3 Things You Need to Know About Moving Insurance

Make sure you know the 3 basic types of moving insurance before moving day comes around:

  1. Released Value: First and foremost, your mover is not obligated to cover the full value of your belongings. At a minimum, your mover will give you what is known as “Released Value Protection” where they will cover 60 cents per pound for any lost or damaged items. So if they break your 30 pound flat screen TV, they only have to pay you $18 (write out “30 lb TV = $18”). This type of protection is free to you.
  2. Full Value Protection: You can also purchase “Full Value Protection” from your movers which covers the full market value of your belongings. Keep in mind that your movers also have the option to replace or repair anything lost or damaged instead of giving you the cash value. Even with full value protection your movers may limit how much they cover, so be sure to ask them if there are any exceptions to your coverage. And of course, this is a pricier option.
  3. 3rd Party Insurance: There is also “3rd Party Insurance” to consider. Through an outside company you can buy varying levels of coverage ranging different price levels. Your homeowner’s insurance policy may also include some sort of moving coverage, but it is usually somewhat limited.

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