Packing your life up into boxes and moving into a new home is exciting for many people, but it can also get pretty stressful.
With a lot on your mind, it’s easy to forget about the insurance side of your move. But it’s also a time when a lot of things can go wrong, so it’s important to make sure you’re covered if that precious family heirloom gets damaged somewhere on the journey.
Here are three things you need to think about if you are getting ready to move.
You may be surprised to know that standard home and contents policies don’t usually include much cover (if any) for contents while they are being permanently removed from your house and transported somewhere new.
Some insurers will include limited amounts of cover. Each policy is different, so it is worth taking a look to see what is and is not included. If this all seems a bit too much, you can always contact your insurer for a bit of help. Here at AMP you can download the policies online or contact one of our insurance specialists who are available from 9-5pm on weekdays.
If you’re paying for professional movers, it’s also a good idea to check whether they offer any insurance as part of the deal.
If you decide you need some more comprehensive insurance, you can usually purchase separate policies or cover extensions. For example, AMP offers household removal insurance that you can purchase for a short period, in addition to your home and contents insurance, to give you comprehensive cover while you move.
So what happens to your insurance once the moving trucks have left, the boxes are unpacked and you have settled into your new home?
If you’re moving, it’s important to remember that your house and contents insurance cover is for a specific address. That means when you move, you need to contact your insurer to update any existing policies to your new address – otherwise you might not be covered.
Some insurers will offer you a short grace period while you’re moving.
AMP's contents policies will cover you in your old and new addresses, as long as you let us know your new address within 30 days of moving.
Maybe you have downsized, or maybe you still need to sort through which items you are bringing with you. Whatever the reason, if you're putting some of your belongings into storage for a while during the move process, make sure you check your insurance policy so you know how long your contents will be covered for.
In general, most home and contents policies won’t provide cover for any contents housed anywhere other than your address.
If you’re on the move, don’t forget that there are some insurance tasks you should put on your to do list. If you’re not sure what cover you’ve got already, talk to your insurer.
This article first appeared at www.vero.co.nz/vero-voice on 28/02/2019. Republished with permission.
While care has been taken to ensure that the information in this communication is accurate, no entity or person gives any warranty of reliability or accuracy, or accepts any responsibility arising in any way including from any error or omission. The information included in this communication is of a general nature and does not constitute financial or other professional advice. Before taking any action, you should always seek financial advice or other professional advice relevant to your personal circumstances. For financial advice, we recommend you contact your Adviser. If you don’t have an Adviser, contact us on 0800 267 5494. AMP home and contents insurance is issued and underwritten by Vero Insurance New Zealand Limited.