Do I Need Movers Insurance?

You probably already pay for a house, auto, and health insurance. Do you really need another type of insurance that covers your move? I’ve moved multiple times across the state and around the world, and moving insurance can be a wise investment. Consider several factors as you decide whether you need to buy moving insurance.

What Moving Insurance Covers

The specifications of your policy will determine what is covered by your moving insurance. Moving insurance often covers any harm to household items while in transit. That implies that everything is covered, including unintentional damage and earthquakes.

So, finding out what type of liability a moving company offers is among the most crucial inquiries to make before using one. In the event of an accident during the move, you’ll want to make sure your possessions are protected. You should be able to select from a variety of liability coverage options from your professional moving company.

It’s Not About Distance

Moving insurance is important whether you move across the country or across town. Your moving company will no doubt securely pack your belongings. Accidents, storms, theft, and even rare load shifting happen, however, and can occur during the packing, transporting or unpacking process. To protect your belongings, consider insurance for a move of any distance.

Investigate Insurance from the Moving Company

Local movers don’t need to offer insurance. Interstate movers, however, must offer insurance that covers up to 60 cents per pound, according to the U.S. Department of Transportation. If any company you interview doesn’t offer this mandated coverage, move on to a different provider. Likewise, use the interview to discuss any exclusions to coverage, like whether they cover hazardous materials or boxes you pack yourself.

Check Your Homeowner’s Policy

Moving down the block or across town may be covered by your homeowner’s or renter’s insurance policy. Long-distance moves probably aren’t covered by your homeowner’s insurance, however. Look at your policy or talk to your insurance agent to verify any moving coverage you have.

In some cases, your homeowner’s policy may only cover ten percent of the total value up to a certain dollar limit. For example, I had a policy once that only covered $2500, not nearly enough to replace everything in my home. While you’re looking at your homeowner’s policy, check to see if it covers belongings during transport and once they arrive at the new home. Determine the deductible amount too. If you do have coverage, don’t cancel your policy until the move is complete.

Consider Full Value Replacement Cost

Despite being covered by insurance offered by your moving company, it may not be enough to replace your Grandma’s chipped china or your prized art collection. Consider supplemental coverage that actually gives you enough cash to replace any valuable objects that are damaged during the moving process.

The extra insurance coverage pays to replace your valuable and prized possessions. It’s known as Full Value Replacement coverage, and it covers the amount of money the item is worth rather than a percentage of how much it weighs. With replacement coverage, you receive enough money to replace any damaged items, including your Grandma’s china.

Purchase Insurance Before the Move

Don’t wait until moving day to decide you need insurance. Whether you stick with the coverage your moving company offers or purchase an additional policy, do so before moving day and ensure your belongings are covered from the beginning to the end of your move.

Update Your Home Inventory

Downsizing before a move is always a good idea so that you aren’t moving stuff you don’t need. Update your home inventory to be sure you have an accurate list of everything you own and its value. If possible, take pictures or videos of each item in every room and store those pictures and videos in a safe place for reference in case you need to file a claim.

Insurance for DIY Move

If you’re relocating your things in your car or a moving truck, first determine whether your homeowners’ or renters’ insurance policy covers them. Then, take insurance into account. When you move, it might close the coverage gap as a separate liability policy. You can purchase rental truck insurance if you rent a truck. The rental business could provide insurance for the truck, the cargo, and every traveler.

Your choice of coverage level will have a significant impact. The most typical moving insurance for rental trucks comprises cargo protection, accident damage coverage, medical and life insurance for the passengers, and extra liability coverage for accidents you cause. Usually omitted are theft, damage from inadequate packaging, and regular cargo shifting.

Moving insurance isn’t a requirement. Especially when you hire a reputable moving company, you can rest assured that your possessions will be packed, handled, transported and unpacked with care. The decision to purchase additional insurance can give you peace of mind whether you move to a different home across town or to the other side of the globe. What’s your opinion about purchasing moving insurance?