Mover’s Insurance: Do You Need It?
Whether you’re hiring a moving company or doing the heavy lifting yourself, there’s a risk factor that goes along with any move. The risk of dropping to breaking something as you load it into the truck, the risk of items getting lost in transit, or the risk of theft or an accident. Though there’s a good chance your move will go off without a hitch, and without any of these incidences, the inherent unpredictability factor means that most people who relocate purchase some sort of mover’s insurance. The amount and level of protection you’ll need will vary depending on the value of your items, and how much risk you feel you can handle. Here’s a look at some of the most common mover’s insurance options to help you choose which plan is right for you.
Released Value Protection
Purchasing insurance through your moving company is often the easiest route to getting your belongings insured. If you’re moving to a different state, your mover will offer you something called released value protection, which is automatically included in your moving quote. Released value protection insures your belongings at a standard rate of $.60 per pound — which means whether it’s a box of generic ceramic dishware, or your grandmother’s heirloom china that gets broken in transit, the insurance coverage will be the same.
Full Value Protection
Full value protection can also be purchased through and arranged by your moving company, except it’s an additional cost added on top of your moving quote. Full value protection insurance offers 100 percent coverage at a value determined by the consumer. So, for example, if you think you can replace everything in your home for $10,000, you can purchase $10,000 worth of coverage. Full value insurance typically costs about 1 percent of the coverage amount — so a $10,000 policy would average around $100. Note that many moving companies will also assume a maximum per pound liability for your items (usually around $100-$200 per pound), so be sure to check the specifics if you’re moving any particularly expensive or high-value items.
You can also purchase mover’s insurance through a third-party, typically through the same company that offers your homeowners insurance. These policies are often structured in a similar manner to full-value protection, though you can also purchase plans that insure your belongings at a per-pound rate. Another important consideration to note: It’s a good idea to check your homeowner’s insurance policy to see what, if any, coverage is already offered through your plan. Many homeowner’s insurance policies will cover damage of items within the home (say, if you accidentally drop your television down the stairs).
At Orange Movers, we do our best to ensure you’ll never need to use a mover’s insurance policy. Our expert staff has decades of experience and a well-deserved reputation for handling relocations with the utmost in care. To learn more about our services in the Florida area, get in touch with us today.