Looking for the right moving company for you? If you’ve been researching and going through professional movers, you’ve probably come across the prospect of moving insurance by now. No matter if you’re moving across the street or across the world, you want to ensure that your household items are in dependable and responsible hands and that you have a plan in place in case of damage or loss.
Let’s narrow down what you need to know about moving insurance, what it is, and how to go about it.
What is Moving Insurance?
Before we discuss how moving insurance works, let’s discuss what moving insurance exactly is. First, let’s get one thing straight: moving insurance isn’t even actually insurance! What most moving companies actually offer is called valuation. Valuation is kind of like insurance in the way that this ensures that you’ll be compensated and covered for your belongings being damaged or lost.
Most moving companies do not directly sell insurance because they’re not certified to do so and aren’t governed by federal regulations that other insurances do abide by. However, valuation functions in the same way as insurance, so you’re able to stay covered and be confident that your items are safe.
There are two different types of valuation that most moving companies use, especially when it comes to crossing state lines. Most moving companies offer coverage for both local and interstate moves.
- Released Value Protection: This is the most basic coverage option, and is usually something the client agrees to contractually. Though you’re usually not asked to shell out for this kind of protection, it usually is something you have to ask for and is something that only has minimal coverage.
- Full Value Protection: Full value protection offers you much more comprehensive coverage than released value, but does require you to pay a premium upfront. Full value protection means that the moving company is liable for the complete replacement of your items that are in your company’s possession.
You can also seek out third-party additional insurance to keep yourself and your items protected during a move, especially if you have high-value items. Don’t assume that your homeowners’ insurance will cover your move, either – it might not! Do your research and figure out what’s right for you.
How Much is Moving Insurance?
The cost of moving insurance depends on the type of insurance you get. As we said, released value protection usually is included in your contract without cost, but will usually require you to request it specifically in order to get it.
The cost of full value protection is usually a percentage of your of the total value of your move, plus a deductible that will come when you file a claim.
Do I Need Moving Insurance?
Having moving insurance is really important for ensuring that your items are safe and that you’ll receive compensation for any loss or damage that comes to them. Just make sure that you anticipate the initial cost and deductible that comes with full value coverage, and make sure it’s worth it.
Do Moving Companies Need Insurance?
Moving companies should always be fully licensed, insured, and should be fully certified. Always double-check your moving company’s licenses and their accreditations to make sure you’re working with a reputable company that will take the best care of your items possible. The best moving company with the right moving insurance for you is Reebie Storage & Moving Co. Explore our moving packages and see what’s right for you today.