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When you’re preparing to move to a new home, one of the most important things to consider is protecting your belongings. Moving insurance provides coverage for damage, loss, or theft during the process—allowing you to rest assured that you’re financially covered in the event of any issues.
Whether you’re moving across the street or across the country, understanding the different types of insurance and how to choose the right one will help ensure your possessions are covered.
Before you choose the right coverage for your moving insurance, it’s important to understand the available options. Below are the categories of moving insurance to choose from before you embark on your relocation
Released value protection is the most basic type of insurance. This option is federally required to be included at no extra charge by moving companies. Under this coverage, the mover assumes a limited liability for your goods, meaning they do not cover the total value of the item. The compensation you’ll receive is generally 60 cents per pound per item. So, if a 10-pound item is damaged, the insurance would cover only $6.
This type of protection doesn’t cover the actual replacement cost of valuable items, which makes it more suitable for moves with low-value or non-fragile items. Although this option provides a cost-effective way to insure your items, it ultimately will not be helpful if you have highly valuable, fragile belongings.
Full value protection provides the highest level of coverage for your belongings and ensures your possessions are replaced or repaired to their original value. If an item is lost, damaged, or destroyed, the moving company is responsible for repairing, replacing, or compensating you for the full value of the item. This protection is ideal for high-value or delicate items, as you can feel confident knowing you will receive full compensation for its cost.
If you have high value collectible or antique items, be sure to get these items appraised by a professional before your relocation. Having the value in writing will allow you to receive the proper compensation in the event of loss or damage.
Third-party insurance is provided by independent insurance companies, not by the moving company itself. These policies often offer more flexible and comprehensive coverage than the standard options provided by moving companies. Depending on the provider, you may be able to customize the coverage, adding protection for items that the mover doesn’t cover, such as those with high value or special needs.
Having trouble deciding which type of insurance is best for your move? With the following steps, you can more confidently assess which option suits your needs.
Start by evaluating the value of your items. If you have expensive electronics, artwork, antiques, or collectibles, you may want to opt for full value protection or third-party insurance. For less valuable or fragile items, released value protection may offer enough coverage.
Review the coverage options offered by both the moving company and independent insurance providers. Compare the premiums, coverage limits, exclusions, and terms of each option. Third-party insurance providers may offer broader coverage for items like specialty or high-value possessions, making it a great option depending on your needs.
Before purchasing any insurance, it’s essential to read the fine print. Pay attention to any exclusions, such as whether certain high-risk items (e.g., jewelry, fine art) are covered. Understand how claims are processed and what documentation is needed to file a claim.
If you have renters or homeowners insurance, check with your insurer to see if it already provides coverage for your belongings during a move. Some policies offer limited moving protection, which could save you from purchasing additional insurance. However, the coverage may be minimal, so it’s essential to know exactly what’s included.
Once you have moving insurance, it’s important to understand the insurance claim process in the event of loss or damage. Although you should check directly with your insurance provider for details, the following steps offer a general overview of the process.
As soon as you notice damage or loss, take clear photographs of the affected items and make a detailed list. Documenting everything thoroughly will be vital for the claims process. If items are missing, make a list of what was packed and what is missing. If you created an inventory for your move, this can be extra helpful to check for missing items.
Contact the moving company immediately to report the issue. If you have third-party insurance, you’ll need to notify your insurer as well. Most moving companies will provide a claims form and instructions for submitting the necessary information.
Submit the claim to the moving company or insurer, along with supporting evidence such as photos, inventory lists, and receipts. Depending on the provider, they may ask for additional documentation, such as proof of value.
After filing the claim, keep in contact with the company or insurer to check on the status. It may take some time to process the claim, so be prepared for possible delays. If necessary, provide additional information to expedite the process.
With the proper knowledge, choosing the best insurance for your specific needs doesn’t have to feel complicated. By using the information provided in this guide, you can make informed decisions about the ideal option for your moving needs.
Looking for a trusted moving company to assist you with your upcoming relocation? Book with Coral Springs Moving & Storage, South Florida’s trusted movers since 1974. Our team of experienced moving professionals provides highly-rated moving, packing, and storage solutions in Florida and beyond. You can count on our relocation experts to provide top-tier services with care and attention to detail at every turn. Request a free quote online or call us today to learn more about our services and rates!
