Conducting a smooth move is every person’s dream, at least every adult’s dream. The thing is, though, that despite structured packing, planning everything in advance, and double-checking down to the last tee, there is always the possibility that something might go wrong. An aspect of being human that we need to accept is that we simply can’t eliminate the probability of error, but what we certainly can do is have measures in place to work around it and address it when it does happen.
This is why having moving insurance is a must. Even if you hire the best people for the job, the fact remains that something could definitely go not as planned. Regardless of the reason, the only person being dealt with the short end of the stick in this situation is going to be you. Since it’s always better to prioritize caution over regret, we’re going to tell you everything you need to know about moving insurance.
Moving insurance: what is it and what does it cover?
The truth is that as first-time movers, a lot of us might not even be quite sure what moving insurance really is. In simpler terms, it’s an act of preservation in place to cover for any damage, theft, loss, or injury that might take place during a move. Since the main conductor of the moving process are the moving company you hire, insurance renders them liable to reimburse you and compensate you.
Of course, the extent and process of this compensation depends firsthand on what kind of insurance contract you decide on with the moving company during the hiring process. If the moving company doesn’t offer insurance (which is something you’d do best to be cautious about), you can always reach out to your own insurance to see if they cover moving related damages too.
Full value protection.
This is one of the several types of moving insurance that you’ll get from a moving company. This one might work best for you if you have a lot of valuables in your items and a lot of them could be prone to breakage. This renders the company fully liable of compensating you completely for any damage during the move. Basically, you’ll be getting a penny for a penny in terms of any kind of loss.
The mover can also avail the option of repairing the item for you, if its condition permits that. While this insurance option sounds quite impeccable for a move, the downside is that it is pretty expensive. There is also the matter of different movers offering different estimates for it. Only opt for full value protection when your items are pricey and easily breakable. Otherwise, there are yet other moving insurance options to pick from too.
Released value protection.
This insurance policy works if you’re on an extremely tight budget when moving. Companies offer this free of cost, but there’s a catch. You can only avail minimum compensation for the damage. This is minimum to the point where compensation for hundreds of dollars would fall to just a couple of bucks. The thing about released value protection is that it’s only the kind of insurance that’s better than nothing.
Released value protection focuses on compensation according to the weight of an item, and not the value. And you already know that the compensation it does offer for weight is incredibly minimal. The whole concept of released value is to consider the reimbursement of a damaged item outside of what its market value is. If you pick this type of moving insurance, you should be extra careful.
Expanded mover coverage.
This is the kind of insurance coverage that focus more on liability and valuation. This will involve a detailed process of valuation for either each object or a broader valuation that you can pick according to the weight of your entire shipment. The best part here is that it allows you the peace of mind of knowing that any of your items that might be damaged will be replaced exactly as they are and exactly in the condition they’re in.
Some movers also allow you to set an assessed value for every item. This way you can focus on the value items outside of their weight and it will also cost lesser because you won’t have to be paying large sums because of weight. This is the best option when you have valuable items that don’t weigh much.
Separate liability coverage.
This is the part where your insurance company or a third-party steps in to cover all issues relating to insurance during a move. Moving companies are technically not allowed to provide insurance on their own, or actually, sell insurance. They can make claims based on liability or, as just stated, include a third-party insurance seller to do this for them. In this type of coverage, released value is still a given on the part of the moving company.
However, the rest of the coverage falls into the hands of the insurance provider. It is still imperative that you go through their policies about this in detail, though. One of the biggest mistakes you can make is to assume that all damages will be covered down to the last dot. Read through the contract, policies, agreements, and even the fine print so there are no unpleasant surprises later on.
Here’s the verdict.
Do you need moving insurance? We say, you sure do! Moving is already risky and expensive as it is, and sustaining damage during it without any possibility of compensation is frustrating and unfair too. This is why it’s wise to always look into moving insurance or some kind of coverage based on what you can afford.
Remember that it’s always better to be safe than sorry and you deserve to have the peace of mind of knowing that the moving process is in good hands, but you have good moving insurance in place to manage any bumps along the way.