If you are planning to move with National Movers, you can take advantage of moving insurance, which covers damages caused to your household goods during the moving process. But it may become confusing once you start looking for a provider and find out all the different types of coverage available. This article will help you understand the different types of moving insurance. That way, you can determine what coverage is right for your move when you hire a moving company.
Moving insurance typically covers the cost of moving your items and any damages they might incur while in transit. This includes lost or damaged property, damage to your new home, and even expenses related to replacing locks and keys if yours are missing or compromised.
It’s important to note that moving insurance is not the same as homeowners' or renters' insurance. Homeowners' and renters' insurance protects your belongings against damage from fire and other natural disasters, but it does not cover damages caused by moving them from one place to another. Many people mistakenly think their homeowner's or renters’ insurance policy will cover them for moving-related expenses, but that’s not the case — it only covers damages within the home itself.
There are two main types of moving insurance: Full Value Protection and Released Value Protection. Both provide different levels of protection for your belongings during transit; each has pros and cons.
Full Value Protection means that if something is damaged or lost during your move, you’ll be reimbursed for the full amount of what it cost when you purchased it, even if the item depreciates over time. This is the most comprehensive level of coverage, but it also comes at a higher cost than released value insurance.
Released Value Coverage means that if something is damaged or lost during your move, you’ll be reimbursed for what it would cost to replace it today — regardless of its original value. This level of coverage has lower premiums than full-value protection, but there are limits on what can be reimbursed under this type of policy.
Moving companies typically offer third-party liability coverage as part of their moving services. Third-party liability coverage protects you if someone else is injured while handling your belongings during the move. It also protects you if someone is injured because of any damage caused by your possessions while they are in transit.
If you want separate liability coverage, you can purchase it from an insurance carrier or broker. This type of liability coverage gives you access to a larger variety of policies than what a moving company offers. However, it will likely cost more than movers normally charge for this coverage.
Moving insurance usually covers only goods being moved by a professional mover or moving company. It doesn’t cover the personal property inside your home you decide to move, even if you hire someone else to transport it. This means that unless you have full replacement coverage, you won’t be covered for damage caused by movers who aren’t insured by your policy — even if their negligence caused the damage.
In the end, moving insurance is quite helpful. It can protect your belongings against accidental loss (either during transit or in storage) and compensate you for damaged or lost things. Furthermore, moving insurance is typically reasonably inexpensive. Ultimately, it's up to you to decide which moving insurance option is right for you when you partner with local movers. The best thing you can do to protect yourself is to clearly understand what each option offers and what it doesn't so that you can make the best decision based on your needs.