When many people are planning their moves, the only thing they think about is moving company to move their belonging to their new home. Have you ever imagine a nightmare when you stuff your belongings into a truck, knocked and wave goodbye to them as it headed to a new location; only to wonder if you will see them again or if you ever see them, in what shape? Relocating to a new home should be an exciting moment as it represents a new beginning in your life but sometimes, leaving your hard-earned properties to a total stranger can be worrisome.
There is no way to help the situation, as you cannot move your home yourself; though some people do use the Do-it-yourself option, they must still hire a truck to convey their possessions.
Luckily, there is a way to this. You can actually hire a mover or truck to move your home and still have peace of mind that your belongings are safe without loss or damage. Moving Insurance is the answer to this. There is a difference between a moving company and moving insurance. The two services perform different functions but work hand-in-hand.
The same way you hire health insurance to cover your personal health, moving insurance can also be hired to safeguard your belongings and offer you an exclusive package, should in case anything happens during your move. With moving insurance, you can sleep at night; hope to see your properties delivered safely. The question is who is the best and reliable moving insurance to hire? This post aims to review top moving insurance companies you can consider for your move. Let’s start with the meaning of moving insurance and it covers for more understanding.
What is Moving Insurance and what does it cover?
Moving insurance can be described as a coverage provision to protect household items and belongings from damage during a move. Moving items from one place to other undergoes many unforeseen challenges which must be planned for during the course of planning your move. No matter how you pack your belongings, once your hired mover is in charge of them, the care is completely out of your control. You can only rely on insurance coverage should anything happens – which no one prays for.
While most moving companies provide partial coverage, insurance coverage will supplement movers’ coverage and make it comprehensive. With moving insurance, you have nothing to fear. Especially, when you are handling your move yourself, moving insurance is essential to protect your belongings even up to 90 days.
Moving insurance is an excellent option for those who value their belongings during a move and are not at ease with the limitations offered by mover’s insurance coverage. It is good to trust your mover as there are competent and reliable moving companies, but you never can tell what may happen in the courses of haulage or transporting your belongings to your new home. Moving insurance is designed to cover typical losses or damages to your household items that happen during your move. Typical damages covered by moving insurance include damage occurred while loading or unloading the truck, and damage due to forces of nature like lightning or tornado strike.
Common Types of Moving Insurance Policy
Moving insurance policy is a term used to describe the insurance coverage level of a particular insurance package. The types of insurance policy for household items are:
- Item for item insurance coverage: The insurance service provider charges per item weight. The rate per weight is charged item by item, and there is unlimited coverage under this type of moving insurance. Your insurance payout tends to rise with an increase in the item weight.
- Value coverage insurance: In this type of moving insurance, the payable insurance premium is determined by moving company based on the actual value of items to be moved. It all starts with the client to be moved, declaring the values of the belongings involved in the move to the mover. This claim must be the true picture of your belongings as any value found to be incorrect will not be paid by the insurance company if the need arises. These details are disclosed to the insurance provider, and the appropriate charge will be given. The costlier the goods involved, the higher the premium to be paid.
- All-inclusive insurance cover: This type of insurance policy comprises of all the charges where you are not required to pay an additional amount like an insurance premium. The only set back to all-inclusive insurance cover is that the package is extremely low and you may not get a high amount of compensation.
- Full replacement value: This is an inventory like insurance coverage. The insurance company prepares a comprehensive list of goods to be covered and their respective values. The person seeking insurance will also list his or her belongings, and any of your items not covered in the list would not be insured. If added in the move, the policy will not cover them. In the case of lump sum policy, you tend to declare the amount you can afford as insurance coverage for the entire shipment
- Limited insurance coverage: It is also referred to as perils insurance. It gives compensation only for loss contained and agreed in the agreement between the two parties. You will get insurance coverage for your belongings during transportation and storage period but not during loading and unloading.
- Select inventory coverage: It is used for a kind of specialized items involved in the move and not entire items. In this type of insurance coverage, you will receive compensation for items agreed and finalized by the two parties.
There are different options for moving insurance available for every move. You only need to choose reliable and trustworthy moving insurance to ensure your belongings during a move. Where can you find one? Read on to discover.
