Understand how to protect your belongings
when doing a long distance move
Moving Insurance Information
Do You Need Insurance For Your Move?
If you have anything of value, financial or sentimental, it is always better to be insured than not be insured. One of the Moving Mistakes that often comes up, is not having moving insurance. Reputable moving companies do everything possible to make sure your items arrive safely and intact at their new destination. However, even with the most diligent and professional packing, damages and loss do sometimes occur within the moving industry.
Moving companies do not provide insurance, they provide valuation. It is mandatory that moving companies are responsible for the liability of goods being transported. There are two levels of liability, Full Value Protection and Waiver of Full Value Protection. Knowing the differences between the two is vital in understanding charges and coverage.
Moving companies are obliged to inform you of the different options for coverage of your items. Whether you choose one of the two levels of liability through the moving company, or opt for protection from an insurance carrier, it is important that you understand what is covered, and what is not covered when deciding the best option for your belongings.
Full Value Protection
Full value protection is the more complete of the two options. If your items, while in transit with a moving company become damaged or lost, the company will assume responsibility and offer to repair the item, or pay you a sum amount to replace the item.
Moving companies are allowed to limit the level of liability for items of value. An example of a valuable item would be: any item with a value of $100 or more per pound (example: jewelry and antiques). If you are entrusting the moving company with these items of value, it is your responsibility to list everything of worth on all relevant documentation.
Waiver Of Full Value Protection
Waiver of full value protection does not cost you, and offers minimal coverage of your items. In the event that any of your items were damaged or lost during an interstate move, having opted for this level of value protection, means the moving company takes responsibility for no more than 0.60 cents per pound, per item. For moves within your state, the coverage amount is most commonly 0.30 cents per pound, per item. However, this may vary dependent on the different state regulations.
Third Party Insurance
Purchasing third party insurance is highly recommended, especially if anything being moved is of value and worth more than 0.60 cents per pound, and may exceed the limit of liability set by moving companies for items of value within the full value protection coverage.
Some homeowners or rental insurance policies offer coverage of your household items while they are in transit. Check to see if you are covered through your current policy. Make sure to understand levels of coverage, and if any claims are made, how this may effect your homeowners insurance policy.
Knowing that you have moving insurance for your belongings, allows you to rest assured that once you start Unpacking Your Home After the Move, should some or all of your items get lost or damaged while in transit, you are covered!