Understanding Moving Insurance:
What You Need to Know?

Types of Moving Insurance

There are several types of moving insurance policies available, and it’s important to understand what each one covers before you choose a policy.

Here are the most common types of moving insurance:

1. Released Value Protection

Released value protection is the most basic level of moving insurance and is required by law. It covers your belongings based on weight, with a value of 60 cents per pound per item. For example, if you have a 10-pound item that is damaged during the move, the moving company will be liable for up to $6.

This coverage is usually included in the cost of your move, but it provides very little protection and may not cover the full value of your belongings.

2. Full Value Protection

Full value protection is a more comprehensive form of moving insurance that covers your belongings based on their full value. This coverage usually costs extra, but it provides better protection than released value protection.

If any of your items are lost or damaged during the move, the moving company will be required to repair or replace them, up to their full value. However, there may be some exclusions and deductibles with this type of coverage, so make sure to read the policy carefully.

3. Third-Party Insurance

Third-party insurance is an additional form of moving insurance that you can purchase from a third-party insurance company. This type of insurance provides extra protection for your belongings and may cover things that are not covered under your moving company’s insurance policy.

Third-party insurance can be more expensive than other types of insurance, but it provides better coverage and peace of mind.

What to Look for in a Moving Insurance Policy?

When choosing a moving insurance policy, there are a few things to consider to make sure you have the coverage you need.

Here are some factors to keep in mind:

1. Coverage Limits

Make sure to understand the coverage limits of your insurance policy. You don’t want to be underinsured and find out after the fact that your policy doesn’t cover the full value of your belongings.

2. Exclusions

Read the policy carefully to understand what is excluded from coverage. Some policies may exclude certain items, such as jewelry or antiques, or have limits on coverage for items that are particularly valuable.

3. Deductibles

Understand the deductible for your policy. This is the amount you will need to pay out of pocket before the insurance coverage kicks in.

4. Cost

Consider the cost of the insurance policy and whether it fits within your budget. Keep in mind that the cost of the policy may vary based on the value of your belongings and the distance of your move.

How to File a Claim

If something goes wrong during your move and your belongings are damaged or lost, you will need to file a claim with your moving company or insurance provider.

Here’s what you should do:

1. Take Photos

Take photos of any damaged items as soon as possible. These photos will be important evidence when filing your claim.

2. Contact Your Moving Company or Insurance Provider

Contact your moving company or insurance provider as soon as possible to report the damage. Make sure to provide them with all of the necessary information, including your policy number and the details of the damage.

3. Fill Out a Claim Form

Fill out a claim form with your moving company or insurance provider.

In conclusion

understanding moving insurance is crucial when planning a move. By familiarizing yourself with the different types of moving insurance policies available, what to look for in a policy, and how to file a claim, you can ensure that your belongings are protected and your move goes smoothly.

Remember to take the necessary precautions to safeguard your belongings during the move, and consider investing in additional coverage if needed. With the right insurance policy in place, you can have peace of mind and enjoy a stress-free move.