An Important Thing To Consider When You Are Moving Home
If you are going to move home – which is allowed, even in this pandemic – one of the most important things to consider, and one which many people fail to consider, is personal goods in transit insurance.
Now you may believe that your removal company will have insurance, and they certainly will, but it may be nowhere near enough to cover loss or damage to your personal items. You have to recognise that the insurance that they carry and that they have to pay for is to cover them, not you.
Think about it this way: you may own an original oil painting that is worth many thousands of pounds. Your removal company may take every care with it, wrapping it in bubble wrap, and the driver and his assistant being extremely careful about how it is loaded on to the removal van.
However, suppose that the removal van is involved in a horrific accident on the motorway that is not the driver’s fault and, as a result, your painting is ruined. It’s an original. It cannot be replaced.
However, although you are distraught at the loss of your painting, at least you can take comfort in the knowledge that the removal company has insurance and, if nothing else, you can claim on their insurance and get the £15,000 that the painting was worth.
Why ever not?
Well, to begin with, the accident was not the fault of your removal company or its’ driver. But even if it was, you are not going to get £15,000 or anything even approaching it. This is because the removal company’s insurance will not cover anything of that value.
Think about it. If the removal company had to have insurance to cover items of that value, it’s premiums would go through the roof. That is, even if it could find a policy that would cover unknown values of property. So in order to do that, the removal company would have to charge its’ customers rates that nobody would be prepared to pay, just on the off-chance that, very occasionally, it might be transporting something of that sort of value, and, of course, it would go out of business. So while it may have cover for everyday items – maybe £50 or £100 – it cannot have cover for that sort of amount.
Then you have another issue. The accident was not the removal company’s fault anyway. It was caused by another driver. And what if that other driver was not insured? Or even if he/she was, has no more cover than your own removal company does? And, as you can begin to see, almost certainly does not.
Now of course you may think that your belongings are covered by your contents insurance, and you have carefully itemised your original oil painting at its’ full value of £15,000. So you are covered, aren’t you?
Well, the answer to that is that you may be. Then again you may not. This is because some contents insurance policies may provide personal goods in transit insurance when you move home, but others won’t. It depends upon your policy.
This is why, when moving home, you need to take stock of your belongings and the insurance cover that you already have and see if it is (a) covering items in transit and (b) if it is, to what sort of value. And it probably isn’t covering original oil paintings that are worth £15,000.
Fear not. At The Insurance Broker, we can find you insurance cover for your belongings on the move that will cover your oil painting. The good news is that, even though it is worth £15,000, the premium will be quite small – probably a lot less than you might think.