If you are moving your home then to protect your belongings during transit and claim damages for the damaged items you must have moving insurance. However, before buying moving insurance you must know what moving insurance is. In this write up we are briefly discussing moving insurance tips, moving insurance reviews, and moving insurance cost to understand this concept more precisely.
Moving Insurance Tips
- – Moving insurance is an insurance cover that protects your belongings during transit when they are shifted from one location to the other on a truck or some other commercial vehicle.
- – This insurance cover will protect you from the losses caused due to accidents of the motor vehicle, fire, natural disasters, and theft during transit as anything can happen with anyone at any time.
- – This coverage can protect you while moving within the state, out of the state as well as internationally through the air, water, and land.
- – There are various types of moving policies from which you can choose according to your requirement and budget
- – You must have basic or full coverage for working with companies moving interstate.
- – You should keep in mind that though it is called moving insurance but any moving company cannot sell it.
- – You can buy moving insurance from an insurance company only
Normally three types of moving insurance policies are preferred by users including:
Basic coverage
This is the basic form of moving insurance which is also known as released value coverage as it protects you up to the value of the product declared by you.
Full valuation coverage
This coverage allows you to set a limit of liability for the moving company. It makes the company responsible for more than the basic value of the coverage.
Third-party insurance
This coverage normally opts for extremely valuable items for which even full coverage is not enough.
Moving Insurance Reviews
If you want to cover the risk of loss or damage of your household items during transit then moving insurance can be the right option for you. You will be protected from financial losses in the worst condition by providing you the complete value of your belongings just by spending a small part of the money on their moving insurance.
It is not enough to rely on free basic coverage if the value of your items is high. You must opt for full value or third party insurance coverage.
Things Covered by Moving Insurance Coverage
- – Normally moving insurance and moving coverage are misunderstood as the same. Moving insurance is provided by a third party like an insurance company whereas insurance coverage is provided by the moving company.
- – The coverage provided by the moving company covers the damages or losses, up to a limit of certain dollars, incurred when the covered items are in its possession and care.
- – The insurance provided by a third party covers the damages caused by the acts beyond the limit of liability of the moving company or beyond its control
Things Not Covered by the Moving Company
Some of the things are not covered under the basic and full value coverage. The company will not responsible for the safety of the items in which it is not involved directly like:
- – Items are not packed by the moving company
- – Goods are damaged due to natural disasters
- – The storage is not linked with moving company in which the goods are damaged
- – On the other hand, the damages in all of these circumstances are covered in third-party insurance.
Can My Move be Covered by My Existing Insurance?
A part of your move can be covered by your renter’s insurance, condo insurance, or homeowners insurance. You can know more in this regard by consulting your insurance company. They cover a move like:
- – Relocation insurance
- – Coverage for the items not present at home
- – Total loss coverage
- – Trip transit insurance
But, if you use your existing insurance to cover your move then if you make a claim your premium can increase in the future.
Moving Insurance Cost
The cost of moving insurance can depend upon the details ad type of coverage you buy.
- – The basic or released value protection coverage is usually free. But you should ensure it with your moving company while signing the agreement.
- – The cost of full value protection moving insurance is normally 1% of the estimated total cost of all the household goods under the care of moving company. Normally moving companies calculate it on the weight of the goods. For instance, if the total weight to be moved is 4,000 pounds and the value for each pound is assessed for $6 then the value of the entire shipment will be $24,000 and the cost of full value protection coverage will be $240.
- – The cost of third-party insurance can vary depending upon the type of policy and company. It can vary from 1% to 5% of the total value of the items under transit. Suppose the value if $5,000 and the rate is 3% then its cost will be $150.
How to Buy Moving Insurance?
According to federal law, every interstate move is covered with basic coverage. You can ask the moving company about the detail of its coverage, if you want to opt for comprehensive coverage, before signing the agreement. You can go for a third party moving insurance if you are not satisfied with the coverage provided by the moving company.
Moving insurance FAQs
What is the responsibility of the moving companies for damages?
Moving companies are responsible for damages to a limited extent. They are responsible for the damages of the items packed by them at your home as well as items lost or damaged during transit. But if they have not packed your items, items are damaged in storage not belonging to the company or by natural disasters then they will not be responsible.
Can my moving insurance be covered by my homeowner’s insurance?
It can in some cases. You should talk to your insurance company tom know more in this regard.
Can my move be covered under renters insurance?
The coverage provided by renters insurance is not enough. For full details, you should consult your insurance company.
What about my moving insurance if I am moving from the home of my parents to a new destination?
A part of your move can be covered by the policy of your parents if you were included in that while staying at the parent’s home. You should ask the insurance company or agent of your parents to know more in this regard.
