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Moving Insurance: It Pays to be Covered


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TERMINOLOGY

Moving insurance is something that is often overlooked but is very important. Moving insurance can make a big difference for you if your goods are damaged during a move. Here are a few things to consider about moving insurance.

Moving insurance is a type of coverage that you can buy when you are moving from one house to another. Typically, this is going to be purchased when you work with a moving company to move your items. You can usually get insurance coverage from your moving company or from another outside insurance provider. In some cases, your homeowner's insurance is also going to provide you with a little bit of protection. Before you move, you should read your homeowner's insurance policy and check with your insurance agent to see exactly what they cover. Most of the time, their coverage is very minimal, and you will want to check into getting additional coverage.

Released Value

One of the types of coverage that you can get when moving is referred to as released value. This is a very basic form of moving insurance. With released value insurance, your coverage is going to be based on the weight of your goods. This type of coverage is offered through your moving company in most cases. They are going to reimburse you $.60 per pound of damaged goods. Therefore, this could potentially hurt you when you are dealing with lightweight electronic goods. This option is going to be your cheapest option and is often included in the price of the moving quote from the company.

Full Value

This type of coverage is going to provide you with a lot more peace of mind. With full value coverage, you are going to be able to get your goods replaced or paid for if they are damaged. Typically, when you buy full value coverage, the moving company is going to be more careful with your possessions because they do not want to have to pay for them. When you are purchasing this type of insurance, you want to check with the company to see exactly what is covered. In some cases, they are going to put a maximum payment on the expensive items. Therefore, if you have any valuable possessions, you might want to consider purchasing additional coverage for them.

Third-Party

You can also purchase third-party moving insurance. With this type of coverage, you are going to go out and purchase moving insurance from a separate company instead of through your moving company. Typically, when you get third-party insurance, you will be able to get the most extensive coverage available. Many times, when you do this, you are still going to have released value coverage from the moving company as well. This means that if something is damaged, you might get the $.60 per pound payment from the moving company as well as a payment from your third-party insurance provider.