Purchase third party insurance if you are worrying about weather-related damage to your household items. However, you will enjoy valuable options if you want to keep your teacups safe.
The Best Moving Insurance Companies of 2020
Looking for the best moving insurance companies for your move requires an in-depth research to come up with one. Having discussed what moving insurance and the types are, this article will not complete without recommending some reliable moving insurers when it comes to comprehensive coverage and prompt compensation plans. Moving Feedback reviewed hundreds of moving insurance companies, and we have come up with only two that scaled through our review criteria for excellent service delivery.
Below are the best two moving insurance companies:
1. Moving Insurance.com
If you are looking for one of the best moving insurance companies, MovingInsurance.com is one of them. It is an ingenious and outstanding online moving insurance service provider offering insurance packages for household and commercial moves. MovingInsurance.com was founded to provide top-notch insurance services to consumers moving to new homes and has remained one of the nation’s top insurance vendors that offer customers the most comprehensive coverage for their belongings during moves.
The company is licensed and authorized to sell moving insurance in both the United States and worldwide. This implies that Moving Insurance LLC can provide insurance coverage for intrastate (in-state), interstate (out of state), and international relocations for both residential and commercial by air, land, and water. The company offers a variety of policy options, but Full Replacement Value is usually recommended for comprehensive coverage.
MovingInsurance.com offers a full line of moving insurance package including:
- Moving of Household Goods
- Storage in Transit
- Transit of Mobile Storage
- Total Loss (Catastrophe) while in Transit
- Moving of Office and Industrial Goods
- Pairs and Sets
- Mechanical and Electrical Derangement
- Local, Intrastate, Interstate, and International Relocations
MovingInsurance.com will cover the actual declared household item values in transit while moving to your new residence, unlike chosen one-time deductible offered by movers. This protection package is far better than your available mover’s valuation. People prefer MovingInsurance.com for their moving insurance due to many reasons. Let’s look at those attributes.
Why should you choose MovingInsurance.com?
MovingInsurance.com has been serving the need of clients’ moving insurance over a long period, and they are becoming a household name in the business. The company becomes the choice of many consumers and movers when it comes to moving insurance services in the United States and worldwide, due to its outstanding records of successful moving insurance services. Highlighted below are some of the attributes that make them what they are:
- com has various affordable moving insurance options to select from, and the entire process is simplified and can be completed online within minutes.
- The company is licensed to sell insurance coverage in all the states of the US and has been rated by M Best as one of the respected insurance company with an “A” rating. It is the first to offer moving insurance online, and still maintain the quality service delivery.
- com is equipped with well-trained and mannered customer support representatives to answer your inquiries and confirm your insurance details for clarity.
- The company handles customer’s claim in-house by the United States licensed claims adjusters.
- It has the best insurance policy to protect your belongings better than any other valuation or coverage from any mover.
2. Baker International
Baker International was founded in 1981 to offer comprehensive moving insurance to household items during a move. It has been serving the needs of the people to provide moving insurance for both private and corporate moves in all the states of the US and as well as abroad. Baker International also offers “in-house” top-notch claim service for all their clients. In fact, claim service is one of the priorities of Baker’s foundation to its clients. It provides single source insurance for comprehensive policies that offer secure coverage for household items during a move.
Baker International offers full moving insurance policies including:
- Corporate / National Account
- Residential / Homeowner moving insurance
- Commercial / Office relocation coverage
- Why should you choose Baker International?
Moving Feedback rated Baker International #2 in our rigorous reviews to discover the top moving insurance companies after considering thousands of customers’ ratings and reviews on their moving insurance service. The company has surpassed many others in selling insurance for household items while handling efficient service claims in-house. Below are some of the qualities of Baker International:
- The company is one of the esteemed brands in moving insurance industry
- Baker International has been offering first class insurance and claim service for moving items and remains one of the best.
- AM Best has underwritten the insurance policies of the company with an A++ rating.
- In the case where your belongings go into storage, Baker International does not add extra cost, as your policy covers up to 90 days.
- Professional claim adjuster handles claims and claims are in a steady manner irrespective of forwarder or van line providing the service.
