There are many reasons that people move to new homes. Whether moving to another state for a new job or more temperate weather, or moving locally for a more suitable house or better neighborhood, moving can be stressful and expensive. When planning a move, most people have a lot on their minds and rarely spend time thinking about moving insurance.
Independent agents in the Trusted Choice® network can help you purchase full coverage for your belongings during your move. On moving day, you have enough to think about without having to spend time comparing policies and getting quotes. Contact an independent agent and make your move a little bit easier and a lot more secure.
Moving in the USA
- Approximately 1 in 6, or 40 million Americans, move to a new residence each year
- On average, Americans move 11.6 times in their lifetime
- Moving is considered the third most stressful life event, preceded by death of a loved one and divorce
What Is Moving Insurance?
Moving from one home to another involves navigating many challenges, and one of them is concern for the safe transport of your belongings. You can pack them as carefully as possible, but then if you hire a moving service, the care of your belongings is out of your hands.
Moving insurance provides protection against damage to your personal belongings and household items during a move to a new residence. This insurance coverage can be used to supplement the coverage provided by a moving company or to cover your belongings when you handle the move yourself. You can often purchase this insurance for a period of up to 90 days so that your belongings may be covered while in storage, if necessary, during your transition.
Aren’t My Items Already Covered?
Many people think that if their property is lost or damaged during a move that they are automatically covered by their homeowners insurance policy or, in the cases of corporate relocation, by the company that is handling the move. However, this is not always the case.
Often, homeowners insurance policies will not cover your belongings during a move, or will only provide limited coverage. Every homeowners insurance policy is different, so be sure to ask your insurance agent what your policy will cover.
Corporate relocations are usually handled through contracts with third-party vendors. It’s important to know that corporations rarely provide additional moving coverage. You will most likely have only the minimum coverage required by the moving companies and whatever coverage, if any, is offered by your homeowners policy.
Don’t Moving Companies Insure My Belongings?
Moving companies are required to provide released-value restitution for damages at a minimum rate of $0.30 per pound per item for local or intra-state moves, and at $0.60 per pound per item for interstate moves. This means that if your baby grand piano is destroyed in a moving mishap, the moving company might be responsible for only about $100, which clearly isn’t enough to cover your loss.
Most moving companies will allow you to purchase additional movers insurance coverage, known as full-value protection, to cover your belongings. Under this plan, your moving company will, at their discretion, repair, replace or provide a cash settlement for any items damaged in the move. This coverage is subject to a deductible and the costs vary by moving company.
Full value protection, however, has its limitations. Moving companies are permitted to limit their liability for damages to more expensive items, including anything with a value of at least $100 per pound such as electronics, jewelry and collectables. Also, if you decided to save money by packing your own items, the moving company may be released from liability for any damages that occur during transit.
What Does Moving Insurance Cover?
Moving insurance is a great alternative for those who do not feel comfortable with the limitations of their moving company’s full-value protection, and can be an especially wise choice for those who are handling a move on their own. Your friends may be great helpers, but chances are, they are not professional movers. If someone accidentally destroys a valuable item of yours, your moving coverage can save your friend from guilt, and you from frustration.
Moving insurance will typically cover any damages to your belongings that occur during the course of the move. This can include damage if an item is dropped while loading or destroyed while on the truck, as well as damage caused by forces of nature, such as a tornado or lightning strike. Most moving insurance policies will provide coverage for the actual depreciated value of your belongings, while some providers will allow you to pay more for replacement cost coverage.
Is Moving Insurance Expensive?
The costs of moving insurance can vary greatly depending on the total value of your belongings, whether you have done your own packing, your chosen deductible and several other coverage options. Many people find moving insurance to be comparable in price to the moving company’s full-value protection, but superior in terms of the comprehensiveness of the coverage.
An independent agent in the Trusted Choice network can help you evaluate your coverage needs and help you determine which options are best for you so that you can obtain comprehensive insurance for moving at the lowest possible price.
If you are doing your own packing for your move, the following tips can help to keep your valuable items secure:
- When possible, limit cartons to 50 pounds
- Use packing boxes that are sturdy and can be closed and sealed completely
- If you still have the original boxes and packaging that your electronics and fragile items came in, use them for packing.
- Cushion breakable items well on all sides with packaging material such as bubble wrap or Styrofoam.
- Clearly label all boxes that contain delicate items “Fragile,” “This End Up” or any other suitable notation.
- When possible, smaller, delicate items should be transported in your vehicle. If staying overnight in a hotel, store expensive items such as jewelry in the hotel safe.
How Can I Find a Great Deal on Movers Insurance?
If you are planning to relocate in the near future, speak with a Trusted Choice member agent before you start packing. One of these agents can help you assess your moving coverage needs and can use their relationships with several different insurance companies to find you a suitable policy at a competitive rate.
Your agent may even be able to find ways to save you money on your other insurance policies. Find a local independent agent in your neighborhood today who can provide the details you need to make an informed choice about moving insurance.