Types of Moving Insurance

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Before you let the moving company put your packed items on the truck and stat moving them to your new location, you should inquire about moving insurance. There are several types of moving insurance, and know what each type are and what they do will help you out immensely if any of your possessions are damaged or lost while in transit (or in the case of a full service moving company, in transit or during the packing process). This article will outline for you the types of moving insurance, and what each kind does for you.

The first type of moving insurance is release value insurance (also known as valuation). Release insurance is already set in place by the moving company at no extra cost to you. It’s based not on the actual value of the item that becomes damaged, but rather its weight. By law, moving companies have to have liability insurance good for a minimum of 60 cents per pound. Therefore, this 60 cents per pound is what is included in the release insurance for most moving companies. There’s a good chance that 60 cents per pound may not be enough to replace or even repair many of your items in the event they become damaged or lost. For this reason, you may want to look into other types of moving insurance that are available to you.

One of the other types of moving insurance that are available, and that you may want to look into, is declared value. Declared value insurance is also based on weight rather than value. In this case, it is based on the weight of the entire shipment weight. This type of moving insurance provides coverage for a minimum $1.25 per pound. For instance, if you had 10,000 pounds of items moving, the moving company would be liable for up to $12,500 worth of damage. “Up to” that amount, because the amount they will owe per damaged item depends on the depreciated value of the item once it’s been damaged or lost to have repaired or replaced.

In the case of Lump sum insurance, another type of moving insurance, you’ll need to declare the dollar value for any item more than $500. All items worth less than $500 may be “lumped” together. So, on the inventory sheet, anything with an individual value of more than $500 will need its own separate line. However, if you have $1000 worth of small trinkets, they can all be grouped together as one $1000 line.

The most comprehensive type of moving insurance is full value. For full value (or full replacement) protection, you’ll need to make a complete list of every single item that will be moved via the moving company (you don’t need to claim items which you’ll take with you in your car). This list requires a detailed list of each item including what the item is, how much it weighs, and what the full value would be to get it replaced. When filling this out, you should take into account what the item would cost to be replaced today in the region you’re moving to. If you’ve purchased this type of moving insurance, if something happens to any of your possessions, the moving company is completely liable for it and must pay you the full cash value to have the item replaced. Being the most useful of insurances, it is also the most expensive.

Before choosing the type of moving insurance you’ll use, be sure to inquire about their costs and what the minimum and maximums amount each will cover for you. Choose whichever will work best to replace any damaged goods while also making the most economical sense for your wallet. Be sure to also take pictures of any particularly pricey items before shipping as proof of its starting condition.

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