- Baker International is equipped with an experienced and professional team to study loss or damage and come up with recommendations on the subject matter.
How do I choose the Right Valuation for my Needs?
Similar to other types of insurance, this may look too big of an investment, but it will save you in the event of an unexpected problem. Now that your options are clear, you need to know how to make a decision.
Below are some ways to help you choose the right valuation for your needs:
Figure out the Worth of your Items
Make a list of all your possessions (and endeavor to video the entire belongings with your phone) from clothes to furniture items. Be sure to note important details, such as existing damage. Although the process might be painful, having a list of all your possessions before you relocate can save you a lot of money and stress as you proceed. Ask yourself some vital questions as you list all your stuff.
- What is the current market value of your dining set, living room chairs, and bookshelves?
- How many art or antiques do you own, or are you still using your old couch from college?
Figure out the value of your items and then calculate the weight of your household possessions by using an online calculator. Then compare the Released Value Protection against Full Value Protection. Which one is more preferable?
Do a little Calculation to determine if Released Value Protection is enough for your need
Assuming the total weight of your household items is 10,000 pounds. Your moving company will be responsible for $6,000 ($.60 x 10,000) worth of liability if you choose the released valuation coverage. Generally, the released value protection is the right choice if the overall worth of your household items is $6,000 or less.
Decide if you think the Extra Cost of Full Value Protection is a Good Idea
Now assume the total worth of your household goods is $80,000, there is no way a $6,000 worth of protection will cover the replacement value of your antique desk. The cost will only make sense if your TV is valued at $1,500 that got damaged regardless of your $500 premium payment and $1,000 deductible. You must be sure that you know any additional costs related to getting protection for belongings that are worth more than $100/pound.
Here are also other factors to consider when making a decision on the type of protection you need, which includes the distance of your move and if any of the items you are moving is of higher value.
Vital Things to considers when purchasing Valuation
In the end, whichever protective measure you choose for your items is up to you. Below are a few vital things to note as you make the decision:
- Moving insurance is not really insurance, but somehow acts like one. This type of coverage is referred to as valuation.
- There is no additional cost to you with the released value protection, but the coverage it offers is too small ($0.60 per pound for each item)
- Full value protection is a very large policy, but an upfront premium is required (generally 1% of the overall value)
- Full value protection does not automatically protect your belongings of greater values unless you pay extra to cover such items.
- The value of your household items should determine the coverage you choose. If you have many costly furniture items or just a collection of old furniture from college, you don’t want to protect them.
What is the Cost of Moving Insurance?
The type of coverage you buy, as well as the details of the coverage, determine the cost of moving insurance.
- Released Value Protection: This kind of protection is usually almost free and is also known as basic coverage. You just have to sign in agreement with it in your moving contract.
- Full value protection moving insurance: Full value protection usually costs 1% of the overall estimated value of your entire belongings. Below is how to determine full-valuation costs:
The movers weigh the household belongings. In this situation, we will assume the overall weight is 5,000 pounds.
They give you per pound value, typically $6. In this situation, the mover would give you $30,000 as the value of a shipment that weight 5,000
Full coverage cost estimates, using a $6 per pound valuation
Value of goods
Cost of Full coverage
Third-party insurance: The cost of third-party insurance is determined based on the policy of the company; however, price is between 1 and 5 percent of the overall valuation. You would be paying $150 at a 3 percent rate when you insure belongings worthy $5,000.
Third-party insurance estimated costs
Value of covered items
1% of valuation
3% of valuation
5% of valuation
What does valuation mean? Insurance is the coverage over any damage to your belongings when moving, while valuation is the quantity of liability a relocation company will be responsible for if your items get damaged while on the move. Coverage undervaluation is so much restricted than insurance and it is mainly about the amount the mover will reimburse you on the lost or damaged item. Each moving company offers different valuation types.
Two major types of valuation
Released Value Protection
This is also known as basic coverage protection, and it offers little coverage and is added in local and interstate moves. This option for local moves will cover $0.30 per pound for each item and will cover $0.60 per pound for each item in interstate moves. For instance, you would be paid $60 for your 100-pound dresser that got damaged while moving. You must know that the coverage on your items will not be as high as their actual market value, but this option is very ok as it is always added to your moving cost.
