All About Moving Insurance
By Johnathan Young, Insurance Specialist, Truck rental.com Staff
When you are moving, you will probably realize that you will have to trust every single thing that you own to some company. While this company may be providing transport, storage, or full services, you still need to make sure that you have enough insurance coverage to deal with the total loss of all of your things. This guide will help you understand what you need to make sure that you are covered when you move.
Basic Released Value Coverage
All moving companies are bound by law to carry a certain level of liability coverage. Known as Released value liability, this covers each pound of your goods for 0.60. Keep in mind that this liability is only required for long distance movers, so you should consult any local moving companies that you hire as to what their liability levels are. It is important to note, these rules do not apply to truck rentals.
Carrier Provided Optional Coverage
Moving companies also provide extra levels of coverage. One of these extra levels is known as Declared Value Protection. By law, a carrier offers this coverage, which covers any dollar amount that you declare. This coverage is always subject to a fee, which is 1.25 per pound of your goods. You need to understand, however, that if your shipment exceeds the value of 1.25 per pound, you need to look into additional coverage.
Full Coverage
Many moving companies offer an optional full coverage option for those who want to make sure they have enough insurance to cover the total loss of their goods. This coverage is subject to a fee that is double or more of the carrier declared value coverage. This coverage will cover the total loss of your things, but you should know that it may carry a deductible.
Outside Insurance
You should always check with your homeowners’ insurance company before you move. This can save you a lot of money as there are sometimes options that allow you to cover your things while they are in transit. You may have this coverage already, or you might need to purchase it before your move.
Various other insurance companies are also happy to offer various levels of moving insurance. Just because the movers offer the coverage does not mean that you have to use it. You can purchase any policy from any company that you choose, but you need to make sure that you understand exactly what it covers and any other policy stipulations.
You can find articles about such stipulations on the website of aviva, an insurance company that also aims to help meet the needs of individuals who want to utilize insurance benefits.
Importance of Moving Insurance
Many different things can happen when you move. Loss of your goods due to an accident or other disaster can be devastating to you and your family. It is up to you to make sure that you carry enough insurance coverage to replace all of the things that you might lose. Remember you are trusting other people to care for your belongings, and if something gets damaged, you should not have to be the one to pay for it. Having insurance to cover your things is the only smart way to move.
