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Moving Insurance Services From Three Movers

Published by Chris Townsend

Moving Insurance Services From Three Movers
Moving insurance, homeowners insurance company

Moving can be exhilarating, but it can also be stressful. It's important to keep your belongings safe and secure during your relocation. You need moving insurance because you're entrusting your high value items and indeed all of your worldly possessions to a giant box on wheels and accidents do occur from time to time. Thus, it's a good idea to have insurance coverage in these situations.

Check your current homeowner's insurance policy first, though. Confirm if your policies include trip transit insurance. To be sure your goods, especially valuables, are insured while being moved, check your policy documentation or call your insurance company.

Additionally, you can inquire about your movers insurance coverage and whether or not they can be upgraded.

What's the Importance of Getting Moving Insurance?

The primary goal of moving insurance is to safeguard your assets throughout the relocation process. While hiring a professional moving company may make transporting all of your possessions easier, their services do not guarantee the safety and protection of your valuables.

It's crucial to protect the well-being of your valuables in the same manner that you protect your own health when you purchase health insurance.

Many of the items that have accumulated in your home over time aren't just there to fill space; they're also significant in your life narrative and often have a memory or significance attached to them. Moving insurance can help you keep those memories safe.

Furthermore, pay close attention to the value coverage while signing a contract for moving insurance. This is the amount of money you can expect the moving company to reimburse you if any of your belongings are destroyed or stolen during the move.

Third party insurance company with different coverage options

How Much Does Moving Insurance Cost?

The cost of moving insurance varies depending on whether you get released-value or full-value coverage, as well as if you opt for third-party coverage. Only third-party liability insurance is considered to be a type of insurance. This is because full service moving companies, rather than insurance, offer released-value and full-value coverage.

Both types of protection are referred to as valuations rather than insurance policies. The US Department of Transportation regulates movers' valuations because they aren't licensed to sell insurance.

Therefore, you'll have to calculate any moving insurance you purchase separately because your usual homeowners or renters insurance doesn't cover damage that occurs while movers transport your belongings.

The cost of moving insurance is determined by a variety of factors, including the value of your belongings and the type of coverage you choose. It's usually included in your moving agreement if you choose basic coverage or released value protection from your mover. You may anticipate spending roughly 1% of the total estimated value of your personal stuff if you choose full value protection moving insurance.

Furthermore, the cost of moving insurance from a third-party insurer could range from 1% to 5% of your estimated valuation. As a result, the cost of coverage would range from $180 to $900, based on the estimate above.

Renters insurance policy according to federal law

Types of Moving Insurance

There are several types of moving insurance and each one has a different coverage:

Full Value Protection

Any damages or losses are covered by insurance under this value, and you will be reimbursed for any repairs or replacements of lost or damaged assets. Three Movers guarantees that if any of your possessions are lost or damaged during the transfer, you will be adequately compensated.

However, while complete value protection is subject to minimum coverage deductibles and amounts, not everyone is in favor of it. The amount of money you'll get for a damaged or missing item will be less than its true worth. This means that if you lose a $1000 painting during the move, you may only get $500 to $750 in compensation.

Release Value Protection

There is no additional charge for released-value protection. It is provided free of charge by your moving company, and all you have to do is request it and sign a contract to activate it.

However, the coverage provided by released-value protection is limited. This form of coverage will only pay you 60 cents per pound of damaged goods. Therefore, if your five-pound painting is worth $600, you'll only get $3 if it's lost or damaged.

Separate Liability Coverage

The moving company will use this policy, in collaboration with an insurer, to make up the difference, up to the policy's limit.

The cost of third-party moving insurance is often determined by the number of belongings you're moving and the distance you want to travel. Companies often weigh your belongings and levy a fee of $1.25 multiplied by their weight. Insuring 1,000 pounds of items, for example, can set you back $1,250.

What is Normally Covered By Moving Insurance?

It's important to note that moving coverage and moving insurance are two different things. Moving companies provide coverage, and third-party insurance companies provide moving insurance.

However, standard moving insurance will protect you in these and other circumstances that fall into the following categories:

  • Property damage while in transit
  • Physical damage to business-owned vehicles
  • Motor truck margo
  • Third-party injury
  • Personal injury
  • Installation floater
  • Third-party property damage

What Isn't Covered By Moving Insurance?

Certain circumstances may make it more appealing to purchase moving insurance. This includes the following:

  • Not alerting your movers about any perishable, risky, or toxic products you're packing.
  • Failure to notify your mover in writing if any of your belongings are valuable.
  • If you decide to pack any of your own belongings to save money, it may be difficult to file a claim if the things are damaged as a result of your efforts.
  • Damage from natural disasters, such as an earthquake and tornadoes.

Oftentimes, you can add extra coverage to your policy to protect yourself from such situations.

Finally, but most crucially, if you pack your boxes yourself, insurance companies will not cover you for loss or damage. Damage to your items cannot be confirmed unless your boxes are professionally packed, and your claim is at risk of being denied. So make sure you ask your moving company about their packing services during your initial conversations.

You may get quotations for your move from Three Movers if you need a professional moving company with the necessary moving insurance and the expertise to pack your items safely and securely.

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Chris Townsend is a moving professional and relocation expert that has more than 10 years of experience in the moving industry. With a background that includes working in virtually every aspect of the company, he has distinguished himself as an integral part of our operations with expertise in all things related to moving. Chris has a keen eye for detail and brings intelligence and passion to every project he’s involved with.

While getting his degree in communications from Santa Clara University, Chris started out with the company working in the field as part of our team of professional moving associates. Following graduation, he was promoted to our main office, where he has thrived in a role that involves increasing responsibility and requires him to wear many different hats. Some days, you may find him answering the phone and providing moving estimates, others he may be writing for our moving blog, and another day he may be coordinating a large corporate moving job or helping us with our marketing efforts. Chris has authored many of our in-depth moving guides, as well as provided our clients with information and advice to handle the complexities of their upcoming moving plans. Simply put, there’s nothing he can’t do and we wouldn’t be where we are today without him.

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