When it comes to protecting your belongings during a move, there are two main types of coverage you can choose from: full value protection and released value protection. Full value protection is the most comprehensive option, but also the most expensive. It provides the moving company with two options in the event of loss, destruction or damage to any item during the move. This is also known as “total replacement value”.
The moving company, not the consumer, decides how the modifications to the property will be made. Discounted moving insurance may not be enough to protect your belongings, so moving companies usually offer full value protection for an additional fee. With this type of coverage, the moving company is responsible for the full replacement value of any lost or damaged items in their shipment. The cost of comprehensive protection coverage may vary depending on the moving company and the deductible you select.
Basic coverage or released value protection is usually free with your moving contract. This type of coverage requires the moving company to be responsible for protecting the published value of 60 cents per pound, but this additional insurance policy will cover any losses up to the limits of the policy. If you're moving to another state, moving companies are required by federal law to offer both types of coverage. Adding moving insurance to published value protection can offer you the best coverage in case of unexpected events or damage. When it comes to understanding the difference between full value protection and released value protection, it's important to know what each type of coverage entails.
Full value protection provides you with a more comprehensive coverage option that covers all losses up to the limits of your policy. This type of coverage is more expensive than released value protection, but it offers more peace of mind knowing that your belongings are fully protected in case of any unexpected events or damage. Released value protection is a basic form of coverage that requires the moving company to be responsible for protecting the published value of 60 cents per pound. This type of coverage is usually free with your moving contract and provides some level of protection in case of any losses or damages. However, it's important to note that this type of coverage does not provide full replacement value for any lost or damaged items. When deciding which type of coverage is best for you, it's important to consider your budget and what level of protection you need for your belongings.
If you're looking for a more comprehensive option that offers full replacement value for any lost or damaged items, then full value protection may be a better choice for you. However, if you're looking for a more affordable option that still provides some level of protection, then released value protection may be a better choice. No matter which type of coverage you choose, it's important to make sure that you understand all terms and conditions before signing any contracts with a moving company. Knowing what type of coverage you have and what it covers can help ensure that your belongings are fully protected during your move.
