Vero Voice Blog
By Richard Godman
Manager Technical Underwriting, Consumer Insurance
Packing your life up into boxes and moving into a new home is exciting for many people, but it can also get pretty stressful.
With a lot on your mind, it’s easy to forget about the insurance side of your move. But it’s also a time when a lot of things can go wrong, so it’s important to make sure you’re covered if that precious family heirloom gets damaged somewhere on the journey.
Here are three things you need to think about if you are getting ready to move.
1. Your contents might not be insured while you move
You may be surprised to know that standard home and contents policies don’t usually include much cover (if any) for contents while they are being permanently removed from your house and transported somewhere new.
Some insurers will include limited amounts of cover. Vero’s contents insurance policy will pay up to $10,000 for any contents lost or damaged due to fire or theft from a securely locked vehicle while you are moving your belongings from your old house into your new one. You’ll also be covered if any of your contents is damaged in a car accident on the way.
If you’re paying for professional movers, it’s also a good idea to check whether they offer any insurance as part of the deal.
If you decide you need some more comprehensive insurance, you can usually purchase separate policies or cover extensions. For example, Vero offers household removal insurance that you can purchase for a short period, in addition to your home and contents insurance, to give you comprehensive cover while you move.
2. Let your insurer know your new address
So what happens to your insurance once the moving trucks have left, the boxes are unpacked and you have settled into your new home?
If you’re moving, it’s important to remember that your house and contents insurance cover is for a specific address. That means when you move, you need to contact your insurer to update any existing policies to your new address – otherwise you might not be covered.
Some insurers will offer you a short grace period while you’re moving.
Vero’s contents policies will cover you in your old and new addresses, as long as you let us know your new address within 30 days of moving.
3. There is limited insurance cover for contents in storage
Maybe you have downsized, or maybe you still need to sort through which items you are bringing with you. Whatever the reason, if you're putting some of your belongings into storage for a while during the move process, make sure you check your insurance policy so you know how long your contents will be covered for.
In general, most home and contents policies won’t provide cover for any contents housed anywhere other than your address.
Vero’s Contents Policy does include cover for your contents in storage, but it’s limited to up to $20,000 for a maximum of 90 days, for contents in a secure commercial storage facility.
If you’re on the move, don’t forget that there are some insurance tasks you should put on your to do list. If you’re not sure what cover you’ve got already, talk to your insurer.
The information in this article has been compiled from various sources and is intended to be factual information only. Full details of policy terms and conditions are available from Vero Insurance New Zealand Limited or your financial adviser. For advice on product suitability, please contact your financial adviser. While we take reasonable steps to ensure that the information contained in this article is accurate and up-to-date, it is subject to change without notice. Vero Insurance New Zealand and its related companies does/do not accept any responsibility or liability in connection with your use of or reliance on this article.