Moving? Don’t Forget to Pack Your Moving Insurance

 

Your belongings are boxed. Your closing is scheduled. You’ve filed dozens of change-of-address forms. What’s left to do for your move?

Have you thought about moving insurance? If you’re hiring professional movers, you may assume you’re covered. This might not be the case. All moving companies are liable for the property they transport. However, their basic liability falls under either “full value” or “released value.” If you pay the extra cost for “full value,” the mover has to repair, replace, or pay for any damaged items. Under “released value” obligations, the mover only has to pay 60 cents per pound per item. If they damage your solid wood bedroom set, those cents won’t add up for you.

Some moving companies offer insurance policies. These work like most coverages: you pay the premium up front as well as a deductible for any claims. If the price seems fair, this policy may be worthwhile. However, check your state regulations to ensure it’s legit. Not all states allow moving companies to sell insurance policies, and it’s not unheard of for moving companies to sell bogus coverage.

The better option may be to obtain your own coverage through your insurance provider. Your homeowners’ policy may include move coverage, or you may need to add it for a small additional premium. If you need a separate policy, rates are usually based on the value of your possessions.

Is it worth the cost? The answer may depend on how trustworthy your movers are. And how much you care about your belongings.