In today’s economy it has become even harder to replace valuables that have been broken, misplaced, or stolen. Insurance has become our ally in the event of unfortunate circumstances that we incur during life’s trials and tribulations. Everything from household, automotive, and health insurance, gives us the ability to pay for things that are unexpected expenses.
Sometimes the coverage offered by movers just isn’t enough to cover what you consider precious and irreplaceable. If this is the case, opting to purchase third party moving insurance could possibly be the best choice for your move. Anything can happen during a move and being insured gives you the ability to sleep better at night.
What is considered Third Party Moving Insurance?
Third Party insurance can be obtained through a separate company outside of the moving company you have selected. Moving companies are not allowed to offer insurance to any customers; only liable coverage. Moving companies may present it like insurance but what you are actually paying for is stated liability better known as valuation. This means that you are potentially setting limits on the liability of the moving company as it pertains to your lost or damaged belongings.
In certain states, movers don’t offer coverage to cover accidents during a move. If this sounds like your situation, look in to obtaining third party insurance.
Should you get Third Party Moving Insurance?
Before making the choice to get third party moving insurance, find out if you are already covered through your homeowner’s or renter’s policy. If any damages occur while in the house, it is possible that you could already be covered.
If you have elected to accept the basic coverage, more than like you are getting only 60 cents a pound; maybe less. Unfortunately, 60 cents won’t cover certain items that you probably paid thousands of dollars for. If what you are moving isn’t worth much, electing not to go with the additional coverage may be your best option. Most importantly, movers aren’t allowed to offer insurance at all but are required to provide valuation or coverage.
There are several different insurance coverage policies that you can protect your move. Find out what’s inclusive with your current renters or homeowners insurance policy. If you feel like your belongings are worth more than 60 cents a pound, find a suitable third party insurance company.