Getting Ready To Move: Learn About Moving Insurance

If you are getting ready to move, and using a moving company for your move, your mind is probably racing with questions. Everyone wants to select a reputable moving company who is fairly priced and will get their belongings from point A to point B. However, despite taking your time and finding a reputable company, there is always a possibility that an accident occurs and your belongings don't arrive or get damaged in the process. This is why movers are required to carry insurance. If this is your first time using a moving company, you may have many questions about moving insurance. Here are some frequently asked questions about this topic.

What Does Moving Insurance Protect Against?

Moving insurance is in place to cover your items should they not make it to their final destination in the same condition they left your old home in. There are many reasons this can occur, including the following:

  • Movers improperly packing your belongings
  • Movers dropping your belongings and breaking them
  • The moving truck being involved in an accident
  • Theft
  • An act of God, such as a tornado or flood damaging your items while in transport

Moving insurance is meant to compensate you if your belongings do not arrive or do not arrive back to you in the same condition. If this occurs, you can file a moving insurance claim.

How Much Insurance Are Movers Required to Carry?

Moving companies are required to provide anyone using their services with released value moving insurance. Released value moving insurance is based on the weight of your belongings. Should something happen to your belongings, the moving company will reimburse you for up to $0.60 per pound of your belongings, regardless of the items' value. For more information, talk to a professional moving company like Bekins Van Lines Inc to see what rates they offer.

Should I Purchase Additional Moving Insurance?

Moving companies are required to provide released value moving insurance. Unfortunately, the majority of the items you will be moving have a value that is higher than $0.60 per pound. As such, this type of insurance may not be the most comprehensive type of moving insurance. This may leave you wondering if you should purchase additional moving insurance.

If you are interested in purchasing an additional moving insurance policy, there are two different ones available to you. There are full-value insurance policies and third-party insurance policies. A full-value policy is offered through the moving company you use. You place a value on your items and then purchase a policy that covers the full value of those belongings. If something happens to your belongings, you are compensated for how much it will cost you to purchase a similar item to replace your damaged item.

The second type of insurance policy is a third-party moving insurance policy. This is a policy that is not purchased through the moving company, but rather through an insurance company of your choosing. With this type of policy, you can choose to cover all of your belongings, or just specific ones, such as antiques, jewelry or electronics.

How Do I Make Sure My Items are Properly Valued?

If you are selecting an additional moving insurance policy, it is your responsibility to properly value your belongings. Unfortunately, this can be challenging to do. The best way to do this is to think of how much it will cost you to purchase a similar item if yours is damaged during the move. For example, how much would it cost you to buy a TV that is similar in size and age to the one you have now? Or what would it cost to buy a computer with similar specs to the one you currently own? If you have items that are hard to value, such as antiques or jewelry, have them appraised before you move so you can easily show how much they are worth. Additionally, be sure to take pictures of your belongings so you can show what condition they were in, as this can greatly affect their value.

Moving can be a stressful time in anyone's life. The last thing you should have to worry about is your belongings going missing or becoming damaged and you not having the funds to replace them. Moving insurance helps to protect your belongings and helps to compensate you should they become damaged. Learning about this topic before you move will help you determine what type of insurance is best for you so your belongings are protected.