Taking Out International Removals Insurance? Key FAQs for Homeowners
Making sure you’re covered during your relocation process is slightly different from ensuring your home normally. While your existing policy may actually cover you for the moving of your possessions to your new home, many do not and you will need to take out a separate policy to ensure your items are protected while in transit.
Even if your existing policy makes provisions for moving house, it may include a cap on the value of items and you may find that you would not be fully reimbursed or compensated for any loss, damage or theft that takes place while your contents are temporarily moved.
You may be able to add on some kind of moving cover to your existing home insurance policy, but this can often be much more expensive than if you were to take out a policy with a specialist provider of home relocation insurance.
We explore more about the topic and address some commonly asked questions about international removals insurance from homeowners.
Should I Take Out New International Removals Insurance for Removals?
We would recommend that you don’t just automatically add on a removals cover to your existing home policy. Now is a good time to review your overall policy to assess whether you’re getting a good deal on your home insurance in general.
You may have gotten a good deal for your old home and at a specific time, but there’s nothing to say that you’ll be getting similarly good value for money if you extend your policy so that it covers your new home and any removals.
Also, be aware that your existing provider may charge an admin fee to change the address on your policy or charge a cancellation fee if you decide to cancel your home insurance.
The best thing to do is spend some time comparing the different rates in the market for your specific needs to see what you can get. You may find that your policy could be much cheaper, or that it could be the same price as your old one but would offer you a much higher compensation package with a lower excess.
Finally, the cost of your home insurance may rise each year, so taking the opportunity to switch could save you a great deal of money.
Will My Most Expensive Items be Covered?
There will be certain limits on all insurance policies. It’s a good idea to carefully add up the value of your contents and check with your provider whether your expensive items will be covered. Some of your items may be worth over your limit, for example, £2,000 when your limit is £1,500.
Should I Take Insurance from a Removals Company?
This can be a fast and convenient way to access cover. However, you’re usually only covered for damage to your contents when they’re in transit between properties.
You will need to check that you are also covered for loss and theft and ensure that the details of the policy match your specific needs. Most standard policies from insurance companies will not make allowance for very high-value items and you may need to pay extra for this. As such, you may want to look for a standalone policy to cover especially valuable items.
Why Is a Standalone Policy for International Removals Insurance Better?
A standalone policy is not necessarily better in its own right, but as it allows you to take more control of your policy, deciding what you are paying for and exactly what is included, it typically offers better value for money than standard one-size-fits-all policies from some removals companies.
If you want to compare some of the market’s best insurance policies for international removals, get in touch with us at the Insurance Broker.