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Why Insuring Your Household Items During Transit is Essential

Posted on 15 Jan, 2025

Moving when it is time to go - to a brand new town or perhaps a brand new country - brings excitement but also anxiety. Common worry: Safe transit for your household items. Furniture, appliances, antiques and personal belongings are memories with lasting value. That's why you should insure your household goods in transit.

With the right insurance, you can travel confidently. But why is it important and what is a marine insurance policy? In this blog, let's explore why insuring your household items during transit is essential.

Marine Insurance Policy

Why should you get insurance for household items in transit?

Picture this: your favourite sofa or that antique mirror from your grandmother gets damaged or lost in transit. The cost of replacement or repair is only part of the stress; the emotional toll can be far greater. Why you need insurance on your household items while they're in transit:

a) Unexpected risks
Even with the best packing and the best movers, accidents happen. Trucks get into accidents, ships get into storms, and sometimes theft happens. Transit insurance covers the cost of such unexpected events.

b) Items of high value
Household goods are more than money. An heirloom, a gifted vase or your wedding crockery set can be hard to replace. A marine insurance policy that covers goods delivered by sea, air or land provides the security you need.

c) Legal requirements for international moves
Moving abroad? Some countries require proof of transit insurance before goods can be admitted. The best solution for cross-border moves is a marine insurance policy.

How does marine insurance help you?

Marine insurance is typically found on commercial goods but is also available on household items. Here's how it helps:

a) Coverage for all modes of transport
Marine insurance covers household goods in transit by sea, air, or land. If your move involves more than one mode of transport (truck to the port and then a ship), marine insurance provides continuous coverage.

b) Protection against a variety of risks
From natural calamities to man-made catastrophes such as theft or accidents, marine insurance policies can cover most risks.

What does household transit insurance cover?

Transit insurance policies, including marine insurance, usually cover:

a) Damage in transit
Most policies cover damage to your items during sea transport or a mishap while unloading, whether from water during sea transport or a mishap while unloading.

b) Loss of goods
If an item is lost in transit (theft or misplacement), you get paid for the value.

c) Delays
Some policies even cover delays that result in financial losses, such as having to rent temporary furniture.

d) Total loss situations
If the entire shipment is lost (a ship sinking), a marine insurance policy will cover the loss (if at all).

Benefits of moving with your belongings insured during a move

Still undecided on whether transit insurance is worth it? These are some benefits:

i) Financial peace of mind
The peace of mind that comes with knowing you're covered eliminates the worry of accidents or theft.

ii) Simplified claims procedure
Most insurance companies offer a simple claims process so you can recover damages easily.

iii) Premiums are affordable
Depending on what's insured, transit insurance premiums can be fairly inexpensive.

iv) Wide availability
Whether you're moving domestically or internationally, there are transit insurance options - including marine insurance policies.

Tips on selecting the right insurance policy

Not all transit insurance policies are created equally. How you can pick the best one for your move:

a) Assess the worth of your belongings
Create a list of all household items you are moving and their approximate worth. This will help you select the correct amount of coverage.

b) Understand the coverage
Browse the small print to see what is included and what is excluded in the policy. For example, some policies will not pay for damages caused by improper packing.

c) Choose all-risk coverage
Basic policies cover major risks, but all-risk provides protection against virtually any eventuality.

d) Work with reputable movers and insurers
Partner with professional movers and select an insurance provider.

e) Do document everything
Make a list of all insured items and take photos before the move. This makes claims processing easier.

What happens if you forgo insurance?

The notion of saving on insurance premiums might be appealing, but losing insurance may cost you a lot of time.

i) Out-of-pocket expenses
Without any insurance, you will pay for the expense of replacing misplaced or damaged goods yourself.

ii) Emotional stress
Losing valuable or sentimental items can cause great stress that could have been avoided with proper coverage.

iii) Possible legal issues
For international moves, the absence of the required insurance could cause customs delays or fines.

Conclusion

Moving is a life event with opportunities and challenges. You can't control everything about the journey, but you can prepare for the unexpected. The cost of insuring your household items in transit, especially with a marine insurance policy, is a necessary precaution.

Whether you're moving across the country or across the world, stop letting transit worries weigh you down - get the protection you and your belongings deserve.

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This contains only an indication of the cover offered. For complete details on risk factors, terms, conditions, coverages and exclusions, please read the sales brochure carefully before concluding a sale.ICICI trade logo displayed above belongs to ICICI Bank and is used by ICICI Lombard GIC Ltd. under license and Lombard logo belongs to ICICI Lombard GIC Ltd. ICICI Lombard General Insurance Company Limited, ICICI Lombard House, 414, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025. . IRDA Reg.No.115. Toll Free 1800 2666. Fax No – 022 61961323. CIN (L67200MH2000PLC129408). customersupport@iciclombard.com. www.icicilombard.com. (Marine Insurance, 4010 , IRDAN115P0010V01200607)