Moving to a new home is an exciting experience. However, it can be frustrating to move your household items from one place to another. As such, you should consider investing in moving insurance. While you are not obligated to pay for moving insurance, it may be a great idea, especially if you are moving high-value items. If they get damaged by a moving company during the move, the insurance can pay for repairs or replacements.
Here’s everything you need to know about moving insurance.
What Is Moving Insurance?
Moving insurance protects your furniture and belongings from damage and loss during the moving process. With this policy, you can rest assured that you’ll receive some amount of reimbursement should an issue regarding your items arise. The cost may depend on the distance you move as well as the total value of your items. Since no two moves are the same, you may have to check with your moving company about the cost breakdowns. This should include the insurance quotes and reimbursement details.
What Are the Different Types of Moving Insurance?
If you are thinking of getting a moving insurance policy, you have three options:
- Full value protection: Your moving company will be on the hook for the total replacement cost of your damaged or lost items. The company will repair or replace the item, or offer money for the cost of the repair or current replacement value. The cost and deductibles may vary, so be sure to consult your movers when talking about the price. The full value protection typically costs 1% of the total estimated value of your belongings.
- Released value protection: If you’re looking for an affordable option or moving from a short distance with a few high-value items, released value protection is the best solution. This type of insurance is free and the moving company’s default coverage.
- Third-party or separate liability coverage: Weight determines the cost of the previous two coverages, so what about small high-value items like your family’s heirloom jewelry? In this case, you should consider third-party coverage. As such, you can call your current home insurance provider. If your current provider doesn’t offer moving insurance, some national companies may provide third-party coverage.
What Is and Isn’t Covered by Your Moving Insurance?
Moving coverage and moving insurance are two different things. Moving companies offer moving coverage while moving insurance is available through third-party insurance companies. Moving companies cover damaged or lost items while they are under their care. Third-party insurance covers, on the other hand, cover damage from acts out of the moving company’s control or beyond the liability limit.
Full and released value protection coverages from the moving company may not cover a few things. If a moving company is not directly involved with the items, they wouldn’t be responsible for them. This should include items the moving company didn’t pack as well as belongings that were damaged due to natural disasters or in storage not associated with the moving company. However, third-party insurance does cover items damaged under these circumstances.
Are you looking for home or office movers? Turn to Around Town Movers! Call us today at (703) 682-5922, or fill out our online contact form to book an appointment. We offer services in Washington, DC, as well as Reston and Arlington, VA.