You may not think you need moving insurance, but you take a big risk by going through a residential move without getting it.
During a major residential move, the idea of getting special moving insurance to protect your items may easily slip your mind. This is understandable! Most people think the moving company they hired is liable for any loss or that their current homeowner's policy will protect the items in case of loss or damage.
If a company is paying for moving services, individuals might think the company is on the hook to reimburse the employee if there's a loss. Unfortunately, in most situations, none of these assumptions are true. The following is a list of reasons why if you’re making a major move, you need moving insurance:
Protections from Loss
In most moves, unless an individual obtains separate moving insurance, the only reimbursement he or she can expect in case of a loss is no more than $0.60 per pound. So if an individual presents a claim for a $3,000 piece of furniture that weighs 500 pounds, all the individual will receive is $300. In almost every situation, the individual will receive pennies on the dollar from the “default” insurance that the moving company will automatically have. This means if the individual wants full protection, they must purchase additional moving insurance.
Homeowner’s Policy May Not Cover the Items
In many homeowner’s insurance policies, there is no coverage for damaged or lost items during a move. The insurance only covers a loss when the belongings are at the policyholder’s home or kept in a special storage location.
Peace of Mind
Another good reason to get moving insurance is peace of mind. Even if you think it’s not worth the cost of a moving insurance policy and you’re willing to take the risk of not having moving insurance, you will worry. Having peace of mind is worth the cost of the insurance, especially if you're moving many high-value items.
If you’re about to have a major residential move and want to learn more about what it’ll cost, including obtaining the necessary moving insurance, contact our moving experts at Nilson Van and Storage.