Moving Company Insurance

Moving Company Insurance

If you’ve hired a professional moving company, chances are good you’re wondering about whether or not you need insurance. Insuring your belongings while they’re in the hands of professional movers is an absolute must. Whether you insure them through the movers themselves, or separately, depends on your needs and what it is you’re moving.

There are a few things you should consider before deciding on moving company insurance to make sure you’re not setting yourself up for an unnecessary expense… or a disaster.

Your first step should be talking to your movers and ensuring that they do, indeed, offer an insurance policy. Do not ever hire a company that doesn’t offer some type of insurance. Ask to see contracts and documents, and read the fine print to find out what items are covered and what sort of liability they offer. Some companies, for example, will not cover items that were not packed by the movers.

Each moving company will offer a varying degree of insurance, and the only way to find out if it’s adequate for your needs is to speak to them and read the documentation. We cannot stress this enough. The fine print is everything in this case. If a moving company is reluctant to let you read it, run the other direction.

Some movers will ask for an estimated value on all of your belongings before they offer you an amount of insurance coverage. Try to guess as closely as possible to the right amount, because if you guess too low you may lose out if something is damaged, and guessing too high will cost you extra money.

Many movers’ insurance policies are based on a percentage of the removal cost rather than the actual resale value of the items, which means you won’t be able to replace anything with the insurance money should something be damaged. That’s why most moving companies offer premium coverage along with the basic amount. Premium is designed for those who are concerned about replacement costs of their belongings, while basic doesn’t do much aside from give you a little something for your trouble.

If you’re not moving anything terribly valuable, the basic coverage should be enough- you will at least receive some compensation for any damages. But if you’re concerned about anything in the hands of the movers and you want to ensure you’ll be able to replace it should something go wrong, it’s a good idea to either purchase the premium insurance from the moving company, or find your own coverage from an outside source to go along with the company’s basic policy.

So if you’re looking for premium coverage, where else can you get it aside from your moving company?

The good news is, you may already have it. If you’re a homeowner, call up your home insurance provider and ask about their policies on moving. If your items are not covered during the move, the insurance company may offer a short-term policy to provide you with some extra protection while your items are in the hands of the movers. If you’re not a homeowner but you have a rental insurance policy, this should also apply to you.

Whether or not you need insurance beyond the moving company’s basic policies is up to you. Do some comparison shopping if you’re interested in extra coverage. Sometimes the moving company will offer you the best deal on premium policies, and sometimes they won’t.

You may also be able to pick and choose what items you want covered under premium policies. Covering your valuables and not worrying about extra insurance on your basic pieces can be a great way to cut insurance costs and still make sure your belongings are protected. Ask your moving company or your insurance provider for more options.

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