When your contents are in your home, you wouldn’t dream of not insuring them. But what about when a bunch of guys cram them into a moving van? Moving insurance is just as important as insuring your contents on your homeowners or renters insurance policy.
The law requires moving companies to offer coverage for out-of-state moves. Your moving estimate usually includes released value protection, which is set at no more than 60 cents per pound. This means your $1,000 camera may only get you a little over $1 in compensation if something were to happen.
Although the released value protection is no extra cost, you may also consider full value protection, which will replace or repair any damaged or lost items at their full value; however, there may be limits on items of a high value that don’t weigh much, such as jewelry, furs or some antiques. Ask your moving company for more information on the types of coverage it provides. The cost of this of insurance is set by the moving company and may include deductibles.
Some homeowners insurance policies may include coverage for your contents. Check your policy, and if it covers the move, you may want to opt for the released value protection. The moving company will be responsible for the 60 cents per pound, but your insurance company will take care of the rest.
If your homeowners policy doesn’t include coverage, consider another third party insurance carrier. Relocation insurance will cover anything the basic released value protection doesn’t.
The law states you have nine months from the date of delivery in which to file a written claim with your moving company. Check over any documents of delivery before you sing to make sure there is nothing stating it releases the moving company from any liability.
For instate moves, each state varies on the regulations and requirements of moving companies to offer insurance. Check the Federal Motor Carrier Safety Administration‘s website (http://www.protectyourmove.gov/related-sites/state-search.htm) to see what your state requires of moving companies.
There are some things you can do to avoid limiting your moving company’s liability:
- Disclose any hazardous materials to your moving company.
- Packing boxes yourself may lower the cost of moving; however, it may limit your compensation if you have a claim.
- Remember to tell your moving company if you have something of high value.
- Obtaining insurance without sufficient coverage for the value of your belongings could be a costly mistake.
With the right insurance coverage, you can feel secure that your belongings will either arrive safely or you will receive compensation for any loss, theft or damage.