Does Renter’s Insurance Cover Moving In Apr 2024?

Here’s everything you need to know about being covered while moving so that you have the ultimate peace of mind as you move.

Renter’s insurance protects you and your belongings in case of unforeseen damage. The policy is almost identical to homeowner’s insurance but does not apply to your building.

If a fire or electrical malfunction damages the property’s structural integrity, it’s on your landlord to cover the repair costs.

Renter’s insurance covers three primary categories: personal property, liability, and additional living expenses.

Personal property claims replace damaged belongings up to a specified coverage limit, typically $100,000.

Some of the most commonly covered items include:

The average person has $35,000 worth of possessions, though renter’s insurance does not cover everything in full.

For instance, you need a separate policy to insure your car.

Other high-value items, like art and jewelry, may have coverage limits that prevent you from recouping the full value after damage.

Liability assists you if you hurt someone else or damage their property. After you pay the deductible, the insurance company steps in to pay the remaining medical bills.

Liability insurance only applies if you are at fault for the accident.

You may incur additional living expenses if your home or apartment becomes uninhabitable.

Renter’s insurance provides you with the money to cover basic costs until you find somewhere else to live. This policy is also known as loss of use coverage.

When Would Renter’s Insurance Cover My Move?

When Would Renter’s Insurance Not Cover My Move?

Renter’s insurance does not apply to any move. If you want coverage, you should consider taking out a separate policy. It is possible to carry a policy over from one residence to the next.

Contact your insurance provider before you move. They’ll give you a month-long window to transfer your possessions under your existing renter’s insurance policy.

The move may adjust your premiums, but you shouldn’t encounter any limitations, exclusions, or transfer fees.

If you want insurance while you move, moving companies are there to pick up the slack.

They offer temporary policies to protect your possessions from the moment they start packing until they deliver everything to your new home.

Your two options include released value and full value protection.

Released value protection often comes with a move free of charge. It does not cover all the items in your apartment, so most moving companies make it complimentary.

Many released value policies protect items based on their weight, such as 60 cents per pound.

Let’s say movers damage your 100-pound sectional. They’d give you $60 that you can put toward repairs or replacement. The actual market value of the sectional does not matter.

That means high-value items, such as electronics, art, and computer equipment, have minimal protection under this arrangement.

Full Value Protection

Full value protection covers the replacement cost for any stolen or damaged items during the move. You have to pay for this policy, but it’s far more comprehensive than released value protection.

The movers compensate you with the item’s fair market value, whether you need a replacement or repair.

Full value protection doesn’t cover everything, in particular, high-value items. Many companies cover items up to $100 per pound.

This limit excludes many forms of jewelry, antiques, furs, electronics, and luxury clothing.

It's worth noting that released value and full value protection are not officially insurance policies. The U.S. Department of Transportation considers them tariffs of liability, so they do not have state or federal oversight.

Learn more about how moving insurance works with this helpful video:

How Should I Cover My High-Value Items?

Make sure you understand the terms and conditions of your mover’s insurance before signing the agreement.

Many companies do not cover high-value items, meaning you'll need to find an alternative insurer.

One option is to hire an insurance provider that specializes in third-party insurance policies.

Another option is to hire a moving company that covers high-value items. There is a cottage industry for this style of moving, patronized by art museums, jewelers, and the ultra-wealthy.

These movers often have enhanced moving equipment to prevent shifting, exposure, and damage during transport.

If you don't want to pay extra for insurance, consider moving your high-value items yourself. Many high-value items are relatively small so that they can fit comfortably in a car during your move.

If anything happens to your possessions while you transport them, renter’s insurance will cover at least a portion of the replacement cost.

How Much Does Moving Insurance Cost?

Released value protection is free. Full value protection typically costs 1% of the moving cost.

For example, if you have $100,000 worth of belongings, you should expect to pay $1,000 for insurance.

Keep in mind each state has different regulations that affect moving prices. These rules become more complex when dealing with interstate movers.

If you purchase insurance for an interstate move and the movers’ damage your items, an arbitration program must settle the claims.

Taking Action

Does renter’s insurance cover moving? Does renter’s insurance cover move out damage? No, but that doesn’t mean you have to move without insurance.

Moving companies offer two forms of insurance that protect your items in case of damage or theft.

Released value insurance is a basic policy that most movers offer for free while full value protection is more comprehensive and costs 1% of your possession’s value.

If you are moving, you probably still need renters insurance so click here to check out a few quotes.