All you should know about moving insurance
First of all, you should choose the right International Moving Company to protect your belongings, but also, you should think of purchasing moving insurance. If you are hiring a professional mover, you will get very low basic insurance which is included in the moving costs. But you can also ask your mover about proper, advanced Moving Insurance policies that you should purchase to protect your valuables in case of damages sometimes out of control of yourself or the moving company.
So, let’s see now what you should know about moving insurance:
- Professional moving company insurance
- How to choose the right moving insurance?
- Things to remember when purchasing moving insurance
It is very important to think through which type of insurance is the best in order to protect your belongings.
Professional moving company insurance
Whether you are doing a local or international move, it’s always the best option to hire a professional moving company to assist you with your move. Every reputable professional moving company belong to International Moving Associations, offers International Moving Insurance, have years of experience in the moving industry and customers feedback.
Every professional moving company has a lot of moving services that they can provide. Some of those services are:
- Packing and Unpacking
- Truck and Transport
- Safety and Insurance
- Storage Units
If you are thinking of purchasing moving insurance from a moving company, you can choose between:
- Released Value Protection
- Full Value Protection (recommended)
In addition, if you are planning an office relocation, you should also think of getting insurance for your office items, too.
Ask your professional mover what kind of moving insurance is the best for you.
Released Value Protection
This is the most basic coverage that any professional mover will offer. Released value protection is a type of insurance that is included in the moving services and the moving company won’t charge extra for it. However, you should always ask what kind of coverage that is while you are negotiating with the moving company. This is a minimal coverage and it will be around 60 cents per pound per item.
Full Value Protection
Full value protection is a better moving insurance option but it costs more, and you will have to pay upfront for the premium. Choosing full value protection insurance means that you will prepare a valued inventory of the items you are Moving and have to pay a premium for that amount of coverage.
Your moving company has two options to cover the broken/lost item:
- Make a payout so you can repair the item
- Make a payout so you can buy a new one
How to choose the right moving insurance?
So now, let’s see how to choose the right moving insurance?
- Estimate how much your belongings are worth. – Make a list, take pictures and videos of everything you own. Determine how much your belongings are worth and then estimate the weight of your household items by finding a weight calculator online.
- Determine if the released value protection is sufficient. – Let’s say that your household items weigh 10,000 pounds. With released value protection you will get 60 cents per pound. So, you will be able to get 6,000 dollars for your goods. If your goods are not worth more than 6,000 dollars, released value protection is good enough for you.
- Decide if full value protection is worth getting. – If your items cost way more than what released value protection covers, you should seriously think about getting full value protection. Getting 6,000 dollars back won’t be enough for replacing an antique table or an expensive painting.
Estimate how much your belongings are worth and you will know what kind of insurance is for you.
Things to remember when purchasing moving insurance
However, it’s always up to you to decide what kind of Moving Insurance you want to purchase. You know how much your belongings are worth and what kind of insurance you will need to secure your items as much as possible. Here are some important things you should remember when you are going through the moving process:
- Moving insurance is a type of coverage valuation and it is not actually insurance, but it acts in the same way.
- Released value protection comes as a free service from the professional mover. It offers only minimal protection (60 cents per pound per item).
- Full value protection is a better way to secure your belongings. You will have to pay a premium upfront. In Asia, usually around 4% of the total value.
- Full value protection won’t automatically cover your extraordinary and valuable items. Those are the items worth 1000+ dollars. You will need to declare them separately, provide pictures, certificates, proof of value… to protect these kinds of items.
- You should choose the type of insurance based on the value of your household items. If you have a lot of antique items, get a full value protection insurance.
Those are the things you should know about your Moving Insurance! If you have some additional questions, please contact your mover. They will gladly help and give you the answers that you need! Have a good life and all the best!