If you haven’t already thought about moving insurance, now is the time to do so.
What is Moving Insurance?
Moving insurance is a type of insurance that is designed to protect all of your belongings specifically during the move. Another way to look at it is that moving insurance protects your prized possessions during an odd time when they aren’t covered by your homeowners/renter’s insurance.
Is Moving Insurance a Good Idea
Moving is already an expensive undertaking. The last thing you want to do is add an additional expense to your already overtaxed budget. So, it’s reasonable to question whether or not moving insurance is really a worthwhile expense.
The first thing to consider is that legally, any properly licensed moving company is required to carry some insurance. The cost of this very basic insurance is built right into your moving quote. As a general rule of thumb, it comes to about $0.60 for the pound.
Great, since the moving company has moving insurance built into the cost of your move you don’t have to worry about it! Don’t act so quickly. The insurance provided by the insurance company is extremely basic, and it’s based entirely on the weight of an item. It doesn’t provide quite as much coverage as you might think.
The biggest issue with it is that it pays by the pound. When you sit down and figure out the actual value of your items compared to how much they weigh, you will find that the insurance won’t even make a dent in the cost of replacing the item. This is especially true when you start looking at electronics such as your computers and televisions.
Full Value Protection
At the end of the day, you’ll probably be happier with a full-value protection plan. The way these moving insurance plans are drafted, all of your items are protected at their full value. The problem with this insurance is that it can be expensive. If it’s more than you’re comfortable spending, you should look at the deductibles which can lower the policy price.
One thing to keep in mind is that the insurance will only cover items that are being moved by a professional moving company. If something happens to the items you’re transporting in your personal vehicle, they won’t be protected.
You should also ask the company that is covering the moving insurance policy how they will handle expensive items that could get damaged during the move, particularly if you have heirlooms or antiques. Depending on the value of these items, you may need to purchase a separate insurance rider to make sure they’re covered.
Contact us for a quote on a stress-free moving experience. You’ll be glad you did!