Why Do You Really Need Insurance When Moving Internationally

Congratulations on the decision to move abroad. This is no small life change you are about to embark on. Just like any big choice in life, this will require some intricate planning and smart choices.

Having insurance when moving internationally is critical for many reasons but here are a few scenarios to help you understand the severity of it:

• Moving Risks: Your items will be exposed to various risks during the move itself, from theft to truck accidents or crate issues at sea, or even natural disasters. No insurance means saying bye-bye to your home items.
• Handling Care: Despite careful handling, accidents happen. Insurance covers damage caused by mishandling during loading, unloading, and the transport itself. Many things on average tend to end up broken and records show that insurance ends up paying for itself.

• All-Risk Coverage: Don’t settle for less than the best. Most international moving insurance policies provide what is called “all-risk coverage”, protecting your items against a whole list of risks, including fire, theft, and water damage. Read the fine print to make sure you understand what is included. 

• Customs Requirements: Most countries require proof of insurance coverage before allowing goods to enter so it’s a no-brainer to close insurance for your move. Having insurance ensures compliance with customs regulations. They do this to avoid claims against their port workers.  
• Liability: Insurance will cover liability for damage to third-party property or injury caused during the moving process. If your movers get injured on the job, you won’t be at fault, which is important as moving isn’t always safe for all involved.

• Financial Woes: In case of loss or damage, having insurance provides financial backup and compensation for repairs or the total replacement of your home goods. Don’t find yourself with nothing if your container falls off the ship.
• Minimize Stress: Moving internationally is stressful enough as is; insurance gives you real peace of mind knowing that your things are protected, no matter the circumstances.

• Affordable: Moving insurance can be affordable and is downright cheap compared to the potential costs of replacing or repairing damaged or lost items.
• Customizable: Insurance policies can be fit to your specific needs and the value of your items. Make sure the policy is a good fit for you and that you're not overpaying for coverage. 

• High-Value Items: Insurance can cover high-value items that may not be fully protected under standard terms. This is the time to cover that longboard, piano, and odd-shaped vase you love so much and want to bring across the world. 

• Contractual Obligations: When it’s a must it’s a must. Some international moving companies require an insurance policy as part of their terms and conditions. It’s important to check your contract and know what you are signing on to. 

• Learn as much of the local language as you can ahead of time.
• Learn about the local culture and ways to show respect before the move.
• Notify your bank of your international move and set up accounts in the new country to avoid getting your cards blocked.
• Set up a way to take funds out of the ATM in the local currency without fees. 
• Research tax implications of foreign earned income for the destination country.
• Make sure you know how to get the right visa for your destination’s needs.
• Find out about the expat community ahead of time. Understand and attend meetups, know the local areas where most expats choose to live, and get a feel for your community even before you fly.
• Understand the international community and schooling options if applicable. 
• Play it smart when it comes to currency exchange rates. If you can wait to exchange your cash until the rate is in your favor you will make tons of money on this. 
• Download Wise and local other apps that will help you send local currency, pay in small stores, hire local taxis and motorbikes, and more. Some apps are blocked on some phones in certain countries. 
• Understand decent healthcare options in your new destination country and arrange for any additional vaccinations, medicines, or anything else needed ahead of time.

All in all, insurance when moving internationally is clearly essential to protect your belongings. There are many potential risks your items will face during transit, the price compared with the risk makes it an obvious decision, and the need to comply with legal requirements seals the deal.  Overall purchasing insurance will provide peace of mind throughout the international moving process. It’s a proactive step in your international journey so don't skip over it.