20 Dec Understanding the Different Types of Moving Insurance and Choosing the Right One

Hiring professional movers can save you a lot of time and effort in transporting all your belongings. When it comes to getting one for your upcoming move, make sure to look for a company that offers moving insurance too.

During the moving process, despite all the necessary preparations, it’s still possible that things can go wrong. The most common problems you can encounter are the loss or damage of your items. This is why many people recommend getting moving insurance to keep their things safe. You never know what will happen to your boxes and furniture, especially when they need to stay in moving trucks for quite some time, such as in the case of long distance moving and interstate moving. With moving insurance, you can feel at ease about letting movers handle your belongings.

While moving insurance can raise your moving costs, replacing lost things or damaged goods is more expensive. Depending on how far your move will be and how valuable the items you are transporting, there are several types of moving insurance you can choose from. Read on to learn more about the different types of moving insurance and how exactly they can guarantee the safety of your things.

Basic Carrier Coverage

This has the lowest coverage and is considered the most common type of moving insurance. All licensed movers carry this type of insurance as part of their standard moving fee, even those that offer moving with storage services.

In case your belongings are lost or broken, you can expect a small coverage for them. For example, the liability has a released value that is limited to thirty cents for an intrastate move or 60 cents per pound per item. This means you’ll be able to receive six dollars for an interstate move and 12 dollars for an out-of-state move for an item weighing 20 pounds. But minimum liability can still vary depending on your state, so make sure to check with your mover.

Declared Value Protection

With this mid-level coverage, you will receive a depreciated value of the item if it becomes lost or damaged. Your belongings are insured for 1.25 percent of their value, which is calculated by the moving company. However, some policies allow customers to set a per-pound amount for their goods. In such an arrangement, for example, the amount can be six dollars per pound for a shipment weighing 10,000 pounds. This means the value of the entire shipment is 60 thousand dollars, which will be the maximum amount you can receive if the shipment is lost or destroyed.

Full Replacement Liability

This is the most comprehensive policy among the three and recommended for people transporting more expensive items. In the event that your belongings get lost or damaged during the move, you can receive a full cash value. The moving company will cover up to sixty cents per pound per item. The insurance company will then handle anything above the said amount to replace your items. If you get the full replacement liability, you can pay between $3.50­–$4.50 times the weight of your shipment.

High Value Items Coverage

When it comes to moving items of extraordinary value like artwork, antiques, or electronic equipment, you need to talk to the movers you hired regarding the policy that will cover these things. In most cases, the policy for this kind of inventory is formed after you have consulted with your movers. They will then ask you to complete and sign a high-value inventory sheet before your move. In case you need to make a claim, the settlement amount is limited to your declared value for the entire shipment.

Choosing the best moving insurance is just as important as selecting a reliable moving company. They both provide the assurance your belongings will arrive at your destination safe and on time. Whether you are moving within the same state or across the country, you will benefit from getting moving insurance. More importantly, it provides the peace of mind that you won’t be left empty-handed in case something happens to your belongings during transit.