We all know that we should get certain types of insurances, such as health and life insurance. These can really help us out in a pinch should anything happen to us and we need medical care or our families need monetary help.
But what many people don't know about is that when you move, you can also get insurance. It makes sense when you think about it: relocation involves lots of precious items, so of course it'd be worth it to insure your belongings.
So what is moving insurance and why do you need it? Read on to find out!
What Is Moving Insurance?
So the first thing you should know is that you actually get something called "moving insurance" and you can't get it directly yourself.
Instead, you get something called "valuation" and it's offered by moving companies. They can't actually sell you "moving insurance."
Basically, they assume responsibility for your items while in transit. If anything happens, then they'll compensate you in case of either damage or loss.
As you can see, it's absolutely something you need to get when using moving pros, even if you're completely confident in their abilities. That way, if there's an incident, you don't have to pay out of pocket to recoup your losses.
There are actually a few types of valuation. Find out more about each below.
Released Value
Most moving companies will offer this type of "moving insurance." Because there's usually no extra charge that comes with released value protection, it only offers very basic coverage.
Typically, the moving company will assume liability for $0.60 per pound of items you're moving. For an item that's 50 pounds, that's just $30 in compensation, which isn't very much.
In addition, you won't get reparations or replacements with released value protection. You'll only get a small monetary compensation.
Full Value
On the other hand, you have full value protection. As the name suggests, this type of moving insurance will cover your items at full value (with some exceptions, of course).
However, this type of coverage doesn't come for free. You'll usually have to pay for this type of protection, plus it's very likely that you'll have a deductible too.
How full value protection works is like this: you'll list all your belongings and put down how much you think they're worth. You'll pay the premium, and should items get damaged in transit and you meet the deductible, you'll get full compensation for those things.
In most cases, moving companies will make you declare a minimum value. For instance, they might ask you to claim the minimum value of your possessions as $4 per pound. So when you're having a company transport 1,000 pounds of your belongings, you can claim up to $4,000 if everything is either damaged or lost.
Just because you file a claim doesn't necessarily mean that you'll get full compensation right away though. The company can choose to try and repair or replace the item before cutting you a check.
Third-Party Insurance
Besides the above 2 options, you can also get true "moving insurance" from third parties. This allows you to get get the proper coverage you're comfortable with.
For example, you might be getting moving services from a certain company and they just have released value protection. You can then "top-up" by getting third-party insurance.
But before you do this, check with your homeowners or renters insurance provider first. You never know; they might already offer some type of coverage for your possessions while they're in transit!
Why Should You Get Moving Insurance?
As we've mentioned above, one of the main advantages of getting moving insurance is that you usually won't have to pay a cent if your belongings get damaged or lost while in transit.
But why else should you get moving insurance?
It Doesn't Cost Anything Extra
If you opt to go with just released value protection, it literally won't cost you a cent more. So why not get some extra peace of mind about your items while they're out of your possession?
While this type of coverage won't give you 100% compensation for any lost or damaged items, it's certainly better than nothing.
It Accounts for Inclement Weather
Of course, you should always choose a moving company with a stellar reputation. But even if they have a pristine record, they can't control the weather, after all.
Should a freak storm happen while you're moving, you won't have to worry about having to pay out of pocket to replace or repair anything.
You Have High-Value Items
If you're just moving old belongings of little to no value (besides sentimental), it won't be that important to get moving insurance.
However, if the truck will be full of priceless antiques and other high-value items, it's best to get moving insurance. This is especially true if it's a long journey, as there's more of a chance that something might happen along the way.
Get Peace of Mind When Moving by Getting Moving Insurance
Now that you've learned a little bit more about moving insurance, you should know by now that it's definitely something worth getting. In fact, if you're working with a professional moving company, then they're sure to at least have released value protection.
If this isn't enough for you, then make sure to check with your homeowners or renters insurance provider. If they aren't able to provide extra coverage, then working with a third-party can certainly be worth it.
In any case, don't forgo this type of insurance. It'll certainly help you out in a pinch!
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