Planning on moving without getting your household items insured could very well be equated to a skydiver jumping out of an aircraft without his parachute – it is that risky. Accidents while moving are almost inevitable and if they should happen, would you be prepared?
There are many types of moving insurance that you can apply for; you just have to know which one would be best for you when moving day arrives.
Prior to moving you can take your time and look at different types of moving insurance that would suit your every need. Usually moving experts would first point you in the direction of your homeowner’s insurance to see if the moving aspect can be covered.
Even if your move isn’t covered by your home insurance, you would be glad to know that you do have options that you can explore.
One of the most common kinds of moving insurance around is that of Release Value Insurance. With this type of insurance, the protection is limited and it would only allow you to come away with a small percentage should your items be lost, stolen or damaged. Companies that offer the Release Value insurance would give you some 60 cents per pound which works out to be much less than what you paid for your household items in the first place.
There are other options that you can explore such as Third-party insurance. This type of insurance is pretty similar to the aforementioned Release Value Insurance in that your mover would give you 60 cents per pound for any items that are damaged, stolen or lost. In addition, with this insurance, you can also source additional insurance from an outside company which would probably pay the balance of what your items are worth.
If you choose the mover’s released value option, you may be able to get additional coverage from an outside company. With third-party coverage, your mover is liable for 60 cents per pound of damaged goods. The insurance company would pay any remaining costs.
Finally, there is Full Value Insurance, a type of insurance that allows coverage to your entire household items. This type of insurance is one of the more expensive types on the list and it offers a variety of compensation plans should your items get damaged, lost or stolen. For the damaged items, the moving company would either replace your item with one that is similar although it may be cheaper in price or they may offer to pay you cash for it or even repair it.
Whatever method the movers choose to compensate you, it definitely means that they would have to absorb the many costs to do so. Movers are now trying to avoid losing money in this process by ensuring that your items get to its destination in good condition.
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