Moving to a new home is exciting, but it also comes with some risks. From accidental drops to unexpected weather, countless things can happen to your belongings while they’re in transit. That’s where moving insurance comes in—a safety net that offers peace of mind. But what exactly is moving insurance, and why should you consider it?
What is Moving Insurance?
Moving insurance is a type of coverage that protects your personal belongings against loss or damage during a move. Moving companies are legally required to provide a minimal level of coverage, often called Released Value Protection, which does not cover the full value of your items. For more comprehensive coverage, you can purchase additional protection from your moving company.
Types of Valuation Coverage for Moving
Released Value Protection
This is the most basic coverage on a move, which is included at no extra cost. It typically reimburses you at a fixed rate per pound (60 cents per pound per item), regardless of the item’s actual value. So, if a table is damaged and it weighs 10 pounds, the coverage would be 60 cents per pound times 10 pounds, which equals $6.00.
Full Value Protection
This option covers the repair, replacement, or cash value of lost or damaged items. It’s more comprehensive, and there is an extra charge for this.
High Value Items
Suppose you have high-value items worth $5,000 or more, like electronics, collections, or artwork. In that case, you need to list these items separately on a high-value coverage document that your mover will provide. To get coverage from a moving company, you will need to provide proof of their value.
Home Insurance
Some homeowner policies cover moving. Check with your home insurer first before you purchase coverage from your moving company.
Why You Should Have Moving Coverage
1. Accidents Happen
Even with the most careful movers, accidents are possible. Items can get dropped, scratched, or lost. Insurance ensures you’re not left covering the cost of repairs or replacements out of pocket.
2. Natural Disasters and Unforeseen Events
Floods, fires, and storms are beyond anyone’s control. Moving insurance can protect your belongings against these unpredictable risks.
3. Peace of Mind
Moving is already stressful enough. Knowing your possessions are protected allows you to focus on settling into your new home rather than worrying about potential issues.
4. Gaps in Coverage
The basic coverage included in the cost of a move may not reflect the actual value of your belongings. Full Replacement Valuation coverage bridges this gap.
Final Thoughts
While moving insurance is optional, it’s a wise investment for anyone relocating, whether it’s across town or across the country. Your belongings are worth more than just their price tags—they’re memories and pieces of your life.
For more information on moving insurance, what it is, and why you should have it, contact Premiere Van Lines.