MOVING INSURANCE

 

• Moving Insurance  

The chance to successfully collect on a claim after a move is one in three. The standard for basic liability insurance is about $.30 to $.60 per pound per item, so if an item weighs 50 pounds the mover’s liability is $30 on that item.

Insurance Coverage options:

Full replacement value
This type of coverage includes lost, damaged, and destroyed property. The coverage will pay for the repair or replacement of the item(s). Usually there is a minimum coverage amount and applicable deductibles.

 

Released value
the mover assumes liability for no more than 60 cents per pound per article. For example, if your mover lost or damaged a 10-pound stereo component valued at $1,000, you would only receive $6.00 in compensation (60 cents x 10 pounds). There is no additional charge for Released Value

 

Declared value
This is the value you need to declare for the household items you’re moving. Your insurance will be based on this amount so make sure you assign proper values to all your goods.

 

Lump sum value (Available on Interstate moving services only)
The total coverage amount is determined when you, the assured, place a lump sum value on all of your goods to be insured, reflecting a minimum of $8.00 times the total weight of the shipment. Any items individually valued at $500 or more need to be listed separately in order to be covered at their specific replacement value. Items under $500 do not need to be listed to be covered.

 

Additional moving insurance
You may already be covered for a move under your home insurance policy or have the opportunity to pay a premium for short-term coverage. Otherwise, you can purchase extra insurance from the moving company who may offer a deal from third party insurance provider