Third Party Moving Insurance: Do You Need It?
In recent years, moving companies have been under fire for fraudulent moving practices. Now more than ever, it could benefit you to purchase third-party moving insurance. Not sure what third party moving insurance is, or never heard of it before? Not to worry, Denver movers can tell you everything you need to know about what this type of moving insurance is, how you can properly obtain it, and why.
Perhaps the very first thing you need to know about third party moving insurance – although you can get it through the Denver moving company that you hire, it is most likely best not to. Why? – simply put: that insurer comes recommended by your mover for a reason, meaning that you probably are not as protected as you can be, or, in the event of you filing a claim, they may not get you as much money as an insurer who is not affiliated with your moving company, could.
So how should you go about acquiring third party moving insurance? First, check with your home insurance provider to see if they offer additional insurance for moving, as part of your existing coverage. The downside of this is that most home insurance providers do not offer moving insurance as part of typical coverage, but it is always best to double check. In the event that your homeowners insurance does cover your move to Denver, find out the details. Inquire whether it will cover a full-service move, self-service, interstate only, intrastate, etc.
Because your homeowners insurance most likely does not cover moving insurance, is why you will have to purchase additional insurance from a third party = third party moving insurance.
How does this protect your move? A third-party moving insurance provider will insure your goods against the moving company. Because you are insuring your belongings against your mover, is why it is best to not use the insurance provider that your Denver mover recommends.
A general rule of thumb when applying for third-party moving insurance: choose the “released value” option. This type of coverage covers any damage or loss that incurred during the move and is first covered by the moving company’s Released Value insurance. Why is this important? Because, Released Value insurance is part of your moving fees and the moving company will have to cover the per pound amount of your move – as stated in your moving agreement (which you should make sure that you actually receive from them before proceeding with a move). If there is additional damage that exceeds the amount of the Released Value, then the third-party insurance will cover the rest.