HOW MUCH DOES A MOVING INSURANCE COST?

Moving insurance is a way of protecting your personal belongings during relocating. Moving insurance comes in the various form where some may be free while others for an additional cost but all of them focuses at protecting your valued items during the move. Movers in NYC are offered some level of coverage by the moving companies. Moving insurance will always pay for repairs or even replace your damaged property during a move by a moving company. There are three forms of moving insurance: released value protection, full value protection, and third-party liability protection. It is always a wise idea to purchase moving insurance, for it is not that much expensive.

The moving insurance cost depends on the moving insurance you are having. Different people may opt for different insurance types; some may go for released-value protection. Others will go for full-value protection. The rest may opt for third-party liability protection. Released value protection and full value protection are offered by the moving companies and not insurers. Third-party liability protection is the only form of insurance. The released and full value protections are both called valuations and not policies. Movers are not licensed to sell insurance; therefore, their valuations are regulated. You will have to calculate separately any moving insurance you buy because your regular homeowners’ insurance does not protect your property from damage caused when movers are transporting your items. This article will discuss the cost of different moving insurance you opt for.

1. Released- value protection:  This is basically moving insurance. No extra fee is required for the released-value protection. Your moving company will always give it for free. The only thing expected from you is to request the coverage and sign a contract to activate it. However, the coverage offered by released-value protection is not that extensive. It compensates only 60 cents for every pound of your damaged item. For instance, in a case where your flat-screen television costing $ 1,000 is damaged, the moving company will compensate you with only $21 for the damages. You should always consider a different insurance type if you are worried about your property being destroyed, especially when your moving involves expensive items.
2. Full value protection: It is upgraded moving insurance that should be considered if the released value protection is not enough to secure your property. The moving company generally offers full value protection at a fee. Typically, full value protection will always cost 1%- 2% of your belongings’ value, but the value keeps on changing depending on the moving company you have opted for. You should calculate your property’s worth and itemize the property you want to ensure when you want to purchase this type of security. Your movers will use this number to calculate the valuations compensation limit. The limit resembles that of a regular insurance policy. In a case where your moving company is transporting $ 25,000 worth of your property, you will be expected to pay $250- $500, and the coverage won’t go beyond $25,000 worth of damage. If you experience a loss, the moving company will always pay to attend to the damages, replace the item with the same ones or make a payout equal to the item’s current market value. Your full-value protection does not cater to your costly property like jewelry and antiques. It will not cover for belonging that its worth is more than $100 per pound.
3. Third-party moving insurance: you can always supplement your moving insurance by buying third-party moving insurance if you already have released-value protection. A third-party insurance policy is a form of liability insurance. Your company will compensate you for up to 60 cents per pound of your damaged items. Working together with an insurer, a moving company will use this policy to make up the difference up to your policy limit. Essentially, the third-party moving insurance cost depends on the amount of property and the distance you are moving. In most cases, companies weigh your property and charge a fee of $1.25 multiplied by its weight. For instance, insuring 1,000 pounds of the property will cost you $1,000. Every moving company calculates the cost of this coverage differently. It can be of great help to yourself if you know how much your items are worth keeping an inventory as you pack. Assess the worth of your property and use the figure as a starting point when discussing the coverage and cost of a third-party moving insurance policy with your mover. Always keep in mind that expensive items are not covered under this insurance. Your coverage can also be determined by how your items were packed and whoever packed them.

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