Should You Purchase Moving Insurance?

When it comes time to move out of your house or apartment, there are many questions and concerns you may have. It is undoubtedly a stressful time filled with bumps and hurdles that can make the process frustrating, when really it should be a time of excitement for a fresh start, somewhere new. The idea of hiring a moving company to perform your move might seem like a no-brainer. No heavy lifting for you and the convenience of moving according to your schedule. However, one question may cross your mind in the process: What happens if some of my items become damaged during my move? We all try to prevent accidents and damage when moving ourselves and we expect the companies we hire to do the same. It must be taken into consideration that even when we do our best to minimize damage, it can still happen. You are then left with the ultimate dilemma: Where do you go from here? What is your next move?

This situation can be remedied by purchasing moving insurance before your move. Most people probably do not know that there is such a thing. They’ve heard of car insurance, health insurance, but moving insurance? It seems unneeded for an event so temporary, but there are valid reasons to insure your household goods.

Most moving companies will offer what is called valuation coverage, which is Federally regulated and a level of liability that the mover will assume on damage that is proven to be directly caused by them. It is important to know that valuation coverage is not insurance, and that moving companies are prohibited from selling you insurance. As much as moving companies would like to be able to make sure your household goods are covered, they are not allowed to offer you anything other than valuation coverage. Valuation coverage is the bare minimum the moving company will pay, and often ranges from $.30 to $.60 per pound per article, depending on the state. Additional moving insurance will include a premium that can cover the total value of your items, including in the event of item loss due to an “Act of God,” such as tornadoes, lighting strikes, as well as if there is a fire. The valuation coverage a moving company offers does not cover “Acts of God.”

When you are dealing with household goods that have value to you, doesn’t it seem logical that you would protect them from harm, should it occur? People tend to put off insurance purchases for the very reason of “It won’t happen to me!”Thinking they won’t get sick, won’t get into a car accident, that their apartment won’t catch on fire. Reality has shown time and time again that nature, the laws of physics, and human error do not discriminate. It is to your advantage to make sure your household items that you have worked hard to purchase are fully protected.

Premiums from these third party insurance companies vary widely, but a small search will show that there are options available for any budget and any size move. There are even premium plans that will help cover more expensive items, such as fine artwork or jewelry. It is important to read your policy carefully before purchasing it to see if it fits your type of move. For instance, some companies do not offer insurance if you are moving your household goods into storage. Some companies will require you to have a minimum policy value of $10,000. It is important to make sure you itemize everything and choose a policy that will cover everything you will be moving.

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