Things to know about moving insurance
Well, it looks like you’ve found your dream house and you’re ready to move! Moving to a place you always wanted to live in or in your dream house may be endless happiness for you and your family, but there are always questions that bother us inside. Hiring a professional moving company with some tips on negotiating with movers and thinking about moving insurance are serious things to consider. You would definitely want to protect your belongings, valuable items or most precious things while transportation. The professional moving company can move your stuff safely, efficiently. Moreover, with moving insurance, your items have protection.
If you do not have enough experience and want to know more about insurance, we have answered the most important questions that may bother you.
What is moving insurance?
What is moving insurance and do you really need one while moving are good questions. You see tons of reviews and hear a lot of advice with the pros and cons of taking insurance. But what is the truth? First of all, moving insurance is not really insurance. Moving companies don’t call it like that, they usually say – valuation. Valuation is similar to insurance, which means that moving company pays you if your items are damaged during transportation. Why is it like this? That is because for moving companies it is not allowed to sell insurance.
Moreover, that is because federal laws don’t govern candidates for other types of insurance. But you shouldn’t be afraid. Every company informs you about the details for each policy they provide. Beside released value protection which is free, you can choose full value protection or some of the third-party options. Everything depends on you. This type of insurance is surely good and recommended thing by experts for long-distance moving. So, let us resolve your doubts and pick the right option for you!
Types of moving insurance
There is not only one type of moving insurance. They come in different types, and you should choose one that fits your budget the most. You can choose between:
- Released value protection
- Full value protection
- Third party options
All professional moving companies offer at least two types, but sometimes they can offer more deals, it depends. If you’re interested to see more you can check Virginia local movers to see their super offers! And now. Let’s explain each of them.
Released value protection
Choosing the right transfer insurance type depends on your wishes and your budget but released value protection is no extra cost to you but provides just minimal protection (60 cents per pound per item). This is the most basic option that moving companies offer. This type of coverage is required by federal law, and most companies won’t charge you for this option. They certainly ask you or if don’t you are free to ask for this coverage. As this type of coverage is free and based on the weight of an item, moving companies usually pay up to 60 cents per pound per item. For example, in case a 50 pound TV get damaged during moving transport, the moving company pays only $30 in compensation even if the TV is very expensive. So, are you sure this is the right type of relocation insurance for you?
Full value protection
This type of transport insurance is a full value protection coverage. Known also as full replacement value protection, it is also covered by federal law and your items have full protection. But, there is always but. Usually, you pay for a premium upfront. If you decide to take this option, make sure you read all the details given by a moving company. Because sometimes you need to deal with some limitations, cause the moving company is liable for the full replacement if something happens to your belongings during the move.
Each company has its own full value policy and some state have regulations with a minimum level of coverage, usually between $4 or $6 per pound on household items. This means you won’t usually get full price. For example, if you move items that worth $10,000 and the value on your item is $5. In total, that means the value of your items is 50,000$.
Also, when a company gives you to file a claim under this relocation insurance option, you’re probably going to see 3 options: repair the damaged item, replace the item with a similar item of the same value or make a payout for the cost or repair or the current item value on the market. You are wise to pick the right one. Long distance movers Maryland may offer the best options for your valuable items, consider checking their website!
Third party options
If released value protection and full value coverage isn’t something that fits your budget or wishes you can choose some of the third-party options. If you have highly valuable items, you may wonder what is best for you. Because sometimes money can’t replace the value of a certain item. State law governs over separate liability insurances and it pays for the insurance amount purchased minus the basic carrier liability amount that the person pays (as we said up to 60 cents per pound).
If you want this option, get a copy of your policy from moving company and see the details. Some moving companies also provide insurance on self-storage facilities. Check up on storage Washington DC you might find some additional valuable information.
What is not covered by moving insurance?
Despite it’s called a full item protection relocation insurance, there is always something between the lines. Keep in mind that insurance does not cover everything. Yes, moving company employees are responsible for your items during transport, but let us assume something happens accidentally, outside mover’s control, you probably won’t be fully paid for the damage. Some other examples when you won’t get paid: some companies won’t pay for damage when you pack boxes by yourself. Fire, hurricane, flood or other disasters won’t bring back your money too.