Do you need moving insurance?
Moving is a stressful process. It takes time, money and energy. And after all that effort, you want to be sure your things arrive at your new location safe and sound. Because if they don’t, all the energy you spent will mean nothing. Even professional movers can damage your things during the move. So, if you’re asking yourself “Do you need moving insurance?” The answer is definitely yes, and in this article, you’ll see why.
All you need to know about moving insurance
No matter if you plan a DIY move or hiring some professionals like Pro Movers Miami to conduct your relocation, you need to ensure your belongings are safe and secured during the whole process. Moving insurance is not necessary, and moving companies offer a few types of coverage. But, people often don’t bother to research further. Usually, because they didn’t prepare the moving budget very well.
In order to understand why do you need moving insurance, you should learn more about different types of damage coverage and insurance.
- Value protection provided by moving companies.
- Third-party moving insurance.
Can your mover sell you insurance?
The very first and most important thing you need to know is that moving companies can’t sell moving insurance. But under federal law, they are required to provide valuation options. Here are the three different options available to you:
- Basic coverage or released value protection.
- Full value protection.
- Additional coverage.
Basic coverage or released value protection
Now that you understand why do you need moving insurance, let’s see your options. The moving company has to offer both basic and full value protect insurance. Released value protection is a reimbursement option that is set 60 cents per pound. This means that the movers will set the value of your total move by the weight. Therefore any damages caused by, for example, improper packing of glassware and fine china will be refunded less than a dollar per pound. Even though this coverage option is free and has to be in the overall cost, it might not be the best option for anyone who plans on moving expensive and breakable items.
Full value protection
Another coverage option that moving companies have to offer is full value protection or full replacement value. With this coverage option moving companies have 3 choices when it comes to the way of the reimbursement. However, important fact here is that the movers get to choose which coverage they’ll provide.
- A moving company can choose to repair your belongings rather than to pay off for the damages.
- A moving company can choose to replace damaged items with ones of comparable value. Therefore, your household items will be replaced not with brand new ones but rather with an item of a similar value.
- Your mover can pay off for the damages. Keep in mind that this option only means that they will pay off the amount the is sufficient to repair your items. Not buy new ones.
Additional coverage options
Even though moving companies can’t sell you moving insurance, they can offer some additional coverage options. Expanded mover’s coverage may allow you an option to set an amount per pound for your belongings. Some moving companies also offer additional coverage. Called assessed value coverage. This option is quite similar to the expanded mover’s coverage. However, with an assesses value you can set the amount per value rather than weight. Therefore you will be able to protect valuable belongings that don’t weight much.
Third party insurance
In order to make sure your belongings stay safe and intact you can consider some additional options as homeowners policy and third-party insurance. Homeowners policy can cover only around 10% of the overall value of your items. However, even so, get more information from your insurance agent. One of the best long distance moving tips is to get relocation insurance from a local insurance agency. Therefore you can have a total loss coverage. This option can also protect you in a case of fire or water damage.
Do you need moving insurance to protect your belongings?
So you know the answer to the question “Do you need moving insurance?” But do you know “How to protect your belongings as much as possible?” The best way to do so is to hire a reliable and reputable mover. With the help of professional movers who have the necessary experience and skills, you will avoid any damages and moving scams. When searching for the right mover be sure to research the moving companies in your area. That’s why you need to know how to choose a reliable moving company. Also, you can contact the most reputable movers and do additional research.
What is valuation?
You understand why do you need moving insurance and what do insurance cover. Now let’s see what is valuation. Valuation is the amount of liability a moving company takes in case your belongings get damaged during transportation. Coverage undervaluation is much more limited than insurance. Usually, valuation refers only to how much a company will reimburse you on an item. Different moving companies offer different types of valuation. Two most common forms of valuation are released value protection and full-value protection. Again, under federal law, moving companies are required to offer valuation options. All moving companies offer some sort of valuation policy. But to see what a specific company offers, you’ll have to peruse its website or give them a ring.
The big question – Do you need moving insurance?
This all depends on how pricey and valuable your goods are. And if you want insurance overvaluation. For instance, if you live in Florida and are moving during prime hurricane season, it might make more sense to go with insurance. Because it protects against water damage. But, if you’re moving locally and your concern is less about unpredictable weather and more about a mover damaging your belongings, you’re probably better off going with a valuation option.