Everything You Need To Know About Moving Insurance
When you move, you have certain expectations, and the biggest is that everything will arrive at your new home in the same condition as before. The vast majority of times, that’s the case, but even the best movers occasionally have some damage. Most people expect that their move is fully insured. Moving companies are not insurance companies, though, so you might find yourself very minimally covered. Here’s what you need to know about moving insurance.
Minimum Liability
Moving companies are a lot like the Post Office, in that it’s their job to transport items from point A to point B. They both take some liability in what they transport, but you may not know until it’s too late, that it’s not much. According to both federal and California state law, moving companies are required to provide general liability at no cost, but only $.60 per pound per article. That means that if a 50 pound TV breaks, you’d be paid just $30.00. For most people, that’s simply not enough.
Full Coverage Insurance
If you want full coverage insurance, you can purchase it from insurance companies such as Baker International. Premiums, depending on the deductible, start at about a penny on the dollar. If your household goods, for example, are valued at about $50,000, your premium starts at about $500. They are A++ Superior rated. You can purchase it right up until the move starts.
You can also check with your homeowner’s or renter’s insurance broker to see if you can purchase a rider for the move. Most homeowner’s policies cover items in storage, but they do not cover your goods as they are on the way to or from storage.
When You Don’t Need Insurance
If you know for sure you have coverage through your homeowner’s insurance, then by all means, don’t purchase additional. If you have questions, ask your moving estimator, but prepare yourself before the move. You don’t want to find yourself without coverage when you need it the most.