When you're planning a move, it's essential to consider the cost of moving insurance. Depending on the value of your possessions and the type of coverage you choose, the cost of moving insurance can range from 1 to 5% of your valuation estimate. The minimum coverage, called value released protection, is usually included in the moving contract. The next option is full value protection, which provides more comprehensive coverage.
Don't assume that your homeowners or renters insurance will cover every item in the household during the move. Value released protection and full value protection are provided by moving companies rather than insurers. If you only have coverage through your moving truck, anything stolen from your own car will have to go through your car insurance. Appraisal coverage is the amount of liability that your moving company is willing to accept if your belongings are damaged or lost during the move. In general, moving insurance covers any damage caused to household items during transportation (and possibly during storage).
It's important to take an inventory of your belongings before you move, not only to decide what type of insurance is best for you, but also to have a record of what you have, in case an item is lost. This will complement the coverage required by the moving company and will also cover items that you move yourself. Evaluate the value of your property and use that figure as a starting point when talking to the moving company about the coverage and cost of a third-party moving insurance policy. While you're not legally obligated to take out moving insurance, it might be a wise decision to invest in a policy if you're transporting high-value items, especially since coverage isn't very expensive. When it comes to protecting your belongings during a move, there are several types of moving insurance that you should consider. Value released protection is usually included in the moving contract and provides basic coverage for any damage caused to your items during transportation.
Full value protection offers more comprehensive coverage and may be worth investing in if you're transporting valuable items. Appraisal coverage is the amount of liability that your moving company is willing to accept if any of your belongings are damaged or lost during the move. It's important to take an inventory of all your belongings before you move so that you can decide which type of insurance is best for you. This will also help if any items are lost or damaged during the move as it will provide evidence for any claims you make. When talking to the moving company about insurance, use the value of your property as a starting point for deciding on coverage and cost. Although taking out moving insurance isn't mandatory, it's worth considering if you're transporting valuable items as it can provide peace of mind and financial protection in case anything goes wrong.