Full Value Protection (FVP)
This valuation type costs additional, and it offers more comprehensive coverage than the released value protection, but is still not as extensive as insurance. Moving companies are responsible for the current market value of your household goods when you purchase Full Value Protection. They will offer you three solutions if any of your items broke during a move:
- Repair the item
- Replace the stuff with a similar one
- Offer cash reimbursement of the current market value of the item.
How do I discover if the Valuation is available with my Moving Company?
Federal law requires all moving companies to offer valuation options, including released value protection in all packages. Each moving company provides some kind of valuation policy, but to know what a company actually offers, you will need to check its website or call them.
What is not covered by Valuation?
Your valuation will not be cover for any damage that is more than what the moving company can control, such as floods, earthquakes, fires, and so on, and your moving company has a limit to the amount of liability they can take for a reason. Below are some examples.
- If you do the packing yourself instead of having your movers do it for you,
- If you refused to report any loss or damage to your item immediately after your relocation (the timeframe given by most movers is up to 9 months),
- If you didn’t specify the item of extraordinary value in writing in advance of a move,
- If you packed dangerous items without informing your moving company,
Moving insurance is a major advantage here, unlike valuation. There is no limit to its liability on damaged belongings, and its coverage extends to natural disasters.
Packing Tips to stay safe
Are you a DIY packer? The following tips will guide you to keep your valuable belongings secure:
- Reduce boxes to 50 pounds if possible
- Use sturdy moving boxes that can be closed and completely sealed
- Use the original boxes that came with your electronics and fragile belongings if you still have them
- Apply cushion for breakable items on all sides using packaging material like Styrofoam or bubble wrap.
- Label all packing boxes clearly and indicate the one containing fragile stuff using “delicate”, “open here” or more.
- If you can, move smaller, fragile items in your personal vehicle. If you are lodging in a hotel overnight, keep highly valuable stuff in the hotel safe.
Does Homeowners’ Insurance cover my Household Items during my Move?
During your move, it is possible to have many household items traveling with you to your new residence. So this is why you are faced with the question if your homeowner’s insurance covers your items in case an accident occurs during the move. However, the answer is not really. Although homeowners insurance typically provides coverage to your personal belongings, the loss however, must be related to damage that is included in your policy. Fire and theft are common perils that are covered.
So in the event of a theft out of the truck, homeowners insurance may be able to cover for the loss. Certain damage in some situations may be covered by your homeowner’s insurance policy. For example, your homeowner’s insurance may cover you if the moving truck is involved in an accident while hauling your household items and they got damaged.
In some situations, however, your coverage limits by your homeowner’s insurance may be lower while your household items are being hauled to your new home. If you have any questions about specific coverage, kindly contact your agent.
You have to let all the value of any extraordinary value known to your licensed and insured moving company because failure to do so, they won’t be responsible for any damage or loss to it.
Frequently Asked Questions
Are moving companies liable for damages?
Their responsibility has a limit. Moving companies are responsible for damage to your property and what they packed. They are also responsible for any damage or loss to your item while in transit. Movers are not responsible for things they did not pack, damage while in temporary storage that doesn’t belong to their company or damage caused by natural disasters.
Is moving covered by renters insurance?
No adequate coverage is provided by renters insurance on moving. Check your renter’s insurance for more details.
Is moving insurance important for my move?
Moving insurance is needed if you want to cover your household stuff against damage or loss. Paying a little amount from the value of your household stuff is worth it in protecting yourself financially in the event of an ugly situation. Most people don’t find basic coverage enough for their needs. Think of upgrading your policy to the full value protection or get third-party insurance for extraordinary valued items.
What if I perform the move myself?
It is possible that the coverage on your homeowners or insurance policy is very limited for your items if you move them in your own vehicle or in a rental truck. This implies that you may be responsible for the risk if you move with your own vehicle. You, the driver, the rental vehicle, the passengers, and your shipment will be covered by truck rental companies based on the kind of coverage you choose.
What are the things covered under moving insurance?
