A brief guide to moving insurance
Moving with the right moving company is usually a safe process. Rarely do things go wrong, and customers are usually satisfied with the service. However, rarely is not never. People who are not properly insured always think – that won’t happen to me. And this where they are wrong. Moving insurance is important, and in today’s guide to moving insurance, we are going to explore how you can get moving insurance, what you need to know about it, are there more than one kind of moving insurance, and some other questions. So, make sure to stick with us until the end of the guide to find the answers to all of your questions about moving insurance. Let’s begin!
So, what exactly is moving insurance?
This may shock you. Moving insurance is not exactly insurance. Shocking, right? Moving companies call moving insurance a valuation. However, unsurprisingly, valuation functions like insurance. The moving company ensures compensation for your belongings in case of damage or loss, and this is what makes it similar to insurance.
However, what doesn’t make it insurance in the right sense of the word is that moving companies are not allowed to sell insurance. Moving insurances are not regulated by federal government regulations that apply to other types of insurance. But, for your peace of mind, and all intents and purposes, moving insurance functions like insurance.
So, what are the types of moving insurances?
There are a few types of moving insurances. So, let’s briefly explore them.
Released Value Protection
This valuation is the most basic kind of moving insurance. Although movers won’t charge you for it, you still have to ask, and contractually agree, to that kind of coverage. If they say they don’t do that, stay away from them. They are not a reliable moving company.
This kind of protection functions as follows. Usually, the moving company will cover the pound of the stuff they are relocating with 60 cents. This means that if you have a computer that weighs several pounds, and it gets damaged, the moving company is only going to pay you 3 or 4 dollars for it. What a deal!
Full Value Protection
For this coverage option, you have to pay a premium upfront. With some exceptions, full value protection means that the moving company is liable for the full value of the stuff they are relocating. If your computer gets broken, they are going to pay you the full price. This is why you shouldn’t save money on moving insurance.
Also, the moving company has several options:
- They can repair the item.
- Replace the item with another item similar in value.
- Pay the full value of the item, or pay for the repair.
Should you insure your belongings?
Yes, you should. Opt for full value protection if you can.