Moving Insurance 101 - Cincinnati
Moving day has arrived! You have almost everything all figured out from the packing process, to the moving company and now the last thing on the list is moving insurance. If you are new to moving, you may be wondering if you need moving insurance or maybe you have no idea what that even is. The good news is that our Cincinnati movers are here to explain the three different options when it comes to moving insurance and what each one entails.
The Rundown on Moving Insurance
Whether you like it or not, moving insurance is one of those things that’s better to have and not use than to have an accident and lose everything because you opted out of it. The main reason for moving insurance is to cover any loss or damage of your household items during the move, it protects you if anything were to happen.
Each moving company offers any or all of the three options below. Deciding which one is best for you and your family is up to you.
Released Value Protection
The cheaper and most affordable option is the released value protection. “As the most basic coverage required by federal law, this liability coverage is free and based on weight, paying up to 60 cents per pound for an item. But if your $500 one-pound digital tablet gets damaged during a move, well, it hardly comes close to paying the full replacement value.”1
Full Value Protection
The Full Value Protection plan provides a lot more coverage but it’s also more expensive compared to the Released Value Protection plan. “Required by federal law, this coverage has to be purchased, but experts recommend it because it pays for either the current market replacement value of an item, replacement with a similar item, or the item's repair. If you opt for full value protection, make sure to get details of your moving company's specific plan to see how it determines replacement value, especially for items of extraordinary value, and to learn what actions might limit your mover's liability.”1
Third Party Insurance
Though not required by state law, this moving insurance is usually through a third-party company or agency. “Some movers might offer this optional insurance for purchase. Governed by state law, separate liability insurance pays for the insurance amount purchased minus the basic carrier liability amount that the mover pays (up to 60 cents per pound). If you go this route, make sure you get a copy of your policy and understand the amount of insurance you purchased and the cost for this coverage.”1
Deciding Which Option Is Right for You
All in all, you should consider the value of the items you own and assess the options your moving company offers. Our local movers in Cincinnati are willing to discuss the details of our moving insurance options and determine what’s most appropriate for you. Call our certified moving experts to learn more about moving insurance and our full-service moving options to ensure your move is completed successfully.
1. State Farm Mutual Automobile Insurance Company – The ins and outs of moving insurance