So you have bought a beautiful new home and are getting ready for the big day. The moving company encourages you to buy additional insurance to protect your things. You begin to wonder, “But I already have homeowners insurance. Why do I need to buy additional coverage?”
So here is the million dollar question then, “Are you covered… or not”.
The answer is that it depends on what happens to your personal belongings.
Your personal property is protected under something called a “named perils” basis. What does this mean? Simply that only the specifically named perils in your particular policy will be covered for a loss. An example of this would be a loss due to fire or theft. Now this is where it can get confusing with using a moving company.
If your items are stolen while they are sitting in your driveway before they are loaded into the truck then you would be protected. (Remember, one of the policy perils is “theft”.) On the other hand if the moving company has an accident while driving your furniture and boxes to your new home, or drops one of your favorite lamp, then your belongings would probably NOT be covered under your homeowners policy. The moving companies insurance would then pay what their policy dictates.
Now you can see why it is imperative to check to see if your moving company has an updated insurance policy before you sign on the dotted line.
Now every home owners policy differs so the best way to find out what “named perils” are specifically covered under your Georgia home insurance policy, why not contact us at (770) 381-5000 so that we can review it together. This way you will be assured of knowing the truth instead of just guessing and crossing your fingers.
Lloyd Pro Group and Nationwide Insurance have been helping the friendly folks of Atlanta protect what matters most to them since 1985.