It may come as a surprise to you that movers aren’t by default responsible to reimburse you for the full value of damaged or lost items.Here is a brief rundown of the different coverage/insurance options available to you for your move:
This is the default coverage that every mover offers. It is free but only covers you 60 cents per pound. This means that if you have a $2,000 treadmill that weighs 250 lbs., if your movers damage or lose it, they will be liable to pay you $150. The other $1,850 will have to come out of your pocket. Needless to say, this option does not offer much protection at all.
Your movers may offer Full Value coverage which, as its name implies, covers the full value of your belongings (by either paying you in cash, repairing the damage, or replacing what was damaged or lost). You will obviously have to pay a higher premium for this coverage, but if you are worried about damage or loss, this option might be right for you. Make sure you ask your mover if they limit their liability for certain items and if any deductible is required.
With some movers you may be able to purchase insurance from a specialized moving insurance company. Just like with health insurance, you are able to choose the level of coverage that you want (which will also determine your premium as well as potential deductible levels). You can also check to see if your homeowner’s insurance includes any sort of moving coverage.