Do You Need to Get Moving Insurance for Every Kind of Move?

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Do You Need to Get Moving Insurance

Moving insurance, also known as valuation coverage, is an added expense that some people may choose to purchase when planning a move.

It is important to understand what moving insurance is and how it can protect you before deciding whether or not to invest in it.

When you hire a moving company, they will typically offer you a basic level of insurance coverage called “released value” coverage. This is included in the cost of the move and provides a minimal level of protection for your belongings. However, the coverage is limited, usually only covering 60 cents per pound per item.

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This means that if you have a 50-pound couch that is worth $1000 and it gets damaged during the move, the most you would be reimbursed is $30.

Moving insurance, on the other hand, provides much more comprehensive coverage. It can protect your belongings against a wide range of damages, including scratches, dents, and even total loss.

There are two main types of moving insurance: “full value” coverage and “replacement value” coverage. Full value coverage will reimburse you for the actual value of the lost or damaged item, while replacement value coverage will pay for the cost of replacing the item with a new one.

When deciding whether or not to purchase moving insurance, it is important to consider the value of your belongings and the likelihood of them getting damaged during the move. If you have a lot of expensive or sentimental items, such as antiques or family heirlooms, it may be worth investing in extra coverage.

Additionally, if you are moving long distance or across international borders, the risk of damage may be higher, making moving insurance a more valuable investment.

It’s also important to consider the reputation of the moving company you plan on using.

If you’re using a reputable, professional moving company with good customer reviews, the chances of anything going wrong during your move are less likely. And if something does go wrong, the company will likely do everything they can to make it right without you having to rely on insurance.

moving insurance

However, if you are moving on a budget, or if you only have a few items of minimal value, the added cost of moving insurance may not be worth it.

In this case, it may be more cost-effective to take the risk and rely on the basic coverage provided by the moving company.

In order to make the most informed decision, it is essential to thoroughly read and understand the terms and conditions of any moving insurance policy before purchasing it.

Make sure to carefully review the coverage limits and exclusions, and ask the moving company any questions you may have.

Overall, moving insurance can provide peace of mind and protection for your belongings during a move.

Whether or not to invest in it will depend on the value of your belongings and the risk of damage during the move. It’s always better to be safe than sorry, so if you’re unsure, it may be worth considering purchasing moving insurance to protect your valuables.