Potential customers ask moving companies a lot of questions. However, the one topic that comes up the most has to do with moving insurance. After all, people want to know that their possessions have protection should something get lost or damaged during the moving process. One of the first steps Florida movers should take is educating themselves on moving insurance.
Whether you’re moving within the same community, to a different city, or even overseas, every moving company is liable for the value of goods it transports, according to the US DOT Federal Motor Carrier Safety Administration. In other words, if something of yours gets damaged, the company you hire has some degree of responsibility. However, there are two options when it comes to coverage policies: “released value” and “full value.” Keep in mind that rather than moving insurance, these are valuation coverage policies.
- Released Value – While you pay nothing extra, released value significantly reduces the amount the moving company would pay should property damage occur. Because the company is only responsible for $0.60 per pound per item, you have little protection. For instance, if you have a 100-pound marble table valued at $2,000 that gets damaged, the company only pays $60. This would hardly compensate for the loss.
- Full Value – Again, this is not moving insurance for Florida movers but valuation coverage. In this case, your moving company maintains responsibility for the shipment’s entire value. Although you pay extra for this protection, in exchange for anything getting lost, damaged, or destroyed, the company can choose to give you a cash settlement, repair the item, or replace it.
Sometimes, moving companies will sell moving insurance, which comes from an affiliate. Just like a standard policy, you pay for coverage upfront and have a deductible. Because these policies are state-regulated, not every moving company sells them. Before choosing this option, you need all the details to make sure it is favorable for your needs.
If preferred, you can take out an insurance policy with your current provider. In many instances, your homeowner’s insurance covers these instances, but if not, there are plenty of highly-respected national companies that can assist. Florida movers that have high-dollar items should consider securing a policy outside of what the moving company offers.
Do you need moving insurance? The answer is yes. If the company you hire provides full-value valuation coverage, that might suffice. Otherwise, you should either contact your homeowner’s insurance company to see if it offers moving protection or go through a reputable national company. Ultimately, insurance protection gives you much-needed peace of mind and security.
Do you have further questions about moving insurance coverage? We are standing by to help our customers get answers to all their relocation questions. Call Us Today!