Thoughts On Moving Insurance

House moving in St. Louis, MO, can take a chunk out of your bank account. The things you pack up and load onto the truck is part of your life--so it is understandable to want to make sure your valuables are protected for the trip ahead. While the last thing you want to think about is another item on your expense list, you may want to consider your options with one last thing: moving insurance coverage.

 

The basic principle of moving insurance is that the insurer will cover the cost to repair or replace qualifying items should they be damaged during the move. Federal law requires moving companies to offer coverage for out-of-state moves. The first, “released value protection,” covers all of your belongings for a value of 60 cents per pound.

 

Another option, “full-value protection,” has a different pricing model and has tenets that can reimburse damaged belongings based on the item’s “full replacement value” For this second option, the moving company decides how you will be reimbursed--which may include paying to cover repair costs or paying you the fair market value of the item. The big catch with this option is that you are required to document and state the value of each of the items you want to be covered--which can be a stressful and time-consuming process depending on how much you are moving.

 

It’s understandable to want insurance. Accidents can happen, and you want to make sure the things you really value have protection. On the other hand, insurance doesn’t always cover everything. Damage caused by acts of Nature (storms, hail, tornado, etc.) isn’t covered by most policies. Also, house moving insurance won’t cover things that the movers themselves did not pack.

 

Depending on your situation, moving insurance can feel like an important investment or a superfluous add-on. Consider your options carefully before committing to buying coverage.