Third Party Moving Insurance: Do You Need It?
The debate over third party moving insurance has been heating up lately after moving companies have come under fire for fraudulent moving practices. It could benefit you to purchase third party moving insurance to protect your belongings. Not familiar with third party moving insurance? Not to worry, our Denver movers are here to help explain what you need to know about third party moving insurance and how you can properly obtain it.
What is third party moving insurance and why do you need it? A third-party moving insurance provider will insure your goods against the moving company in case anything gets lost or damaged during the moving process. This insurance ensures you are compensated if anything goes wrong during the move.
The first thing you need to know about third party moving insurance is that it is available through your Denver moving company, but it is usually best to purchase it elsewhere. That insurer comes recommended by your mover for a reason, meaning you may not be getting the best deal you could be to maximize your protection. If you do have to file a claim, the recommended insurer may not get you as much money as a non-affiliated insurer could.
Once you decide to purchase third party moving insurance, there are several things you should do. First, you should check with your homeowner’s insurance provider to see if your current policy offers additional insurance coverage for moving, or if they have an additional plan you can pay for during your move. Moving insurance is not typically included in homeowner’s insurance, but your home insurer is always a good place to start. If they do cover your move, make sure you get all the details. Good questions to ask are if the coverage is for a full service move or a self-service one, or if it covers interstate moving or just local moves.
If your homeowner’s insurance does not cover your move, you will have to purchase additional insurance from a third party, third party moving insurance. A good rule of thumb when you are applying for Denver moving insurance is to choose the “released value” option. This level of coverage protects you against any damage or loss that occurs during the move and is covered first by the mover’s released value insurance. Released value insurance is a part of your moving fees and your moving company will have to cover the per pound amount of your move as stated in your moving agreement. This is another reason why it is important to get a copy of your moving agreement before you proceed with the move. If the damage exceeds the amount of the released value, the third party moving insurance will cover the remaining fees.
Our team at All My Sons Moving & Storage hopes this overview of third party moving insurance helps you make an educated decision for your next move.