How Does Moving Insurance Work?
We at Blue Whale® Moving Company field a lot of questions from our customers: from the homeowners who want to know how long to plan ahead to the one who asked if we move coffins, our clients run the gamut, to say the least. But probably the topic that draws the most confusion is moving insurance. Do we have insurance? What does that mean? It’s clear our clients could use a few clear cut answers. Read on to clear up some of moving’s murkiest issues.
Yes, We’re Insured, But…
Blue Whale Moving, like most reputable moving companies, is fully insured. That doesn’t necessarily mean that your stuff is fully covered in the event of damages, though. While we obviously do our best to ensure your belongings make it to your new place safe and intact, sometimes accidents do happen. That’s why we offer several different levels of protection for you and your things.
Getting to Know the Different Kinds of Coverage
Movers offer two different levels of coverage. Keep in mind that this coverage isn’t technically insurance, since federal regulations forbid moving companies from selling insurance policies directly to homeowners. Instead, what we offer is “coverage”—an agreement that we’ll repay you a certain amount in the event that your items are damaged or lost.
- Released Value Protection (Basic Coverage): Any time you hire a mover to relocate your stuff, you’re protected by federal regulations that require the company to repay you in the event of negligence. That rate is set at $0.60 per pound. While it doesn’t happen very often, at Blue Whale, we select the lowest of the these three: your basic released value, the price to replace the item, or the price to repair it—so you can get a scratch buffed out and move on with your life!
- Full-value Protection (Extended Coverage): If you don’t feel like taking any chances with your stuff, you can opt to purchase an additional coverage level known as full-value protection. If you go with this level of coverage, you’ll have to pay a little bit extra, but when you’re transporting truly priceless items, it’s worth it! Typically, movers charge about one percent of the items total value, though the prices can vary depending on who you ask. The type of coverage you pick is totally up to you, but the full-value option means you’ll have less to worry about come moving day—and that peace of mind is invaluable! Contact us now if you’re interested in additional valuation on your move. We’d be happy to provide you with a quote specific to your needs!
Some Other Options for Protecting Your Stuff
In addition to the protections offered by your moving company, you may have some additional options for insuring your stuff. They are:
- Homeowners Insurance: Many homeowners policies also offer minimal moving insurance as well, although you’ll need to comb through the fine print on your policy before you count on it to take care of your damages. For instance, your insurance company may only cover items when they’re inside the home—and even if they are willing to take on other claims, they may only offer you a small percentage of what your items are really worth.
- Relocation Insurance: Another way to go is to purchase a special moving insurance package, known as individual relocation insurance. Insurance policies like these are especially useful if you’re moving over a long distance, shipping items, or keeping objects in storage, since all of these situations can be rolled into certain insurance plans. They also typically cover “Acts of God,” which you may not have on your moving company’s valuation protection.
All in all, the decision to purchase insurance or additional coverage depends on how much you think your stuff is worth and how much you want to spend to protect it. Like any moving decision, it’s all up to you, but if you have additional questions, we’re happy to help. Just don’t ask us to move any coffins!