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All About Moving Insurance

Better safe than sorry, right? That’s what our Boise moving company always says. Moving insurance is there to protect you and your valuables. In the event that something was to get lost or damaged during the moving process, you will be entitled to reimbursement. Plus, under Federal law, interstate movers must offer two different liability options, referred to as valuation coverage.1

Full Value Protection

The full value protection completely covers your belongings and your mover would be liable for the replacement of your lost or damaged goods. This plan is more comprehensive and a bit lengthier, but it means your mover will either try to repair the item, replace it with a similar item, or pay a cash settlement.

“Under this option, movers are permitted to limit their liability for loss or damage to articles of extraordinary value, unless you specifically list these articles on the shipping documents. An article of extraordinary value is any item whose value exceeds $100 per pound (such as jewelry, silverware, china, furs, antiques).”1

Released Value Protection

The released value protection plan is more affordable and is usually offered at no additional cost. In this plan, “the mover assumes liability for no more than 60 cents per pound per article. For example, if your mover lost or damaged a 10-pound stereo component valued at $1,000, you would only receive $6.00 in compensation (60 cents x 10 pounds).”1

This just means everything is based on weight rather than the true value of your possessions. With this plan, you must sign a document stating you understand this liability coverage. Keep in mind that these liability coverages are not governed by state insurance laws. Instead they are regulated by the Surface Transportation Board of the US Department of Transportation, under Released Rates Orders.

Third-Party Insurance

Additionally, if you opt for Released Value plan, you can also purchase a separate liability insurance that is regulated by state law. This is not included in your moving package, though your movers may recommend third-party insurance policies. It is important to remember that each state has their own liability coverage, each moving company will customize it to their rules and regulations. Before you decide to purchase additional moving insurance, check your homeowner’s insurance policy, if you have one, to see if you are already covered.

 

Talk to one of our professional Boise movers about a full-service moving experience. We have a wide range of different services to make sure every aspect of your move is taken care of, such as our Boise packing service, in which our professional packers will make sure to properly pack all of your belongings in the comfort of your home and then unpack them after your move. No matter how far you have to move, our Boise local or long-distance movers will make the moving process go smoothly and ensure you are at ease.

Contact our team of professional movers to learn more about moving insurance or other services we offer and get your free, no-obligation moving quote.

 

Sources

1. Federal Motor Carrier Safety Administration – Understanding Valuation and Insurance