Moving can be a stressful experience, and it puts your belongings at risk of damage or theft. To protect yourself from any mishaps during the move, you may want to consider moving insurance. This type of insurance covers loss or damage to your items during the move and can help you reimburse any losses.Under federal law, interstate moving companies must offer a minimum of 60 cents per pound per item in valuation coverage, known as liberated value protection. Most companies offer full value protection at a higher cost, which covers the current value of the item.
In some cases, the liability of the moving company may be limited, making it more attractive to purchase moving insurance. This will complement the coverage required by the moving company and will also cover items that you move yourself.Most insurance policies for renters and homeowners don't usually cover the cost of possessions damaged or lost due to a move. However, it's best to assume that your policy won't cover moving items unless it explicitly states so in writing. 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.Full protection allows the moving company two options in the event of loss, destruction or damage to any item during the move.
If you decide to purchase additional moving insurance through the moving company or a third-party provider, make sure to get the details of the coverage in writing and understand what it covers and what it excludes. 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. A moving insurance plan is usually offered by a third party and covers events that are beyond the control of the moving company, such as fires and natural disasters.