Everyone who has ever moved knows how stressful and expensive the process is, no matter how far you are moving. While many homeowners choose to hire a professional moving company to handle their move, many also choose to purchase moving insurance. But is it really worth the cost? Before purchasing moving insurance first ask the following questions.
Is the moving company liable for broken or destroyed items?
According to the U.S Department of Transportation Federal Motor Carrier Safety Administration, all moving companies are liable for the value of any good they transport. What does this mean? It means that a moving company cannot damage your possessions and claim no responsibility. However, it does not guarantee all items are transported safely. In fact, there are actually two levels of basic liability that all moving companies must offer to their customers. They are “Full Value” and “Released Value”. Full value protection means that the mover is responsible for the full value of the shipment and comes at an extra cost. In the event that your shipment is damaged, the mover will then offer to repair, replace or make a cash settlement. A released value policy comes at no extra cost but significantly reduces the amount the moving company will pay in the event damage is incurred.
While these two policies offer homeowners some protection, it is important to note that these “valuation” coverage policies are not actual insurance
Third-party moving insurance options
If your moving company does not offer an insurance package or not one that provides sufficient coverage you can choose to purchase a policy from a third-party insurer. How do you find moving insurance from a third-party? Start by calling your homeowner’s insurance provider, some of these policies include coverage for moves or are at least willing to add on moving coverage to your existing coverage for a small fee. If your current provider doesn’t offer insurance for your move, several reputable national companies provide third-party coverage.
While costs of these policies vary significantly across insurance providers, the price is typically determined by the value of your declared possessions. In order to determine how much your belongings are worth is by cataloging it all and estimating the costs of replacement. The premium you will pay for the insurance policy will vary based on the value of your shipment and the distance in which you are moving. For example, if you are moving across state lines you will pay more as the risk for damage is greater over long distances, than you will pay for a simple move across town.
It is also important to do your due diligence when choosing a policy as there are many fraudulent moving insurance companies out there that are happy to sell you coverage but never process your claim. Always check sites like the BBB and Angie’s list for reviews to ensure the company you are working with is legit.
Ready to get moving? Contact the experts at Conn. Finest Movers today!