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Why Purchase Movers Insurance?
Moving can be a very stressful time with many final details that need to be completed. By purchasing mover’s insurance you will be able to relax a bit. Mover’s insurance insures your belongings in case of loss or damage while being moved.
You may ask yourself, isn’t the moving company responsible for the goods while in their possession? The answer is no. For local or in-state moves the moving company is responsible for a minimum of $.30 per pound per item or $.60 per pound per item for an interstate or international move. The moving company will not pay for any loss or damages unless additional coverage is purchased ahead of time.
Moving companies usually automatically provide valuation, which is not insurance, but a predetermined limit of liability stated on the moving contract. There are three types of valuation that a moving company may provide. First, declared value is when the value of your possessions is determined by the total weight multiplied by a predetermined amount per pound. Second, a lump sum or assessed value is when your possessions may not weigh much, but are valuable. In this case, you can purchase insurance for a specific amount per $1,000 of value. Lastly, full value protection is where lost, damaged, or destroyed property is covered. In this case, the coverage will pay for the replacement or repair of the property, but usually there is a minimum coverage amount.
By being aware of the type of coverage your mover is providing you with, you will be able to decide whether or not to purchase additional mover’s insurance.
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