Does Renters Insurance Cover Moving
(Make the move, but make sure you're covered first)
Written by
Insurance doesn’t have to be boring. That’s why we hired Ashley Surinak to be our BA insurance writer. Ashley specializes in making mundane subjects hella-entertaining.
Reviewed by
Paul Martin is the Director of Education and Development for Myron Steves, one of the largest, most respected insurance wholesalers in the southern U.S.
Table of Contents
Does renters insurance cover moving?
Does renters insurance cover property stolen during the move?
Does renters insurance cover property broken during the move?
How much will my renters insurance pay out if something is covered as a named peril?
Does renters insurance cover moving?
I've been renting for a while, so I already have a renters insurance policy. But I'm moving, and I'm a bit concerned about whether my property is covered while I'm in transit from place to place. I may have to put some property in a storage unit if it doesn't all fit in my new place too.
Do I need to purchase additional insurance coverage to make sure I'm covered, or will my renters insurance policy work to cover me while I'm between places?
Renters insurance is great because it covers you while you're moving, but only to a certain extent. There are two main issues you should keep in mind if you're relying on your renters insurance policy to cover you if something happens while you're moving:
- Named perils: Renters insurance is different from some other policies in that it only covers perils named in the policy. Often these are things like theft and natural disasters. That being said, property that is lost during your move won't be covered, but property stolen during your move could be. The property must be damaged or destroyed due to a named peril for renters insurance to make a difference while you're moving.
- Policy limits: Renters insurance also has different coverage limits for property that is off the premises. This means that if something happens to it while it isn't at your principal residence (even if it happens in transit), the coverage limits will vary.
Of course, coverage will always vary depending upon your renters insurance policy. That's why it makes the most sense to speak with your independent insurance agent to determine when and how you're covered by your renters insurance policy during your move.
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Does renters insurance cover property stolen during the move?
As I briefly mentioned above, your renters insurance policy covers property that is damaged or destroyed provided that it is a named peril. Generally speaking, most renters insurance policies cover theft.
This means that if your movers steal property at your residence or even during the move, your renters insurance policy will cover that loss.
Again, it's important to keep in mind that theft occurring outside of your primary residence will be covered, but not to the full extent of your policy. Most policies contain a dollar limit on what you'll be reimbursed for off-premises coverage.
For example, a lot of policies will pay out 10% of your total insurance coverage. This means that if you have $20,000 worth of personal property coverage, personal property damaged off the premises of your residence will have an item limit of $2,000.
Every policy differs in its limits. Talk to your independent insurance agent to discuss potential coverage limits for off-premises loss.
Does renters insurance cover property broken during the move?
No, renters insurance won't cover property broken during your move. Once again, this comes down to named perils. Property that is merely broken through mishandling or negligence isn't a named peril. Hence, it isn't covered by renters insurance.
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How much will my renters insurance cover if something is covered as a named peril?
Remember that coverage depends on where the property is when a covered loss occurs. If the property is in your residence, you'll be able to recover the full policy limits. If it's not, you'll have a cap on what you can recover.
While 10% of the typical limit for any particular kind of property is a good rule of thumb, policy terms vary. Talk to your independent insurance agent to discuss what's covered when it comes to your property both on and off the premises.