Q: How does moving insurance work?

Question asked by Jordan Martin, on November 2, 2019
How does moving insurance work?
1 Answers
Answer:

The purpose of moving insurance is to cover your belongings during a move in case of damage or loss. There are different levels of moving insurance that you need to consider:

  • Released Value insurance is something every moving companies offers for free. Sounds suspicious? Well, the reason why it’s included in your move is because with this plan the movers will cover your belongings at a 60 cent per pound rate. So, if they break your 200 pound treadmill (valued at $1,000), they will reimburse you only $120 (200 x .60 = 120). This type of insurance can obviously cause you to lose a lot of money if you need to use it, but, like with all things, you get what you pay for.
  • Full Value insurance is something every mover needs to make you aware and is something your mover can provide for you. This type of insurance will cover the full value of your shipment. But of course, there is a cost for this type of coverage.
  • 3rd Party insurance is something you can buy on your own outside of your moving company. Insurance companies may offer various coverage plans that vary in price and depth of coverage.

Consider the type of insurance you want, then do more research in to that particular option.