Like any other kind of insurance, moving cover can provide you with peace of mind and financial protection. You might think your home insurance covers any damage to your belongings resulting from a professional move — but that’s not true for every policy. Instead, the best way to safeguard against any moving mishaps is to choose a comprehensive moving insurance plan.
Check out our guidance around the importance of moving cover and how you can acquire it ahead of your upcoming move.
Why do I need moving insurance?
Even when your belongings are in the most capable hands, the realities of moving house put your belongings at risk.
Anything from a rough weather system to gradual atmospheric changes can take a toll on your belongings while they’re in transit or storage. Despite your best packing intentions, minor shocks and vibrations or pressure applied in a certain spot can cause damage. After all, assembled furniture and other delicate contents really aren’t designed to be stacked and moved.
Even when you’re working with the most skilled packing teams and removalists, there is always a slight chance that an accident could happen. This is why professional companies carry their own type of insurance — but those plans don’t necessarily extend full cover to you as well. And, as previously noted, the idea that home and contents insurance protects your possessions during a move is often a myth.
Rather than waiting to discover this unfortunate reality the hard way, it’s smart to learn about the exclusions and restrictions of your existing policy. From there, you can find out your moving insurance options and select the right plan for your needs.
What are the different types of moving cover?
When exploring your options for moving insurance, you’ll find that there are a few different tiers to consider. The first two — released value and declared values protection — aren’t actually insurance products in the true sense; companies need a Financial Services License to be able to sell actual insurance. Instead, they’re types of moving cover that provide basic protection.
Released value protection
Released value protection is the most basic type of moving cover. With this type of protection, you will usually be able to receive a certain sum per pound of belongings. Reimbursement rates are often less than $1 per pound. This is not the ideal choice for small but expensive items, like technology and jewellery.
Declared values protection
Declared values protection is an expanded type of moving cover. It will require an inventory of items to be covered as well as a declaration of their value. This helps inform the insurer how much your possessions are worth. Even though this is sometimes referred to as “full value protection,” you’ll only receive about 1% of the overall value of your possessions as a reimbursement. It can certainly leave some homeowners desiring more protection.
Full replacement liability insurance
Full replacement liability insurance is the most comprehensive type of cover. Unlike the other two options, this is actual insurance. While each plan will differ, full replacement liability insurance not only ensures you’ll get the full replacement value for old or new items, but it can also protect your valuables. In many cases, you will have to seek this out through a third-party insurer because most household removalists aren’t licensed to sell this type of financial product.
Allied is the only Australian household moving company with our own Financial Services License.* This means we’re able to provide highly flexible packages and extensive cover, including liability insurance that you won’t find with other removalists. Whether you’re moving locally, relocating interstate, or embarking on an overseas move, you can work with us to secure coverage up to the full replacement value of your belongings.
What’s the easiest way to insure an upcoming move?
You can find moving cover from a traditional contents insurer, a specialised moving insurance provider or a removalist company. Insuring your move through your home removals company is an easy way to streamline and simplify the process while taking some of the stress out of moving house.
What is and isn’t covered?
When selecting your moving insurance, you’ll have the opportunity to learn about specific exclusions and select the level of cover that best suits your circumstances.
Through Allied, you can choose from the following options to achieve the right level of cover based on your needs:
- Mechanical and electrical derangement insurance
- Motor vehicle insurance
- Mould and mildew insurance
- Packed by owner insurance (for select destinations)
- Packing and moving insurance
- Pairs and sets insurance
- Storage insurance
- Transit insurance
Our team is here to help you create a customised plan that puts your mind at ease and protects your effects as fully as possible.
How much will moving insurance cost?
Depending on the type of moving cover or insurance you select, the costs will vary. Some home removals companies offer complimentary basic released value protection, but more extensive cover is often calculated as a percentage of the value of your belongings.
For a more accurate estimate, request a free quote from Allied today.
* Financial Services Licence #294595 is registered under the name of SIRVA Pty Ltd trading as Allied Moving Services.
Allied have been moving people locally and interstate in Australia for over 50 years. With over 40 locations across the country, we are perfectly positioned to help you with your move, no matter where you are. Give us a call today on 13 25 54 to organise a free quote.