Moving Insurance—Why You Should Have It

Moving on Monday

You've done your homework and hired the best mover based on recommendations and reviews. You trust them to pack your belongings onto their truck and drive away with it, confident it will arrive at your new home safe and sound. In most cases, it will. However, at times there are accidents and emergencies, usually through no fault of the drivers. It may be extreme weather or another driver's poor judgment.

This is when insurance is so important. This is also not the time to wonder whether or not you have enough coverage on your belongings. The time to review this is when you sign the contract with your moving company.

All companies offer basic coverage at $0.60 per pound. They will pay you $0.60/pound for every possession on their truck, from dominoes to diamonds. That isn't much of something should happen. So companies also offer full value protection at a cost of approximately one percent of the value of the items.

How they reimburse you is up to them. They will either repair the broken items or replace them. For older items, you will be reimbursed the fair market value, which will not cover the cost of a new item. Finally, moving companies are not obligated to reimburse you for anything valued at over $100/pound unless it is itemized in an inventory list and submitted to the moving company.

If you feel this is still not enough coverage, you can ask the mover if they have other valuation options. Also, look into your homeowner's policy to see what they would cover in the event of an emergency.

Some of your belongings are irreplaceable. Consider taking those items with you in your car or on the plane, if possible.

Safe journey!