Most people understand the importance of having health insurance and car insurance, and the peace of mind that it offers. So it makes sense that when you send off the entire contents of your home on a moving truck, you’ll want to be protected by insurance, just in case some or all of it gets lost or damaged.

Interstate movers are required by federal law to provide liability per lb, which is referred to as valuation. This is not insurance, although many people mistakenly believe that it is. Not knowing the difference can lead to unpleasant surprises and disappointment should your belongings get damaged or lost, and you find out just how little compensation you are entitled to. Purchasing Insurance from MoveInsure guarantees the protection of your belongings and a quick and easy claims process should they sustain damage or loss.  For more information, see the MoveInsure Comparison Chart.

The two types of valuation that movers offer are Full Value Protection and Released Value.

Full Value Protection

If you don’t specify which option you want, the mover will automatically use Full Value Protection. Under this liability, if items are lost or damaged during the move, the mover can choose to repair the item, pay you for the cost of the repair of the item, replace it with a similar item, or pay the current market replacement value. This means that if your 2-year old refrigerator is damaged during the move, the mover will not replace it with a new one, but will give you a cash settlement based on the value of a used refrigerator. This is all done at the mover’s discretion.

Movers can limit their liability on items that are worth more than $100 per pound, such as jewelry and antiques, unless these articles of extraordinary value, as they are called, are specifically itemized in the shipping documents.

Released Value

Released Value Liability will be provided by the mover for free, but you must specify that this is the liability under which you want your belongings moved. Under this liability, the mover will assume liability for 60 cents per pound. Take a quick look around the room you are in and estimate the weight of some of the items. Multiply that by 60 cents to see just how little coverage this is. If the movers break your 50” plasma screen TV, you will receive about 48 dollars for it.

Insurance

With all the loading, unloading and bouncing around on a moving truck that your belongings will be subject to, it is very possible that there will be at least some damage. It is definitely a good idea to purchase additional insurance from MoveInsure to be sure that you are covered. You get to choose the level of coverage that you want. Even if your belongings get through the move completely unharmed, MoveInsure will give you some peace of mind during what can be a very stressful time.

Please note: MoveInsure’s Gold coverage provides the broadest coverage possible for items that are packed by professional movers. Items that you pack on your own revert to MoveInsure’s Silver coverage even if you select Gold coverage for you move. Therefore, please consider to have fragile items packed by professionals to both decrease the possibility of damage and to ensure Gold coverage for those items in case of damage or loss.