Moving coverage and insurance is essential and a great way to ease your anxieties while entrusting strangers with your belongings, especially on a long trek where you’ll be apart from your things for an extended period. While moving companies do their best to deliver items on time and damage-free, accidents do happen. For more information on this and other types of moving coverage, read our blog about moving insurance. However, it’s important to note that moving companies do not cover some items.
What is not Covered?
Anything your moving company is not responsible for anything they are not directly involved in. Even if they are moving the items, if they didn’t pack them, then the coverage is void. You are responsible for everything you choose to pack yourself. Other items not covered by your Utah moving company include:
- Damage from natural disasters
- Items damaged in storage that the moving company is not associated with
Only third-party insurance companies cover the above circumstances.
Should I Opt for Moving Insurance?
For an interstate move, your moving company will supply basic coverage. They have to offer it to meet federal requirements. However, unforeseen circumstances may lead to damage, theft, or loss of your items, so you may decide to play it safe and purchase more coverage. You can buy full-coverage protection through your moving company. You’ll pay a small fraction of the total value of your items, which will protect you financially in case of an unfortunate scenario.
If you’re moving out of state, we recommend the full-coverage option. It may be best to purchase third-party insurance for your highest-value items. It will give you peace of mind and protection against the unknown.
Moving insurance Cost
The cost of moving insurance can vary based on the following:
- Type of Coverage
- Details of the coverage
- Location
Basic Coverage Cost
The primary coverage offered by your moving company should be free. The cost is usually worked into your estimated rate. You’ll sign a contract agreeing to it.
Full-Value Protection Cost
It’s standard to pay around 1% of the total estimated cost of your household items. Here’s the basic process of calculating the cost of full-value protection in most cases:
- Your moving company weighs your items. Let’s say the total weight is 5,000 pounds.
- The company then estimates a value for each pound. The standard is usually around $6. Using our example, the moving company would put a value of $30,000 on a 5,000-pound load.
- The amount you pay for the coverage is around 1% of the total value. Using our example, you’d pay 1% of $30,000. So you’d pay $300.
Third-Party Insurance Cost
Your total cost when opting for third-party insurance can vary significantly based on the company and policy type. However, a good ballpark is from 1% to 5% of the total valuation. If your total valuation were $5,000 at a 3% rate, you’d wind up paying $150.
Does Homeowners Insurance Cover a Move?
If you have homeowner’s insurance, you may wonder if it covers any part of your move. That’s a question for your insurance company. It never hurts to ask. Some insurance companies will offer:
- Total loss insurance
- Trip transit insurance
- Relocation coverage
- Coverage for items outside the home
The only downside to using your current insurance is that if something does happen to your furniture and you file a claim, your premiums could go way up. Talk to your insurance company and gather all the information before relying on that alone.
How to Obtain Movers Insurance
All interstate moving companies in Utah must offer basic coverage under federal law. If you need more than the basic coverage option, ask your moving company for details on upgrading to full-service protection. A trusted and legitimate company will give you a breakdown of costs and policies and ensure you understand them before signing a contract. If you still feel that your moving company doesn’t offer enough coverage for those diamonds and high-end artwork that has been passed down for generations, reach out to a third-party insurance company.
As a professional moving company, we’ve seen it all, and we know that even with the most trusted and efficient movers and packers, things still happen when you least expect them. Moving coverage is there to avoid absolute devastation if something does go wrong. It is to protect you financially. If you can afford to upgrade to full-service coverage or third-party insurance, we recommend doing so. In our experience, paying a small fraction of your items’ value is well worth it when disaster strikes. Or if you want to take your chances and stick with the basic coverage, that’s your call. We know that life likes to throw curve balls, and being prepared and insured helps to soften the blow.