After hiring a mover for your upcoming move, one of the questions that the moving company will likely ask you is whether you wish to purchase an additional moving insurance policy to protect your items while moving. This may leave you with many questions and wondering whether this is something you need to purchase or not and whether you should buy it through the moving company or not. Here are a few questions you may have about moving insurance and the answers.
Do You Need to Buy Moving Insurance?
All legally operating, insured moving companies are required to carry and provide you with basic carrier liability, also sometimes called released value coverage. If you do not purchase any additional insurance, and something happens to your belongings during the move or transport, you will be reimbursed using basic carrier liability rates. Currently those rates are $0.60 per pound. Unfortunately, most of the time, this does not even come close to the value of the item that may end up lost or damaged.
When you purchase moving insurance, you can purchase a policy called full replacement value protection. If an item goes missing or is damaged, you receive the replacement value of the item. This is not how much you paid for the item, but rather how much it will cost to replace the item in its current state. For example, if your two year old television is damaged, you will receive the amount of money it will take to buy a two year old television that is the same model, type and brand as your old one. As such, it is highly recommended you buy moving insurance to ensure you can replace any items that are damaged or missing.
Should You Purchase Moving Insurance Through the Moving Company?
When you are looking to buy moving insurance, you can either buy it through a moving company or you can ask your home or renters insurance company if they offer moving policies. Take the time to compare the costs. Often times, people prefer to obtain insurance through their moving company to keep all of their costs bundled together or so they don't have to call various insurance companies for quotes. However, if you are looking to get the best deal, always take the time to price shop.
If you are looking to move soon, Ace Midwest Moving and Storage, serving the Minneapolis, St. Paul and Twin Cities Metro Area of Minnesota can help. We are a professional moving company specializing in home moving, apartment moving and condo moving. We also climate controlled and secure storage facilities. Give us a call today to obtain a rough estimate or schedule an appointment to obtain a more precise estimate for your move.
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