Have you ever moved without insurance, getting your valuables damaged? The best way to avoid the heart ache is to get insurance, but how do you choose from all there is to offer? This is our simple guide to help you pick the right one.
The first thing to note, is that moving insurance isn’t actually insurance: it’s called valuation. This is because moving companies aren’t licensed to sell insurance, but they can form a valuation agreement, compensating you for your losses.
Moving insurance coverage options:
- Trip transit insurance: covers personal property, including theft, disappearance or fire.
- Special perils contents coverage: covers breakage of all, except fragile items.
- Car insurance verification: covers shipping of automobiles.
- A floater: covers high value items, like jewelry, collectibles, china sets, etc.
- Storage insurance: in case you store valuable in a storage facility, check out the insurance options.
Moving insurance protection: (liability)
- Full coverage protection: Will cover the value of the items (minus deductions) – get the money to get a new one, or get a replacement item.
- Released value protection: The bare minimum, included in the shipping fee of the long distance movers. This covers up to 60 cents per pound per item. This is the least recommended insurance, and will not compensate you well enough to avoid the headache.
- Separate liability coverage: in order to increase your released value protection, you can get a separate liability coverage, which will get you extra coverage, up to the limit of the policy you have.
Don’t forget to get moving insurance, and best of luck in your new move!