If you are facing an upcoming move, you may be wondering if moving insurance is really needed. This is an important question to ask! At Republic Moving and Storage, we value our customers’ questions. We want our customers to have a comfortable move with solid peace of mind so don’t hesitate to ask about moving insurance and whether you might want or need this. It’s one of the first steps in educating yourself during the moving process.
If your personal belongings are important enough to move, those possessions should be protected against loss or damage during the moving process. Whether Republic Moving and Storage is moving your goods within the same community, to a different city, or even overseas, the company is liable for the value of goods it transports, according to the US DOT Federal Motor Carrier Safety Administration. Just keep in mind that there is a difference between moving insurance and valuation coverage policies.
Most top moving companies, like Republic Moving and Storage, offer two options when it comes to valuation coverage policies: Released Value and Full Value.
- Released Value – There is no extra cost, but this option significantly reduces the amount the moving company would be required to pay if there is any damage to your property. As the moving company is only legally responsible for $0.60 per pound per item, there is little protection in this option. As an example, the company would only be obligated to recompense $60 for a 100-pound marble table, even if it is valued at $2,000.
- Full Value – There is a cost for this extra protection in exchange for any items lost or damaged. Again, this is not moving insurance, but valuation coverage, but it can be well worth it. With this option, the moving company maintains responsibility for the shipment’s entire value. The moving company can choose to give you a cash settlement, repair the item, or replace it.
Full Value protection might serve your needs well enough. Otherwise, especially with high-dollar items, you might consider a moving insurance policy through your homeowner’s insurance or other reputable and respected company. Just like a standard policy, you will pay for coverage upfront and have a deductible, as well. Go over the policy details carefully to be sure this is favorable for your needs. Ultimately, insurance protection can give you a much-needed peace of mind and security.
Do you have further questions about moving insurance coverage? The experts at Republic Moving and Storage are willing to help answer all your relocation questions. Contact a moving specialist today!