Do You Need Moving Insurance?

Real Estate - July 7, 2023
Mature couple in the process of moving. Woman is talking on a smartphone to inquire about moving insurance.

Moving is a huge project, even if you are just moving across the street. If you are hiring movers to help, that adds a whole new layer of complexity. Movers are professionals, but accidents can still happen. Getting insurance for moving will help protect you from high costs if the movers break your valued possessions.

While insurance helps everyone involved, it can be a hassle. Let’s look at the ins and outs of moving insurance. While you’re at it, check out this helpful article to get hot tips for making the best move possible.

Mature couple hugging during a home move.

Moving insurance coverage for consumers

Let’s say you want to start in a fresh home. You decide that hiring a moving company will make your life easier. Moving insurance should be your top priority. Here are some basics to keep in mind as you consider your options:

Full value protection moving insurance.

Full Value Protection is the most expensive insurance, but it should also fully protects your stuff. Expect to spend about 1-2% of the total value of your possessions if you pay for the insurance offered by the moving company. If you go with another insurance option, you may spend about $1.25 per pound. But keep in mind that prices vary depending on the company you use.

If any of your property is lost, damaged, or even completely destroyed, your mover should be responsible for the full cost of that property. They will repair, replace, or pay you back for the items in question.

Remember to list special items that are extra valuable. These count as “extraordinary value” and won’t be covered unless you specifically write them down for the movers to be aware.

Released value protection costs nothing but comes with risks.

If you are looking to lower your moving insurance costs, Released Value Protection insurance costs zero dollars. However, the movers are only responsible for a fraction of the cost of any damaged items. They may only pay you 60 cents per pound. So if your antique sofa loses its legs in the move, you will only get a small amount of money to make up for it.

Keep in mind that you must specifically sign up for Released Value Protection. If you don’t choose a particular type of relocation insurance, the moving company may automatically put you under Full Value Protection—thus charging you more.

Does renter’s insurance cover moving?

It might! Before paying money to hire a moving company, make sure to read the fine print of your renter’s insurance policy. It will specify if and how it covers costs for damages to your property. If you are moving on your own, your renter’s insurance might protect you more fully. Hiring a moving company will mean you are putting your possessions into someone else’s hands, which may not be covered by your renter’s insurance.

Confused about moving insurance? LegalShield can help clear it up.

For those looking to hire help, moving company insurance is crucial. Figuring out what kind of insurance policies are best for you can get complicated. But a LegalShield Membership can help with that.

For a low fee that automatically renews every month, you can access an entire LegalShield provider law firm. You’ll have access to get consultations on unlimited personal legal matters from your LegalShield provider law firm; review of documents up to 15-pages in length; a phone call or letter made on your behalf; 24/7 emergency access for covered issues; a 25% discount from the provider law firm’s standard hourly rate off other legal problems; and assistance with many more legal needs.

LegalShield can give you the peace of mind you deserve as you make the best decisions possible about moving company insurance.

  • Have you already started planning your move?
  • Did you know moving costs vary depending on the season?

Read about the best time of year to move before you make your decision.

 

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