Although there is only a small chance that something will go wrong with your belongings if you hire a reliable and professional moving company, it is always a good idea to have moving insurance whenever you are relocating. However, not so many people who want to relocate understand how exactly moving insurance works, and that can lead to many problems. In this article, we are going to tackle the question of moving insurance, how you can get one, and what you need to know when getting moving insurance. So, moving insurance explained – let’s begin explaining!
Moving insurance explained – what is it exactly?
First of all, moving insurance is not technically insurance. So, what it is? Moving companies offer their customers valuation. And this valuation works like insurance. Your moving company will ensure that you will be compensated if things go south. But, moving companies do not have the certification to give you insurance. They are not regulated by the federal government. This is why moving insurance is not technically real insurance, but it still functions like one. Ultimately, the moving company will compensate you.
So, what kinds of valuations exist?
All moving companies are obliged to offer their customers two types of insurances (valuations to be exact). Most professional moving companies will offer coverage options for both interstate and local moves.
It is important to know your options. If your moving company doesn’t repay you the amount you have chosen by selecting the valuation policy, you will be able to sue them on the basis of your valuation.
Full value protection
If some of your goods get damaged, the moving process can turn out to be quite depressing. This is why it is better to have the full protection of your goods.
This is the most complete evaluation. By choosing full value protection, your company will compensate for the full value of the things they are transporting.
However, full value protection is obviously more expensive than most valuations. since you have to pay a premium upfront. You will declare what you think your stuff is worth, per pound, and after that, you will pay a premium for that amount of coverage.
Most moving companies will offer their kind of full moving protection. This is why you have to look closely at what they offer, especially when it comes to protecting your goods in a local move.
Or you can choose to have released value protection
This is the most basic coverage on the market. There is a trick with this kind of coverage. Your moving company won’t charge you for released value protection. Still, you have to contractually agree and ask for coverage. This means that you have to ask your movers for released value protection.
Your moving company will only compensate you 60% per pound if things go wrong. It is free, but it only covers by weight. This means that if they damage your computer, they will only compensate 20-30 dollars, even though it costs much more.