What is Moving Insurance And Why is it Important?

Do you plan on moving soon? If so, you would be wise to consider getting moving insurance, in addition to reviewing what coverage is already included in your move.

Why? There are several key reasons that obtaining moving insurance is essential to making the whole residential moving process run smoothly, and, most importantly, with less stress for you.

Read on to take a closer look at exactly what moving insurance is, what is covered, and why you need this type of coverage when moving. Trust us—you won’t regret it!

What Is Moving Insurance?

Whether you’re in the market for local moving insurance or long-distance moving coverage, you first need to know what the term really means, and how to get it.

• Basically, moving insurance is an optional coverage you can obtain to protect yourself against damage or loss of your belongings during the moving process.
• Most moving companies offer different levels of what they call “valuation coverage.” The valuation is the amount of liability your moving company is willing to take when it comes to executing your move.
• If damage does occur, most movers offer to take one of the following options:
  • Pay to repair the item(s)
  • Pay to replace the item(s)
  • Pay you the cash amount of what it would cost to repair the item(s), or an amount equal to the current market value
• Moving across state lines? If so, interstate rules and regulations do apply to moving companies. Federal law mandates that moving companies making interstate moves are required to offer two types of liability coverage to their customers:
  • Released value protection—this type of coverage is required by law and comes at no additional cost to the customer. However, it is considered to be the “bare minimum” of coverage.
  • It covers 60 cents per pound, per item. If an item is damaged during the move, the item will be weighed and then multiplied by .60 cents. That number would be the dollar amount that the moving company is liable for, regardless of how much you may have originally paid for that item.
• It is important to note that this type of “basic” coverage is included in either the flat rate or hourly rate of local moves, as well, although the amount required varies from state to state, so check your area’s guidelines for specific state coverage.
  • Full value protection—means that your mover is liable for the current (or depreciated) market value of your goods. Essentially, a mover will only reimburse you for an item’s actual current cash value.
• Outside of the coverage that is required by and/or provided by moving companies, consumers also have the option to purchase additional moving insurance outside of the moving service provider they have hired for the job.
  • A third-party provider can provide peace of mind by assuring the customer that any loss or damage not covered by the movers will be taken care of with this additional insurance policy.
  • Moving insurance can especially come in handy when it comes to high-value or irreplaceable items.

What Does It Cover?

• Most moving companies’ coverage depends on the specifics of your particular policy. Generally speaking, moving insurance applies to any loss or damage at the hands of the moving company during the loading, transit, and unloading process.
• If storage services are utilized, coverage may apply to this instance as well.
• Be sure to inquire about the insurance policy/coverage offered by the moving company you choose.
• Items that are not handled by the movers (so, items that you may be transporting yourself) or circumstances that are deemed to be out of the movers’ control are often not covered.
• A good rule of thumb for customers preparing to move is to take photos of valuable or big-ticket items to document their current condition. This will make it easier to file a claim if damage or loss should occur.
• A common misconception is that homeowners’ insurance or renters’ insurance will automatically cover any damage to your belongings. Check with your insurance professional about the specifics of your particular policy and what all it entails.

Additional Insurance Options

In addition to the coverage options offered by your professional moving services provider and third-party moving insurance coverage, there are several other choices when it comes to adding extra protection for your belongings.

• Storage insurance—protects against damage during temporary or long-term/permanent storage.
• “Floater” coverage—insure particularly pricey or very valuable items completely.
• Special perils contents coverage—covers items against breakage, except for fragile items.
• Trip transit insurance—protects against theft, disappearance or fire will in transit or storage.

Are you ready to make your move? Local or long-distance, Carey Moving & Storage will handle your move with the ultimate level of care, consideration, and a commitment to excellent customer service. 

Call or visit https://careymoving.com/ and get your free move quote from North Carolina’s top moving and storage provider today!