Selling a house, purchasing a new one and packing up all your personal belongings are hard enough. Between signing contracts, transactions with your bank, stuffing boxes and hiring movers, there isn’t much more room for chaos in your life, so don’t add the stress of damaging or losing those personal belongings to the list.
Moving insurance is a helpful way to take away that worry while changing your address. There are plenty of insurance options, as well as many benefits to obtaining insurance prior to packing up and relocating.
What’s the point of moving insurance?
You might be wondering why you should add an additional cost to the already long laundry list of payments you have made during the moving experience. Although another charge to your credit card might seem undesirable, we promise it is highly beneficial.
In the same way that you purchase health insurance to protect your personal health, it is important to also protect the well-being of your belongings.
Many of the pieces that have accumulated in your home over the years are not just there to fill space; they’re also important to your life story and often have a memory or meaning behind them. Protect those memories through moving insurance.
Accidents happen all the time. There’s always the chance your moving truck might get in an accident en route to your new home. Or maybe a bump in the road causes that family heirloom to crack. Insurance helps you rest easy, knowing that whatever damage might occur you will still be able to have that memory back, safe and sound in your new home.
What are my options for moving insurance?
There are various options to choose from when deciding how you would like to cover the safety of your belongings. Although your mover is liable for the value of the goods they are transporting, there are different levels of that liability.
Federal law requires interstate movers to offer one of two liability options: Full Value Protection or Released Value.
Full Value Protection means your mover will be liable for replacing or repairing any lost or damaged goods during the moving process. If the item is unable to be repaired or replaced, the mover will then pay a cash settlement to cover the cost of the damaged item.
This type of coverage plan is limited to items of “extraordinary value.” Your mover will be able to provide more details on what is included under that category.
Released Value Protection is offered at no additional charge when using an interstate mover, but it not as extensive as the Full Value plan. This type of liability only requires the movers to cover a small piece of the total value of a piece.
In addition, there are other insurance options offered through third parties, including your homeowner’s policy. It is important to do your research and educate yourself on what the best insurance option is for you.
What is covered under moving insurance?
Depending on the type of protection you choose, there are ranges of coverage during a move.
Full Value Protection specifies that movers are not required to reimburse you for any item that is valued at more than $100 per pound, unless you specifically stated that item on your shipping documents. This type of coverage requires you to take inventory of all your belongings and list those items worth more than $100 per pound.
While Released Value Protection is free, it only covers items no more than 60 cents per pound. Since this option provides less coverage, we recommend looking into all of your options prior to making a decision.
Remember that accidents happen, so make it a priority to become familiar with your insurance options. Do your research, call your moving company of choice and ask the agents at Network Real Estate if you have any questions regarding moving insurance.
The more you plan ahead, the less stressed you will be on moving day.
Neal Johnson is a CMCA, CRB, CNE and GRI-certified, licensed real estate broker at Network Real Estate, which has exclusively served a high volume of property sales and purchases in the greater Wilmington area for more than 30 years. With three offices at College Road, historic downtown Wilmington and Pleasure Island, Network’s brokers are widespread and well-versed in this marketplace, making Network a preferred real estate company for first-time homebuyers and beyond.
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