Moving insurance isn't required, but it can give you peace of mind during the moving process. If you're moving valuable or fragile items, that can be easy. When a moving company moves your things to their destination, boxes can move, items can break, and things can get lost. Fortunately, most companies offer some form of reimbursement for these situations, but there's usually a limit to how much you can recover. If you're moving several expensive items or simply want peace of mind knowing that your things are covered, you should look for moving insurance.
Moving insurance offers financial protection if your items are lost or damaged during the move. While professional moving companies cannot sell insurance technically, the law requires them to offer content coverage options to their customers based on valuation, which is also called basic carrier liability. In addition to valuation coverage, you can opt for external moving insurance offered by an insurance company that offers additional coverage. If your current provider doesn't offer moving insurance, many reputable national companies offer third-party coverage. Your moving insurance options with a moving company include full valuation coverage, published valuation coverage, and a policy from an outside insurer.
While most people call it moving insurance when they buy it, its technical name is “moving coverage.” If you lose, damage, or steal something during the moving process, you can file a claim with the moving company or insurance company and receive compensation depending on the terms of your coverage. When you book your rental moving truck, you'll have the opportunity to purchase insurance, either piece by piece or in a package. Your insurance company may also cover only the cost of repairing any item and not the cost of directly replacing it. Also known as evaluation or coverage, moving insurance can protect your belongings in the event that they are lost or damaged. When thinking about moving insurance, there are two things to consider: the valuation offered by moving companies for damages and external moving insurance for additional coverage. Some moving companies offer third-party insurance options when you book a move with them, but you can also get it from an insurance company with whom you already have another policy.
People who move on their own can opt for transportation insurance in case something goes wrong during their move, such as a fire in a vehicle or theft. Some moving companies work with insurance companies to offer policies, while others will ask you to find insurance on your own. Consider the size and distance of your move, the value of your items and the risk of damage or theft when deciding if you need moving insurance. While valuation coverage only covers damage caused by people moving, moving insurance is generally more comprehensive and covers events such as fire, theft, and other losses. Additional third-party moving insurance can protect your belongings if they are lost, damaged, stolen, or destroyed by fire or other disasters.
Since most homeowners and renters insurance policies exclude coverage for objects damaged during a move, taking out moving insurance can provide additional protection for high-value possessions that you can't move yourself. The compensation you receive for the losses will depend on the type of moving insurance you choose: you may receive very little in the event of damage or have to replace and repair everything completely.
