Purchasing Moving Insurance

Most people understand why they need to insure the primary residence and vehicles they drive. Many people don’t realize how important moving insurance is when it comes to protecting their goods while they are in transit to their new destination. I’ll try to address the main concerns and answer most of the questions.

Many people believe they are covered by their mover. Your items are not automatically covered by your transport service providers, whether they be a mobile storage depot, a moving company, or a rental truck agency. You can expect $0.30 to $0.60 per pound depending on whether your cargo is being transported in the state or nationally. This financial obligation can be as low as 10 cents per lb for leased trucks or mobile storage. Although many suppliers offer valuation coverage, it does not provide the same protection as moving insurance. It is often more expensive.

Most homeowner’s policies do not cover household goods used for relocation purposes. Check with your agent to see if your renters or homeowner policy covers your goods during transit. You’ll often find that your goods are covered against damage while the movers are at your home or apartment packing stuff. However, this does not apply to the time the goods are under the movers’ care.

There are many things to consider when buying moving insurance.

1. Insurance provides protection against “Acts of God” (e.g. overflows, twisters, lightning strikes, etc.) You will be covered for the replacement cost of goods listed on your declaration.

2. You agree to all terms and conditions of the insurance contract when you rely upon the coverage provided by the vendor. You are purchasing genuine moving insurance and you are getting the service from an independent third-party insurance underwriter.

3. All Risk insurance options allow for Full Replacement Value coverage. This means that it will cover the replacement cost of damaged or lost goods. Any other type of insurance will only pay the Actual Cash Value of the items. This is the value of the item in its current cash form. Total Loss insurance will cover the insured amount less the deductible. The carriers offer limited coverage, so they won’t provide full compensation.

4. Your household items will be covered for up to ninety-days while they are in transit or stored. This includes when the items are transferred by subcontractors. You can also extend your coverage by purchasing a storage extension. This will ensure that your coverage doesn’t expire while your items are in storage.

5. As proof of your coverage, you will receive a genuine Certificate of Insurance from an insurance underwriter once you have purchased moving insurance.

A certificate of insurance is a written document that contains the information you provided on your insurance application and the terms and condition you have accepted for your coverage. The certificate usually contains your purchaser ID number as well as the certificate number issued to you by the insurance company. This is your proof that you have insurance coverage.

It is equally important to protect your assets during a relocation. Moving service providers offer very limited coverage and should be avoided. Instead, get full coverage from an independent specialist in moving insurance.