Note that there is a difference between moving coverage and moving insurance. Moving coverage is provided by moving companies, and moving insurance is provided by third-party insurance providers.
- Moving companies provide coverage for loss or damage caused during transportation of the items by the movers up to a specific amount.
- Third-party insurance provides coverage for damage that exceeds what the moving company can control or that exceeds their limit.
Why is filing a claim important and how can it be valid?
Evidence showing that your moving company moved your damaged or lost item and that it wasn’t damaged before the move will be needed before you can file a claim. Your claim can be strongly supported by a full inventory list, which should contain items of higher value such as digital devices, jewelry, and silverware.
Make sure the list is complete before the moving company hauls your belongings to your new home. We also recommend you take before and after pictures and use it as evidence to support your claim to make your reimbursement quicker.
What will my moving company not cover?
There are few things not covered by basic or comprehensive coverage from movers. If a moving company is not directly handling the move, then the company is not responsible for such items being moved. Here are the examples:
- Items not packed by the movers
- Goods damaged by natural disasters.
- Damage occurs in storage not connected with the moving company
However, belongings damaged under these situations are covered by third-party insurance.
What method can I use to find a great deal on movers insurance?
Talk to an agent before you begin to pack if you plan to move your household. You can get help from one of these agents to determine your moving coverage needs and can get you the most suitable coverage policy through their relationship with many other insurance providers at a very good rate. Your consulted agent may even help you save money on your other insurance coverage.
Are my items not insured by moving companies?
Moving companies are by law required to give a basic valuation for damages at the least rate of $0.30 per pound for each item for local or short distance moves, and at $0.60 per pound for each item for long-distance moves.
This implies that your mover might cover only $100 if your baby grand piano got damaged during the move. However, the amount is not enough to cover your loss. The majority of movers will allow you to buy supplemental movers insurance coverage, which is known as full-value protection to cover your household belongings.
This plan will see your moving company responsible for repairing, replacing, or reimbursing you for any belongings damaged during the move. There is deductible on this coverage, and the costs are determined by each mover. There are, however, limitations to full-value protection.
Movers are permitted to make sure their liability for damage is limited to highly valuable items such as things with a value of $100 per pound, like collectibles, electronics, and jewelry. Additionally, your decision to save money by handling your packing will release the moving company from being liable for any damages that occur while moving.
How can I determine the value of my household items?
It is important to find out the total value of your household belongings in advance of your move so as to estimate and get ready for the replacement cost, so make sure you read more on how to take inventory of your home stuff. First, check the total weight given to you by your moving companies in the quote. This can enable you to calculate the overall cost of a room to know what to prepare for in terms of compensation or replacement.
For example, the value of your office furniture will be more than the worth of your kid’s room, which is probably filled with plastic. If you are worried about the cost of a certain item, you can simply conduct online research.
For instance, you can check the sales price of similar items on eBay to have an idea. Additionally, taking photos of your items before you start the move might also come handy. You will also have something to compare with if there is a need for you to file a claim.
Can you tell me what third-party insurance is?
Third-party insurance companies take control of moving for moving companies since moving companies are not permitted to sell insurance. You can still get full coverage with third party insurance but from another provider. For instance, if you prefer basic valuation coverage for your move but needed supplemental coverage, third party insurance makes this possible.
Basic protection only provides coverage up to $0.60 per pound, but third party insurance can make a huge difference. Make sure you confirm if you are already covered by your renters or homeowners insurance policy before you purchase third-party insurance.
To sum it up
Without mixing words, the advantages of moving insurance cannot be overemphasized in saving you heartbreak that may be caused by unexpected loss or damage to belongings during a move. However, moving insurance seems something different to every individual that relocates. While some people enjoy the mental freedom it offers, others do it to make sure their move is covered. Whichever way, it is advisable that families with high-value items or fragile items purchase additional moving insurance to protect their move. You will surely gain it in the end especially if anything goes wrong during the move.
Also, choosing the best moving insurance company to cover your belongings is as necessary as purchasing one for your move. To know which one is the best, Moving Feedback has recommended top moving insurance companies as discussed above. You are free to contact any of them and make inquiries about their policies. Stay tuned for more informative posts from this page!