If you’re hiring a moving company to make your upcoming relocation easier, don’t assume bringing in the experts will ensure your belongings are safe from damage or loss. Accidents can happen, and that’s true whether you’re moving yourself or having the pros handle the job for you. That’s why moving insurance exists.

If you’re not sure whether you should invest in coverage for your move, our team at Ace Moving & Warehousing is here to help. Below, we’ve outlined what you need to know about moving insurance, the various levels of coverage you can get, and what you should consider to determine if purchasing insurance is right for you.

What Exactly Is Moving Insurance?

Moving insurance is a lot like auto insurance: it provides monetary reimbursement, item repair, or item replacement for any of your belongings that incur damage or get lost during your move.

While everyone would love to believe all of their things will make it to their destination intact, accidents happen, and it’s important to be prepared for them should they occur. You wouldn’t transport yourself around town without auto insurance, would you? The same idea applies to your relocation: Why let someone transport your things to another city, state, or country without some type of protection?

All Moving Companies Offer Basic Liability Coverage

By law, all moving companies must offer a basic level of liability coverage, which is referred to as released value protection. This level of coverage will reimburse you $0.60 per pound for any items that get lost or damaged during your move.

While this type of coverage comes standard with every move, it may not provide enough reimbursement for your needs, especially if you’re moving valuable or precious items. Think about it: If you have a family heirloom that weighs 20 pounds and it gets lost, are you okay with getting a mere $12 as reimbursement? Probably not.

Upgrading Your Insurance Coverage for Your Move: Plan Options

Because released value protection doesn’t really offer appreciable coverage for most items, most moving companies offer additional insurance options for purchase that provide higher-level coverage. Depending on your needs, it may be worth upgrading to one of the plans below:

●        Full value protection. This type of coverage provides reimbursement for the current market value of the item, pays for the item’s repair, or replaces the damaged or lost item with a similar item of comparable value.

●        Assessed value protection. This type of coverage provides a specific amount of reimbursement based on an item’s value. With this kind of insurance, you must get the value of the item assesses, and it must be stated in the bill of lading for the company to honor that reimbursement value.

If you upgrade to either of these plans, make sure you ask the moving company how they valuate items, especially those of extraordinary value. That way, you’ll know what to expect in terms of reimbursement should an accident happen.

What Do Valuation and Extraordinary Value Mean?

Valuation refers to the amount the moving company will be liable for should an item incur damage or get lost. Essentially, it’s the amount of money you stand to receive from the moving company in the event of item damage or loss.

Items of extraordinary value are any items that are worth more than $100 per pound of their weight. You’re responsible for notifying your movers of these items, and they must be identified in writing and listed on the bill of lading. Under full value protection, your moving company can limit its liability for damage or loss of these types of items. If you’re moving extremely high-value items, it’s probably in your best interest to purchase their-party insurance too. 

Opting for Third-Party Insurance

Additional liability coverage from a third-party insurer will provide you with reimbursement beyond what the coverage from your moving company provides. Your movers will pay up to $0.60 per pound for a damaged item, and the third-party liability coverage will reimburse the remainder of the item’s assessed value.

Depending on the type of third-party insurance you opt for, it can provide coverage for a variety of things, which may include:

●        Mold and mildew damage

●        Damage caused by natural disasters

●        Insect- or moth-related damage

●        Damage to one component of a set or collection of items

It’s important to note that many homeowner’s insurance policies offer some degree of moving coverage. If you own your home, it may be worth reviewing your policy to see what (if anything) you have.

Looking for a Reputable Twin Cities Moving Company? Contact Ace Moving & Warehousing

If you’re in the market for an honest, dependable moving company with a long track record of success, look no further than our team at Ace Moving & Warehousing! We specialize in local, intrastate, interstate, and international moves and offer a wide variety of moving services, including full packing, custom crating, storage solutions, custom move plans, and more.

To get started or learn more about how we can help you move, give us a call today at 763-755-2045 or request a quick moving quote online. We look forward to hearing from you!