Your Moving Insurance Options
Any idea how much will your mover is required to reimburse you if they break your flat screen TV during your move? $20.
Yep, that’s right. Just $20. The standard liability coverage your mover offers you is based on the weight of your items; not their monetary value. Your mover is only required to compensate you for $0.60 per pound, so for a 46″ flat screen TV, that could be as little as $20.
Particularly if you have precious belongings and/or are moving long-distance, consider investing in supplemental move insurance. First, check with your homeowner’s or renter’s insurance provider to see if you’ll be covered under your existing policy. If not, consider one of the following options.
Mover-Provided Coverage – Released Value Protection
- This type of coverage MUST be included in your mover’s quote and offered at no additional charge
- In the event of loss or damage, your mover will reimburse you for $0.60 per pound. So if they damage a 5 lb stereo speaker, you would be reimbursed $3.
- Boxes you pack yourself are not covered
- You must sign a statement on your Bill of Lading to agree to this type of coverage
Mover-Provided Coverage – Full Value Protection
- This coverage is offered by your mover at an additional charge
- The cost may vary according to your mover and may have different deductible levels impacting your possible premium rates
- In the event of loss or damage, your mover will repair, replace or reimburse you for the item.
- Your mover will not cover “high value” items unless specifically detailed by you prior to the move (e.g. jewelry or china)
- In most cases, boxes you pack yourself are not covered
3rd Party Moving Insurance or Protection
- Your mover may recommend a 3rd party for Released Value coverage, or you may choose one on your own
- You make this purchase yourself and not through your mover
- We recommend our partner, MoveProtection.com, which offers affordable premiums for some of the most comprehensive coverage on the market. Unlike most insurance companies, MoveProtection.com also covers boxes you pack yourself.
Learn more about all of these options at ProtectYourMove.gov.