A Guide to the different types of Moving Insurance Plans

Purchasing the right moving insurance plan is your first line of precaution against any damaged objects

Moving day is almost always a hectic experience. Boxes are hauled from old homes to moving trucks and then to new locations. Provided you entrust your belongings with professional moving companies, most chances that you will receive your shipment in tact. But in some unfortunate incidents, consumers receive shipments with missing objects or damaged items. Reputable moving companies offer different types of insurance plans to cover any lost or damaged object scenario.

Make yourself familiar with the different types of moving insurance explained below:

Full Value
This is a comprehensive plan that covers all your belongings and places full responsibility with the movers. Therefore, under this coverage any object that is lost or damaged during the journey will require the mover either to repair the item, reimburse you with cash, or buy you a similar item. The downside of this plan is that movers can limit their reliability to items under $100. Before purchasing this coverage plan verify with your selected mover the full extent of their liability.

Released Value
Movers are liable for 60 cents per pound per article. The Released value cover puts the customer in the most vulnerable position by eliminating the possibility of full compensation should objects break during the journey.

Third Party
Third party insurance plans supplement released value agreements, and are provided at additional costs by movers or third party companies. Under this agreement, movers are liable for 60 cents per pound per article and third party insurance companies cover additional losses. Before paying a third party insurance provider, check that you're not already covered through your current homeowner’s insurance policy.

Regardless of which coverage plan you have purchased, many factors can further limit the moving company's liability of your belongings. Mover New York advises every consumer to read thoroughly the moving contract. In some instances the very language of the contract will relinquish movers from any liability. Other factors that will work to reduce the liability of movers are as follows:

-Packing your own belongings. If your shipment is composed of expensive objects, and you are opting for full value coverage, it might be wise to purchase full movers to pack all your items. This way you ensure full compensation should items break during journey.

-Failure of notifying movers that your shipment consists of hazardous and perishable items or expensive objects above $100.

-Released value agreements

-Loss claims are submitted more than nine months after the moving day.

Purchasing the right insurance plan is your first line of precaution against any damaged objects.