you determine the overall value of your contents to be $50,000 then you pay about $500 for full-value protection.
Hank Massey Jr., our President, suggests you go shopping for insurance coverage at least 30 days before your closing date as many inspections have to be done and you'll need to have proof of insurance at closing for the bank when you buy your new home. Insurance company inspectors have to inspect your roof, wind protection systems, electrical panel box, cooling/heating system, plumbing system and other systems across your home to help determine your premium. According to the Insurance Information Institute (III), insurance companies will price the policy on your new home according to a number of factors, which may include the square footage of the property, whether it has any additional structures (like a detached garage), the materials used to build the home and other factors.
Whether your new home is in a flood zone or not, if it’s in Florida then you should strongly consider flood insurance. Florida is known for being a flood prone state due to the prevalence of rain events and hurricanes. Check out this article we wrote about why you need flood insurance if you’re living in Florida. Flood insurance will cover you in the event that your new home is flooded due to a broken pipe, tropical storm, hurricane, etc.
If you’re not buying a home but renting one, or an apartment, then you’ll obviously need renters insurance. This type of policy is an excellent way to have reimbursement for your possessions during a catastrophic event such as theft, fire or flood. When a fire occurs in your apartment, the smoke, flames, and water from the firefighters’ hoses will destroy your valuable items, but with insurance, you can receive financial reimbursement.
The entire Massey, Clark, Fischer team extends Happy 4th of July greetings to you and your family! For over 60 years we have used our expertise to match clients like you with the insurance policies that are perfect for you and your family. If you’re taking the big step of moving to the Sunshine State, or you’re relocating within it, then give us a call to help you sort through your insurance planning needs.