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Moving Insurance

Moving insurance is divided into several categories, each to cover a different aspect of the industry. Every moving company is required to have cargo, liability and worker’s compensation insurance and is also required to provide free valuation coverage of your goods. Free valuation coverage differs from state to state and must appear on the moving company’s bill of lading, which you sign on the day of your move.

Cargo insurance covers your goods while they are in transit in cases of automobile accidents or other damage that occurs on the road and come handy especially in cross country moves.

Liability insurance covers any damage that occurs to your home whether in an apartment or a private home, and also covers damage to street signs, elevators, lawns and driveways. Any damage caused by the movers during the moving process or by the truck while in transit, is covered by liability insurance.

Workers compensation covers any injuries to employees of the company during the moving process. Be aware that, if a moving company does not offer worker’s compensation, you can be held responsible for injuries to workers including hospital charges and long term care.

Valuation coverage must be offered by all moving companies. Some companies offer only the minimum coverage required by state laws while other companies provide you with different coverage options and offer you the option of purchasing additional coverage. Most states require moving companies to offer you customer free valuation coverage at the rate of $0.60 per pound. A few states only require $0.30 per pound per article and you should check with your state to find out the going rate.

Free valuation coverage is very limited and will be inadequate to reimburse you in the case of extensive damage or loss of your goods. We recommend contacting your home insurance provider and finding out if they offer moving insurance. You can also, and in most cases they will be able to offer cheaper valuation coverage to meet with your requirements.

You may also choose to contact an online insurance company that specialized in insuring houses and businesses during the moving process. Coverage rates will vary widely depending on the type and volume of your goods needed to be insured, make sure to contact several insurance providers to find the best rates.

The last option is to purchase full coverage from us directly. We offer up to $250,000.00 valuation coverage at the rate of 1% off your total coverage. The minimum amount of the coverage required for your move measured by the volume of your belonging at the rate of $20 per Cu. Ft. Example: if your goods volume is 500 Cu. Ft, your total coverage to be is $10,000.00, and you will pay $100.00.

We will not, however, cover extraordinary items such as art collections, antiques, coin collections, oriental rugs, jewelry, or silverware. Look into the options provided by other insurance company’s and decide if you need to purchase additional insurance to cover your most expensive items.

Full coverage is often expensive but, if you are moving out of state or preparing to move a large number of expensive or highly valued goods, it may be worth your while to look into full valuation coverage.

“A good moving company is not the one that has no record of loss or damage, a good moving company is a company that accepts claims and processes them to the customer’s satisfaction.”

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