Moving your possessions aren't easy in the first place. However, moving insurance makes your heart feel a little more at ease. Some homeowner's and renter's insurance policies offer some sort of limited protection, but you should call your insurance company to double-check. Usually, you'll need to purchase an additional policy from a moving company or private insurer in order to ensure that you have all the protection you need. Here are some different types of insurance policies:
- Full-Value Coverage: This type of protection requires a moving company to provide adequate reimbursements. Anything under the protection of this policy will be repaired, replaced, or settled over cash. The price of this insurance policy varies between different companies and may provide some limitations.
- Released-Value Coverage: This is the cheapest insurance policy that your moving company has to offer. Usually, the released-value coverage is offered as part of the moving costs. This policy states that a mover assumes liability for no more than 60 cents per pound for each article. For example, if you broke or lost your 2-lb. Macbook valued at $1,200.00, you would only receive $1.20. In other words, this insurance policy is very limited and highly unrecommended.
- Third-Party Insurance: After you get a released-value policy, your moving company may try to sell you a separate liability coverage. This additional policy will be added on to the basic moving costs. A mover would still be compensated for 60 cents per pound, but the remainder of your loss would be compensated under this separate policy.
- Add-On Coverage: If you don't feel comfortable or satisfied with the insurance that moving companies offer, then you can try to find an insurer that specializes and offers moving coverage. If you purchase "in transit" insurance, which can be usually found where you purchased your homeowner's policy, your personal property is covered for situations, like theft, disappearance, fire, and other hazards. A personal items "floater" policy is recommended for those who have a lot of expensive jewelry or other luxurious items.