Moving to a new home is a complex and often stressful process. One way to reduce the stress of the situation is with moving insurance. Purchasing moving insurance can financially protect you in case your belongings are damaged during moving. If you’re moving soon and interested in some extra protection, here’s what to consider:
What is moving insurance?
Moving insurance provides financial protection to your items during a move. This protection includes damages, lost items and theft. Similar to property insurance, some moving insurance policies may offer reimbursement for the value of the damaged or lost item, while others might replace them.
Types of moving insurance
- Released value insurance: Coverage is free, but coverage of your items is at a minimum. This protection offers up to 60 cent per pound for compensation.
- Full-value insurance: The company moving your items is held completely accountable for damages to your items. With this insurance option, if damages occur, the mover must replace, repair or financially compensate you for your loss.
- Third-party insurance: Some moving companies will encourage the purchase of third-party moving insurance. This insurance can be paired with the released value insurance already being offered. If you need to make a claim, the free insurance picks up a small amount and the third-party insurance covers the rest.
Cost of moving insurance
Standard coverage is usually free with a moving agreement. However, this coverage is not comprehensive and will only secure a small percentage of the worth of your items. Full-value protection typically costs 1 to 2 percent of the total value of the items being moved.
For example, let’s say the total worth of items being moved is $10,000. If the insurance fee is 1%, you would pay $100.
If you’re moving numerous valuable items or moving a great distance, moving insurance can offer you extra peace of mind. Consider insurance offerings when shopping around for moving companies and find the best option for your move.
