The Ultimate Guide to Moving Insurance in India

Moving or transit insurance is a type of insurance coverage that protects belongings from damage or loss during the shifting process. This moving insurance is beneficial for long-distance or short-distance shifting. Insurance can be considered an essential tool to safeguard goods during a move.

Most moving companies offer moving insurance to all the customers and the cost of the moving insurance is included in the moving estimate. However, customers can opt out of the moving insurance provided by the moving company and purchase moving insurance from an insurance company.

Moving insurance can be considered a lifeline for the belongings in transit. If you buy moving insurance, it will cover the cost of damage or loss during the move from one place to another. The prime reason for purchasing moving insurance is to cover various risks involved in a shifting process. The value of compensation depends on the declared value of goods.

Two types of moving insurance in India will protect your household items against different risks associated with the move.

• Transit Insurance or Relocation Insurance:
  This type of moving insurance ensures that the household items are protected during transportation. It will provide financial security and minimize the possible losses or damages due to unexpected natural hazards. These types of insurance are widely available. Most movers offer this type of moving insurance to their customers. This type of moving insurance can be purchased from General Insurance providers.
• All-inclusive Insurance:
  An all-inclusive moving insurance is the ultimate insurance that offers you an effortless moving experience. This type of insurance protects your belongings from the first moment you start packing and this security ends when the last item from the moving truck is unloaded. It will shield all your belongings throughout the moving process.

Buying moving insurance is an additional expense during the move. As we know, relocation is challenging, and financial challenges are one of the major challenges. Moving insurance is a necessity if you are planning to move to another state without worrying about the safety and security of your belongings.

So, while creating your moving budget, add the cost of the moving insurance you are planning to buy. Here is the breakdown of the cost of moving insurance in India- Transit insurance adds an extra 1.5%to the claim value while all-inclusive adds 3% to the claim value. Pick your moving insurance according to the budget and requirements.

Different types of moving insurance are available for various types of moves. But how will you choose the right moving insurance for your upcoming move? Following are some tips for picking the right moving insurance in India-

• Consider your requirements:
  It is important to understand the level of moving insurance you will need to buy for your upcoming move. First, start evaluating the cost of your belongings and also consider the type and quantity of items you are planning to shift. Certain valuables require additional insurance like jewelry and fine arts. Once you evaluate the cost of your belongings, you can decide the level of insurance.
• Check insurance coverage limit:
  When you get the options for moving insurance, thoroughly note the deductibles and coverage limits. A deductible is the amount you must pay out of pocket before insurance coverage begins. Make sure that the coverage levels are sufficient to protect your belongings.
• Research & Compare Moving Companies:
  Many moving companies in your area offer moving insurance. Each mover offers different moving insurance options and you can compare their insurance policies.
• Verify insurance credentials:
  It is important to ensure that the insurance providers are fully licensed and insured, whether a moving company or a third-party insurance provider. They must have financial stability to pay off the potential losses.
• Read terms and conditions:
  Carefully read the insurance policy to understand all the inclusions and restrictions. Don’t rush in purchasing the insurance policy, first understand everything thoroughly.

Moving insurance is a shield that protects your belongings during the relocation process. Like any other insurance, moving insurance also works similarly. In case of damage, loss, or theft, this insurance will provide financial compensation. Following is the procedure of how it works-

• Declaration of value of goods:
  The first step is to declare the total value of your belongings to the insurance provider. This will be an estimated cost of all the belongings the mover will move.
• Estimating the Premium:
  The next step is followed by the insurance company. They will calculate the premium which depends on the declared value, distance of the move, and type of insurance chosen by the customer.
• Issuing the Policy:
  After paying the premium the insurance company will issue an insurance policy.
• Learn about coverage:
  The insurance will cover damages and losses during the move as mentioned in the insurance policy. Before claiming for any loss, go through the policy once.
• Filing a Claim:
  In case of any loss or damage, you have every right to claim the insurance. You have to connect with the insurance provider to proceed with the claim and arrange the necessary documents and evidence

There is a list of documents and evidence that are necessary for claiming the insurance. Check out the given list before processing either transit or all-inclusive insurance claim-

• Original Invoice
• Bill of Lading
• Packing inventory list
• Transportation details
• Claim bill
• Picture of the item in good state and damaged state

Things to keep in mind-

• Reading the insurance policy is important as it will make you understand what things the insurance covers. Also ensure the events that will be covered by the insurance like damage, loss, theft, or natural calamities during the shifting process. Go through the terms and conditions carefully before paying the premium.
• While choosing the type of insurance make sure that it suits your moving budget and requirements. Be wise with your decision.
• While moving and buying moving insurance, make sure you have all the required documents in your original state. Also, make a few copies for future use.
• If you are choosing All-inclusive insurance then check the credibility of the mover. This type of insurance is provided by the mover.

Get your house ready for the move and find a reliable nationwide mover with House Shifters. We have moving experts who can help you find the best moving solutions for your upcoming shift.