GMAC Real Estate Moving Articles: Insuring for the Move
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Insuring for the Move

Takeaways

  • Moving insurance is typically limited to $25,000 for personal property.
  • When you reserve your moving truck take time to review your homeowner's policy to see if the move is covered.
  • If you need coverage you can usually buy cargo insurance through the truck-rental firm.

Did you know?

  • If you are moving because of your job save your receipts because the relocation is tax deductible.
Make sure you are covered when you move. Generally you can only insure up to $25,000 for personal property, and claims are valid only for major damages (fire, accident, etc.). There are definite limits to coverage. For example, if your grandmother's cut-glass bowl gets broken because you have to slam on the brakes, that's a packing problem not covered by most companies.

The day you reserve a moving truck is a good time to review your homeowner's insurance policy to determine if it covers your possessions during a move. If it doesn't, you can usually buy cargo insurance through the truck-rental firm. Cargo insurance protects against accidental loss or damage to your possessions while in the rental truck.

Whichever method you use to move, be sure to save receipts. If you are moving in conjunction with a job, and itemize on your tax returns, you can write off moving expenses at tax time.

Contact a GMAC Real Estate Agent Today

If you are thinking of buying or selling a home, or want to talk with an expert Real Estate Agent, please contact a GMAC Real Estate Agent near you. An agent at one of our local offices will be glad to talk with you, and help you in all of your Real Estate needs.