Moving can be an expensive time for anyone, especially if your bill isn’t being picked up by your company as part of a relocation package. One way your moving can go higher? If your stuff gets lost or damaged. The cost of replacing these items can cost you more money. Movers are supposed to provide you with insurance when you contract their services, but more often than not, this type of insurance is not enough to cover the entire value of your items. So, to protect yourself, make sure you get the right type and right amount of insurance. In some cases, it’s better to be safe than sorry. And so, here are some the things you should know to protect your move with insurance.
Liability Insurance
According to federal law, your moving company should provide you with a basic type of insurance called the liability-release value insurance. It’s the cheapest option available and doesn’t require you to pay anything more than your moving estimate price. However, most of these will pay around 30 cents per pound for in-state moves and 60 cents per pound out of state. Now, if you don’t have any valuables and are only moving your clothes, kitchen items and maybe some furniture, this is goo, basic coverage. However, for big ticket items like computers or flat screen TVs which can weigh in anywhere from 10 – 20 pounds, 30 cents per pound probably isn’t going to give you enough cash to replace a $2000 TV.
Full-Value Replacement Insurance
This is perhaps the most complete moving insurance plan out there. For an extra cost, you can get additional insurance the can cover the cost of the value of your item (although take note the value is at the mover’s discretion.) A lower deductible means you won’t be paying out as much when you do have to make a claim, however it can mean higher cost for the insurance premium itself. Make sure you list all your belongings on the inventory sheet, so they can be included in the coverage.
Outside Insurance
Also known as Third Party Insurance, you can purchase insurance from other parties to protect your move. If you feel your mover is giving you a high rate, or if you don’t agree with their insurance terms, then you can certainly refuse their full-value insurance offer and seek your own from third parties who specialize in moving insurance. Getting an insurance from a third party may not only mean lower premiums, but you may be able to have an easier time claiming in case of damage.
Homeowners Insurance
Many types of homeowners insurance covers the items when you move. It’s important to check your insurance provider and perhaps if it’s not, ask them how much it would cost to add this to your policy. However, if you do make a claim, this could affect your entire homeowner’s policy, so think carefully before you do decide on this.