Moving Insurance Options

If you are prepping for a big move, you may want to consider moving insurance. There are several kinds of moving insurance, each of which offers its own coverage levels. Read on to understand what you will get out of each policy.

Moving companies must offer at least two kinds of valuation or liability coverages. They must offer full value and released value protection. Full value protection means that the mover is responsible for the entire value of your shipment. This will be an extra cost on top of the moving fee you are already paying, but this means that movers will have to repair, replace or repay you for any damages. Released value protection is available at no additional cost, but this means that movers are only responsible for reimbursing 60 cents per pound per item if damages occur. This can be bad if you have something that is pricey, but not that heavy, that ends up getting damaged. This type of policy can be smart to get if you have a lot of items valued relative to their weight.

There are some companies that offer further valuation coverage. Some may offer declared value coverage that lets you set a per pound amount for your items. With this type of coverage, you can select the amount that you think your belongings are worth. There is also a lump sum value coverage, in which you assign a total value to your belongings instead of assigning value by weight.

In addition, your homeowners policy provider may offer additional moving coverage. If not, do not hesitate to reach out to other third-party providers for moving coverage.

If you need help understanding the coverage you have been given by a moving company or need help understanding your current homeowners policy, contact us before your move for more information.