Moving Insurance

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Moving companies do provide a certain amount of coverage, which is part of the moving service they provide to their customers, but it is always a good idea to look closely at your moving contract and understand completely what the contract covers and what damage or loss you are responsible to pay. Typically, as part of your contract, movers provide “valuation” coverage, which is a fixed amount of money that will be paid for insured property in the event of a loss. This is not insurance. There are three kinds of valuation protection that movers offer their customers, and it is good idea to understand all the options when choosing a mover and deciding whether you need to purchase additional coverage. First, there is complete value protection, which covers any property that is damaged or destroyed, or is lost during transit. Complete value protection pays for replacement or repair of your possessions, but there are usually deductibles and minimum coverage amounts instead of paying for the full cost of a new replacement. Instead, you typically receive the value of the item in its current condition. Next, there is assessed value protection, which allows you to purchase coverage per at a set fee for every $1,000 worth of your property you are moving. However, it’s important that the coverage is listed on your bill of lading, or else the mover is not always obligated to cover you. The third option is declared value protection that is based on the weight of your property. With this coverage, the mover will multiply the total weight of your property by a fixed amount of money, which is equal to the total amount of coverage offered to you. If your property weighs 20,000 pounds and the fixed amount per pound is $3, the mover would be liable for up to $60,000 if your possessions are lost or destroyed. For additional coverage, there are many true insurance options, and many moving companies offer supplemental insurance while others must be purchased through an agent.

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