The idea that something might happen to damage your belongings during a move hovers over people all the time. The simple way to assuage this fear is to make sure your belongings are adequately insured. The type of insurance you should get for your move is a question every person should answer prior to their move. The quick answer is, if you can afford it and have high-end dollar items among your possessions then the answer is definitely yes.
There are generally three types of moving insurance coverage for you to consider
Basic “released value protection” coverage
Full value protection
Basic “released value protection” insurance coverage
It is important to understand that if your move is interstate (crossing state lines), your moving company should automatically include basic moving coverage. Also know that moving companies cannot ‘sell’ insurance which is why they call it coverage and why it is included in the moving service contract for interstate moving. This type of coverage (commonly known as ‘released value protection’) only covers about 60 cents on the pound.
Full value moving insurance
However, if you need more than basic coverage, you may want to opt for ‘full value protection’ when considering the purchase of moving insurance. This type of coverage generally costs about 1% of the stated value of your belongings with the value of that insurance being about $6 on the pound. You do the math. If you have belongings weighing in at approximately 6,000 pounds, your insurance entitlement could be upwards of $36,000.
Third-party moving insurance
The third type of moving insurance coverage to consider is third-party insurance coverage. This is basically a type of insurance not based on weight, as in ‘released value’ protection or ‘full value’ protection coverage. Rather this sort of insurance is for such things as jewelry, antiques, valuable artwork or musical instruments (to name a few items). Third party moving insurance covers a vast range of coverage not offered under the first two types mentioned above. This would include electrical accidents, natural disasters, mold, mildew, insects and mechanical accidents. The cost of third-party moving insurance is anywhere from 1% to 5% of your total valuation.
The purchase of third-party insurance for a move does not mean you will not have the basic coverage included in your moving service agreement. It is an extra measure of protection for those of you who have belongings that are not sufficiently insured to cover their actual value. You be the judge on this. Also know that basic insurance coverage generally does not include items that were not packed by the moving company or due to natural disasters.
Be sure to get several insurance estimates before settling on an insurance company for this. Additionally, it is best to speak with your chosen moving company about their insurance protections before buying unnecessary insurance coverage from a third-party insurer.
Call Missy Donaghy with Interiors for Seniors for a FREE consultation 321-279-3301.
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