Skip to main content

The Ins and Outs of Moving Insurance

By May 19, 2016Blog

Moving can be exciting as well as frustrating. One way to take the headache out of moving is to make sure you have proper moving insurance. Read on to learn about the different types of moving insurance and other beneficial facts.

Do I Need Moving Insurance?

When it is time to pack up and move, a lot of people wonder if they need moving insurance. Many people opt out of getting moving insurance because they view it as an extra expense they can afford to do without, but do you really need it?

The answer is yes. It is in your best interest to purchase moving insurance. Whether you are moving across the country, state or town, it is in your best interest to secure your items in the event they are damaged. In this situation, it is always better to be safe than sorry. The moving company of your choice may have excellent reviews and outstanding service, but take into consideration that accidents occur. Without moving insurance, you are stuck with damaged goods. At least with moving insurance, you can be reimbursed fully or partially for damages to your items, and you can avoid an unexpected expense during your move.

Types of Moving Insurance

There are three types of moving insurance, including:

  • Full value
  • Released value
  • Third-Party

Full Value Insurance – This is the most comprehensive type of insurance, and covers everything you are moving. Although it is the most expensive type of moving coverage, it is the most comprehensive. Full value insurance gives you peace of mind while moving your belongings. In the event your belongings and valuables are damaged or stolen, the mover of your choice may offer to make the needed repairs or reimburse you in cash for damages. Each moving company may offer full value insurance, but the price of these services may vary.

Released Value Insurance – This is the most common coverage plan because it is the most affordable for the services offered. Released value insurance makes movers responsible for up to 60 percent of moving damages. Not too many people pay attention to this because when you do the math, 20 cents per broken item or per pound is not a huge win, but if you are not moving a lot of items, you could come out on top of the situation.

Third-Party Insurance – If you are looking to get more out of the deal, third-party insurance may benefit you. This type of insurance can be added on to any current moving insurance you have. In addition to the moving insurance you have, movers will be responsible for 60 cents per pound if damages are made during the move. Third-party insurance must be purchased separately from your current moving insurance. If you purchase this insurance through a mover, make sure you have a written statement of the insurance and services to avoid potential issues in the future.

There are many different ways you can cut the cost of moving, but cutting corners with moving insurance is not one of them. Moving insurance is similar to insurance for a vehicle. You don’t get into your car expecting an accident, but in the event you are involved in one, you are covered. It’s the same way with moving insurance. You should always be prepared.

It is good to seek the advice of your agent should there be any questions or concerns. To learn more about Ramey King, what we do and how our services can be of benefit to you, give us a call today. You can reach a Ramey King Insurance agent at 800-453-9691, by emailing info@rameyking.com or by filling out the quick and easy form on this page. We look forward to hearing from you!