Moving can be a stressful and expensive process, and it's important to make sure that your belongings are protected during the transition. Federal regulations require all moving companies to offer two types of coverage to consumers who move out of state: appraisal coverage and insurance coverage by a third party. Appraisal coverage is the amount of liability that your moving company is willing to accept if your belongings are damaged or lost during the move, while insurance from a third party can cover any damage or loss of your goods during the move. If you decide to move yourself, your renters or homeowners insurance policy may cover your belongings if you transport them in your vehicle or in a rented car or truck.
However, most insurance policies for renters and homeowners don't usually cover the cost of possessions damaged or lost due to a move. If you want additional coverage beyond what the moving company offers, third-party insurance allows you to do so. A key advantage of using moving insurance is that, unlike valuation, it does not set limits on liability for damaged items and covers things such as natural disasters. In general, moving insurance covers any damage caused to household items during transportation (and possibly during storage).
The cost of moving insurance will depend on factors such as the value of your belongings and the type of coverage you choose. Moving furniture and packing a house for a move can be frustrating and tiring, but packing smartly helps. Moving insurance can be used to supplement the valuation of public transport and cover the total market value of your things. In that case, weather conditions are more likely to damage your belongings; a moving insurance policy can give you peace of mind.
Whichever way you look at it, moving insurance can provide some protection during an extremely stressful time. Your homeowners policy may or may not cover your belongings during a move or when they are in the moving truck. But remember that moving companies aren't allowed to sell insurance on their own, so you'll have to get it from a third party. Insurance is always offered by a third party and can cover any damage or loss of your goods during the move, while valuation is the amount of liability that a moving company assumes if your belongings are damaged during transport.
What Are the Benefits of Moving Insurance?Moving insurance offers several advantages over traditional valuation coverage. For starters, it provides more comprehensive protection for your possessions than appraisal coverage does.
Moving insurance covers any damage caused to household items during transportation (and possibly during storage). It also doesn't set limits on liability for damaged items and covers things such as natural disasters. Another benefit of using moving insurance is that it can help supplement the valuation of public transport and cover the total market value of your things. This means that if something happens to your possessions while they're in transit, you'll be able to get reimbursed for their full value instead of just what the moving company is willing to accept as liability. Finally, having moving insurance can give you peace of mind during an already stressful time.
Knowing that you have additional protection for your belongings can help ease some of the anxiety associated with relocating.