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Types of Moving Insurance

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Have you reached that point in your life where it’s just time to move? Do you need to relocate for a new job? did you decide to live closer to your parents? Whatever the reasons are that you have to move, either way, you’re in for a certain amount of stress. While moving is a burden, you can alleviate some of the hardship by having your belongings covered by insurance. Having insurance during your move is not only a smart idea, but an absolute must. You never know if your mover will accidentally break your TV, or even “accidentally” break your TV. Movers may not always be the most reliable bunch of people, but sometimes you desperately need their services. Make sure for your next move you’re things are properly insured so your moving stress can immensely reduced.

Here are the different types of insurances you can get for your upcoming move:

  • Full Value: This, like its name implies, will cover your entire shipment. This is the most comprehensive and expensive plan, but it puts more pressure on the movers to be careful with your things. Under this plan, if anything is lost, damaged, or destroyed, the movers can either offer to repair the item, reimburse you with cash, or replace it with a similar item. Some movers may limit their liability for expensive items (>$100), so make sure to ask them about their policy regarding this. The price for this protection plan varies and is subject to different deductible levels.
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  • Released Value: This is the most affordable option, but it leaves you the most vulnerable. Under a released value plan, movers are only responsible for 60 cents per pound per article (intrastate moves may differ). So let’s say you packed your new iPod that weighs 5 ounces, if it breaks during transport, the mover is only liable to reimburse you approximately 20 cents. So you see that this type of insurance does not really do much in your benefit. The only plus side is that it comes at no additional cost to you. But be wary; if you do not say you want released value insurance, the mover will automatically give you full value.
  • Third-Party: If you choose released insurance, some movers may allow you to obtain third party insurance. This is an additional cost that must be purchased separately by you. With this coverage the mover will be liable for the 60 cents per pound per item. The additional losses can be recovered from the third party company that you purchased the insurance from. If this insurance is purchased through the mover, they are liable to present you with a written record of this purchase. If you use an outside company, check to make sure that your homeowner’s insurance doesn’t already cover you.
Keep in mind that there are some actions that may limit the mover’s liability of your things. These include:

Packing hazardous or perishable items without informing the mover.

Packing your own boxes.

Choosing Released insured.

Failure to notify the mover about expensive items (>$100).

Language in your contract that relinquishes the mover from any liability.

If you wait over 9 months to issue a written claim of your losses.

So now that you know your options, play it smart and always make sure that you’re covered from any accidental and purposeful damages.

For more information, visit the FMCSA (Federal Motor Carrier Safety Administration) article on this topic: Understanding Valuation and Insurance Options.

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