Moving is always a complicated endeavor, but moving into or out of an apartment building or condo can add more hurdles to the process. Not only do you have to worry about repairing any damage you caused while living there, but you may also have to schedule the use of an elevator (see our tips for a successful apartment move for more). However, there's one more hurdle that can turn into a roadblock if you aren't prepared for it: a Certificate of Insurance (COI).
If you've never hired a moving company to handle a move out of an apartment, condo or high-rise, you may not be familiar with what a COI is and what it covers. We've put together everything you need to know about COIs, including when you should ask for one from your move.
What is a Certificate of Insurance (COI)?
A COI is a document that essentially guarantees to your property manager or landlord that your moving company carries a sufficient amount of liability insurance to cover any damage done to the property during your move. According to 3 Men Movers , a Texas-based moving company that made our list of the best movers in San Antonio , "most building managers in urban areas will require one for moving in or out of their premises."
The COI is issued by your mover's insurance company, proving the amount of coverage they carry and verifying it is current. It may also include proof of workers' compensation insurance, which ensures building management isn't on the hook for any injuries suffered by employees during the move. Notably, this is different from the full-value and released-value protection your moving company offers for your belongings during a move.
Note that some moving companies may charge a fee to provide a COI, while others don't. Fees in Manhattan, for example, can range between $10 and $50, as we found in our guide to New York City moving permits and licenses . If money is tight, be sure to factor this into your moving budget .
When is (and isn't) a COI required for moving?
A COI isn't required if you're moving from one private residence to another. However, many building managers or property owners for condos, apartment buildings, co-ops or other shared living spaces may require one.
Apartments, condos and other managed properties
As noted by 3 Men Movers, you'll most commonly be required to obtain a COI when moving into or out of an apartment, condo or high-rise building in a metropolitan area. It's typically a requirement by the company that manages your building, but it may not be required everywhere. The specific policy is up to your building manager.
While movers try to minimize damage, accidents can and do happen. The COI adds peace of mind for you and your building management that the cost of fixing damage to things like doorways and walls will be covered. If your building does require a COI and you haven't obtained one, the manager may bar your moving company from entering and performing work until they receive one.
Business moves
While we're focused on personal moves involving apartment buildings and condos, COIs are also a typical part of business moves in commercial properties. Liability amounts may be higher in these cases, as these moves may involve more complexities and larger crews.
When you don't need a COI
If you're moving from a single-family home to another private residence that isn't managed by an outside company, you won't need a COI. However, that doesn't mean you should lower your guard. Always verify the level of liability and insurance coverage your moving company carries for your belongings. If you're considering a DIY move instead of hiring professional movers , carefully consider the insurance options offered by your rental truck company.
Request your COI early for a smooth move
The best thing you can do if you're moving into or out of an apartment or condo building is to learn whether you need a COI as early as possible. The last thing you want is to be close to your moving day, only to find out one is required and you can't get it in time. Communicate early with your building manager ahead of your move to determine if there are any required liability thresholds that your mover must meet.
As you evaluate moving companies, clearly communicate with them that you'll need a COI well ahead of your moving day. Most movers in large urban areas should be familiar with the process and may bring it up during the estimate process. Olympia , a moving company with locations in Boston, Philadelphia and other large cities around the U.S., recommends informing your mover as soon as you book your move.
According to 3 Men Movers, the COI should always include contact information for the mover, insurance provider and the building management company. It should also clearly state the policy limits, coverage types and the policy's effective dates. If your mover can't provide a COI, it may be a sign they aren't properly insured, Olympia says. Consider this a red flag that may indicate a moving scam .
More Yahoo Local-approved U.S. movers
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