Moving house? Why you may need to insure both homes
Tenants and home buyers moving house at the end of the month or in a few months’ time need to consider three real-life scenarios when taking out home contents’ insurance: you will probably need a separate policy for the actual move; if doing it yourself, your car insurance will only cover accident damage and not your furniture and appliances; and you will need to cover your vacating property as well as your new one if you are moving in stages.
This is according to Bertus Visser, CE of Distribution at PSG Insure, who says one way to remove a little stress is to ensure your goods are sufficiently insured while you are moving.
You should check whether your current personal insurance policy could be extended to cover you while your goods are being moved by a professional company or take out a Household Goods in Transit policy if you have limited cover. “This is a separate policy and would only cover your goods for the period of transit,” Visser says, noting the moving company’s insurance could be a more costly choice. “It would be best to weigh up your options and choose the one best suited to your pocket.”
Roping in help from family and friends to save on moving costs is something you will see on most weekends – especially at the end of the month. Your insurance cover will only be valid for collision or overturning of the vehicle, but it will not cover you if any of your goods are stolen in transit, says Visser.
“An example here could be if your friend stops at the shop in between picking up your goods and dropping them off, and a chancer steals something off of the vehicle,” Visser says, noting that if a few trips are required to transport all your goods to your new home, you must ensure that your policy covers you for the total sum insured for all the goods you are moving. “This means your contents’ insurance must be at the correct value to replace all your goods, should anything go wrong.”
If you are moving in stages, whether on a single day or over a few days and some of your goods are in your new home while others are still in your old home, both properties need to be included in your policy to cover your contents on both premises for the moving period.
“If you are a tenant moving to a new rental property, for example, your new landlord has no responsibility to protect your contents, so you must make sure your own cover is sufficient and that your insurer is aware of your new address,” says Visser. “Equally so if you have bought your new home, your insurer must be aware of your old and new property so that your goods are covered,” he says.