There are a lot of questions about getting yourself a good moving insurance. Even when you are moving with local movers that you can trust and rely on, you might still be wondering about it. How risky it is to transport your most valuable art? What happens in something that is forgotten or broken? How much money will you lose – and how much your insurance will give back to you. After all, you are counting on your movers to do a good job! So, do you really even need to look into insurance packages? In this article, we give you all the information you need about getting insurance when moving!
What is moving insurance?
The first thing you might ask when working with reliable movers is what moving insurance actually is. Does it differ from, let’s say, auto insurance, and how? The simple answer is that no – it doesn’t differ that much. Basically, just like how you can get into a car accident no matter how good of a driver you are – so can your company, no matter how good it is, damage your items by chance. When this happens, the insurance packages will offer you protection against this damage.
However, just like in with any insurance policies, the details of what you can get can vary. The same can apply to what it protects you against. Some moving insurances will cover fires and floods, while some will only cover you dropping your grandpa’s old heavy clock. The important thing to note is that a moving company is not allowed to sell any insurance. However, federal law requires them to offer you valuation options. If you insist on an insurance policy – then you can get that from a third-party provider.
There are three moving insurance options you can pick from:
- Released value protection will offer to cover you up to $0.60 per pound of your item. This is standard moving insurance that comes with your basic moving package. However, this is usually something you will want to upgrade since it doesn’t cover the full market value. For example, let’s say you are moving a standard 32-inch flat-screen LCD TV. Its weight is usually from 25 to 30 pounds. If something were to happen to it, then you would be paid only up to $18 with this package.
- Full-value protection (FVP) is something that you will want to have because it will give you full coverage on all inventory. It includes the repairs of broken items as well as their replacements with a similar item. You will also get the cash settlement that is equal to its market value. However, the downside is that it will usually not cover the items of extraordinary value – which means more than $100 per pound.
- Third-party insurance – like we mentioned, if neither of the first two attracts you, you can always go for a third-party insurance provider. These insurances will offer cover damages made by natural disasters like floods and tornadoes. These policies are also the ones you will want if you are moving items of extraordinary value.
When should I insure my items?
Knowing about the moving insurance policies is always a good idea – but you might still be confused about whether or not you actually need one. Moving with a reliable company is always a safe bet, but just how much can you trust them? Well, this really depends on what you are moving – and who you are moving with. To settle down in Verona NJ safely, make sure to hire reliable movers with the right type of moving insurance.
For example, if you are moving some pricey and valuable goods – then you will want an insurance package that will cover them. If you are moving alone – then adding moving insurance to the process is a must! Inexperience can lead to you damaging your items very easily. All it takes it some improper packing or handling of the boxes!
What’s more, some external factors might influence your need to get an insurance policy as well.
What about my homeowner’s policy?
Sometimes, people will get moving services without enquiring about moving insurance at all! This is a must whether you are doing an interstate move or moving locally! Why does this happen though? Because people believe that their homeowner’s policy will cover their goods. However, if something does happen to their items, they run into a nasty surprise.
Generally speaking, homeowners’ insurance policies are not moving insurance. It is usually case-by-case, but the rule of the thumb says that they will not cover your household items during a move. Even if they do offer some coverage, it will be extremely limited. What your homeowner’s policy will cover, though, is the items while still inside the house. This means that if they break or get damaged while the movers are packing them, then you will be reimbursed. However, once they are in transit, you lose the right to claim any cash.
Is valuation the same as moving insurance
Finally, when discussing moving insurance, we need to mention valuation as well. This is the amount of liability your moving company will take if something awry goes during the move. Where it differs from the insurance is that it will not cover any damage – you need to discuss the valuation with the company. These will vary, but most companies will offer either released value valuation or full-value protection, which are similar to the insurance policies. Informing yourself about them is always a safe bet when contacting a moving company. That’s how you will be safe and secure, and your move will be successful and stress-free!