If you've hired an interstate or long-distance moving professional, these companies often include full value protection in their initial moving quote. Of course, you can choose to forgo that coverage (and at your expense) and keep the standard rating, which offers minimal protection but is free. The cost of moving insurance will depend on key factors, such as the value of your belongings and the type of coverage you choose. The more coverage you have, the more you have to pay.
As we explain below, minimum coverage, called protection of the value released, is usually included in your moving contract. The next option, after the value released, is moving insurance with full coverage. If you choose, expect to pay around 1% of the total estimated value of your personal belongings. The cost of moving insurance purchased from an outside insurer can range from 1% to 5% of your estimated valuation.
For short-distance moves with few valuable items, your current insurance may be sufficient. Moving insurance is often worthwhile when it comes to long-distance moves or when transporting valuable items. Ensure that you are financially protected against any potential loss. When the moving company gives you a detailed budget, you should be able to see the full value of the cost of protection as a starting point.
As we've mentioned, your moving company will offer you valuation options, but this isn't technically moving insurance. If the company doesn't offer you the option to split up, keep in mind that the combined prices cost a little more and are worth the extra money. The decision to invest in moving insurance depends on several factors, such as the distance you're moving, the value of your belongings, and your tolerance for risk. Call your current home insurance provider if you think you can get better coverage depending on the type of moving service.
As it seems, protection at all costs puts your moving company responsible for the full cost of replacing broken or lost items. Finally, you can take out third-party moving insurance through the moving company or an insurance provider. Add moving insurance to the list of things you didn't know (such as how to hire a moving company) until it was time to move. Moving experts recommend contacting your moving insurance company (yours or your moving company's) to verify your coverage options.
The distance you're moving, the total value of your belongings, the type of coverage you choose, and the insurance company's rates all influence the cost. The most important consideration when deciding whether or not to buy moving insurance is the value of the items you are moving. Some customers said they had paid hundreds of dollars for insurance, but they didn't have support or coverage when they had to file a claim. Without moving insurance, you will be responsible for any damage to the rented equipment or your belongings.
When you book your rental moving truck, you'll have the opportunity to take out insurance, either piece by piece or in a package. Otherwise, you may be able to add travel, transit, or other form of moving insurance to your policy.