Should You Get Moving Insurance?

Lisa Mailhot  |  October 18, 2023


Should You Get Moving Insurance?


Moving can be an overwhelming experience. The list of tasks seems never-ending: packing, notifying utility companies, forwarding mail, and ensuring that nothing crucial is overlooked. On top of all this, there's another factor to consider: the safety of your belongings during the move. In this blog post, we'll explore the world of moving insurance, why it matters, and provide valuable tips to help you make an informed decision.

Understanding Basic Moving Insurance

Moving companies are legally required to offer a basic form of insurance, known as "released value protection." This coverage is typically set at a meager 60 cents per pound. For instance, if your cherished items are damaged or lost during the move, you'll receive compensation based on this weight-based calculation, not the actual value of the items.

While it's comforting to know that licensed moving companies include this basic coverage in their quotes, it's essential to recognize its limitations. If you have valuable possessions, this standard coverage may fall significantly short of providing adequate protection.

Considering Expanded Coverage

To bridge the gap left by basic coverage, many moving companies offer the option to purchase additional insurance. Referred to as "full-value protection," this coverage is based on the valuation of the transported contents. It typically comes with a deductible, often around $500, and can cost an additional $50 or more, depending on your location and the moving company you hire.

Full-value protection grants the moving company two options in the event of loss, damage, or destruction of your items. They can either repair the damaged item to its pre-damaged condition or replace it with something similar. However, it's important to note that they may not provide you with a brand-new replacement for a damaged item.

Keep in mind that this coverage usually excludes very high-value items worth $5,000 or more. So, if you're transporting items of significant worth, you'll need to explore other options.

Protecting Extremely Valuable Items

For those with exceptionally valuable possessions, additional coverage through a third-party insurance provider may be necessary. This type of insurance typically costs around $100 for every $10,000 in coverage and generally covers all items. Before the move, it's advisable to create an inventory of your belongings, especially valuable ones. For long-distance moves, ensure that these items are listed on the shipping documents, which can save you from headaches later if you need to file a claim.

Check Your Existing Insurance

Surprisingly, your renters or homeowners insurance might extend coverage to your items during a move, even after they've left your home. To determine if you're already covered, consider reaching out to your insurance agent. Some insurance providers may also offer additional moving insurance options, eliminating the need for third-party coverage. However, it's crucial to assess the coverage limits and whether you need a higher policy limit to safeguard your valuable possessions.

Bottom Line

Moving insurance is an essential consideration when planning a relocation. Basic coverage may provide some protection, but for peace of mind, especially when moving valuable items, exploring additional insurance options is prudent. Whether you opt for expanded coverage through your moving company or seek third-party insurance, careful planning and documentation are key to a smooth and stress-free move. 


Reference: - The Ultimate Guide to Moving: Moving Insurance – Why It Pays to Be Protected

Recent Blog Posts

Stay up to date on the latest real estate trends.


Unlocking Cost-Free Real Estate Marketing Strategies for Maximum Impact

Lisa Mailhot  |  May 17, 2024

Explore five innovative and cost-free real estate marketing strategies that leverage creativity and strategic thinking to enhance your brand's visibility. From network… Read more


The Rise of Tiny Homes as a Game-Changer in Modern Housing

Lisa Mailhot  |  May 16, 2024

Tiny homes are gaining popularity as affordable and eco-friendly housing options, but they come with pros and cons. Explore the tiny house movement and whether it's th… Read more


Practical Steps to Achieve Financial Prosperity

Lisa Mailhot  |  May 14, 2024

Discover effective strategies to build wealth and achieve financial freedom in our latest blog. Learn about setting financial goals, managing debt, and the importance … Read more


Inland Empire Warehouse Market Faces Oversupply, Rents Under Pressure

Lisa Mailhot  |  May 14, 2024

Explore the current challenges and opportunities in the Inland Empire warehouse market, where an oversupply bubble causing downward pressure on rents. Benefit from ind… Read more


Q1 2024 Home Price Surge: Analyzing Metro Market Trends 

Lisa Mailhot  |  May 10, 2024

Discover the latest trends in the U.S. housing market with over 90% of metro areas posting price gains in Q1 2024. Learn which regions are seeing the biggest increases… Read more


The Power of Diversity: Enhancing Real Estate Growth and Success

Lisa Mailhot  |  May 10, 2024

Discover how diversity can drive innovation, strengthen client relationships, boost team morale, and improve brand reputation in the real estate industry. Embrace the … Read more


Unraveling the Top 10 Deal Breakers in Commercial Real Estate

Lisa Mailhot  |  May 9, 2024

Navigating the complex world of commercial real estate can be a minefield, with many possible challenges that can disrupt even the most promising deals. From financing… Read more


How MLSs Are Taking the Reins in Enforcing NAR Settlement Changes

Lisa Mailhot  |  May 8, 2024

Discover the pivotal role of Multiple Listing Services (MLSs) in enforcing the latest commission rules set by the National Association of Realtors (NAR). Learn how the… Read more


Homeownership Dreams Fading for Renters in Orange County

Lisa Mailhot  |  May 7, 2024

The latest Federal Reserve Bank of New York survey has revealed a stark reality for renters in Orange County and nationwide – the prospect of owning a home is becoming… Read more

Let’s Talk

You’ve got questions and we can’t wait to answer them.