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What You Need to Know About Moving Insurance

There are some important key factors when you are moving that you need to consider. First you need to find a moving company that fits everything you are looking for. Second, you need to make sure your home is ready for the move. Third, you should really think about moving insurance options. If you aren’t even sure what moving insurance is, our Franklin Park movers have shared some basics you need to know about moving insurance.


What Is Moving Insurance?

To begin, we should probably explain what moving insurance truly is because its not what you may be thinking when you hear the term insurance. Moving Insurance is there to offer you protection in case something happens to your belongings in the moving process. “Technically, moving companies can’t sell insurance, but under federal law they are required to provide valuation options.”1

So, what are these value options? Well, there are technically three kinds. There is the full-value protection, released value protection, and then you can get a third-party insurance policy. The two main ones, though, are full-value and released value.


Full-Value Protection

Full Value Protection is governed by state law and is an additional charge aside from the moving costs. Though it adds to your overall expenses, it’s highly recommended because it makes the moving company liable for either fixing the item, replacing it with something comparable, or a cash reimbursement amounted to the item’s current market value should it be damaged or lost in the moving process. Even when you have the full value protection, you should still discuss the details with your moving company so you are fully aware of what their liability coverage will include. Each moving company is different and before you decide on which plan to go with, it is always better to know what your moving company offers


Released Value Protection

As with the full value protection, released value protection also falls under state law, though it is different and cheaper when compared to the full-value protection. “Under this option, 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).”2 According the FMCSA, under this act you must sign a specific bill or contract agreeing to this protection.


Third Party Protection

The last option is known as third party insurance because it is not offered by your moving company directly, it must be purchased separate from the moving services and liability coverage your moving company will have. “If you purchase this coverage, the mover remains liable for the amount up to 60 cents per pound per article; but the rest of the loss is recoverable from the insurance company up to the amount of insurance you purchased. Your mover is required to issue the policy or other written record of the purchase and provide you with a copy at the time of purchase.”2


Discuss Options with Your Moving Company

Our Illinois moving company will be more then glad to talk about what moving insurance policies we have here at All My Sons Moving & Storage. Call today to speak to one of our local Franklin Park movers to learn more about the other types of moving services we offer here.




1. Move – Do I Need Moving Insurance

2. FMCSA – Understanding Valuation and Insurance