When you hire movers to help you pack, load or transport your belongings, the moving company is required to ask you if you would like to purchase supplemental moving insurance. However, since most of us do not move frequently, we may not know what this is and whether it is something that should be purchased. Getting answers to the questions you have will help you to better determine if this is something you need.
Aren't Movers Required to Cover Your Belongings When They Are In Their Possession?
By law, movers are required to carry moving insurance. The type of moving insurance they are required to carry is called released value protection, also referred to as basic coverage. This type of insurance will only reimburse you $0.60 per pound for your damaged or missing belongings. This is typically not anywhere close to the value of most items, which is where supplemental insurance comes in.
Do You Have to Purchase Supplemental Moving Insurance?
You do not have to purchase any supplemental moving insurance. However, if you decline, you will only be covered under the released value protection insurance. Most electronics, furniture, and heirlooms are valued at a price higher than the $0.60 per pound would cover. Supplemental insurance offers you the value of your item, rather than a flat per pound rate. This helps to ensure you are properly compensated and can replace those items should they become damaged or go missing during your move.
Can You Obtain Supplemental Moving Insurance Only Through Moving Companies?
Many insurance companies offer moving insurance. You can contact the insurance company you have your car and/or home insurance through to find out if they offer it or search online to see who offers it. However, due to the amount of business that moving companies do, they often offer the most reasonable rates for moving insurance. But you should always take the time to shop around if you are on a tight budget and looking for the best deal on moving insurance.
If you are preparing to move and need to hire a moving company in the greater Minneapolis, St. Paul and Twin Cities metro areas of Minnesota, let Ace Midwest Moving and Storage help. We offer home, apartment and condo moving, packing services and climate controlled and secure storage facilities. We offer free estimates and can help you decide which moving services best meet your needs. Call us today and let us help your move go smoothly.