Does It Pay To Get Extra Moving Insurance
The idea of having your belongings get lost or damaged during your move can be stress-inducing
. While a good packing job can improve your chances of keeping your stuff all nice and protected, the reality is that accidents do happen, and sometimes even the most careful of movers can wind up mishandling an item of value.Built-In Insurance
Fortunately, most moving companies are required to offer some form of built-in insurance as part of their general services. If you agree to hire any given company to transport your belongings, you can rest assured that you will, to a limited extent, be covered for losses or damages. On the other hand, the automatic coverage that most moving companies offer generally maxes out at 60 cents per pound of property, which isnt likely to do you much good in the event that something light but valuable ends up getting broken.
For example, you have a television that cost you $800 at the store. If it is broken or damaged over the course of your move and all you have is the standard insurance, youre likely to find yourself in a predicament when the time comes to file a claim. After all, when it comes to the weight of your TV, you might only be looking at about 20 pounds which means that according to the 60 cents per pound rule, youll be walking away with a whopping $12 from your moving companys insurance policy to put towards a replacement model.
Additional Moving Insurance
If you want to avoid being in the same predicament, you might consider purchasing additional insurance to protect yourself during your upcoming move. As the marketing coordinator at Philadelphias Hughes Relocation Services, Inc., Bobby Hughes agrees that the standard 60 cents per pound coverage is rarely enough to adequately compensate people whose belongings get damaged or mishandled. He therefore suggests that anyone who is moving look into additional insurance options to protect his possessions.
According to Hughes, your moving company itself might be able to offer you extra coverage at an added cost. Some insurance agents may also offer coverage for situations like these. If youre looking to make the most of your money, spend some time shopping around to get the best value out of your policy.
While added protection will come at a cost, for certain items, the extra coverage might come in handy. Remember, when it comes to added moving insurance, you only need to purchase extra coverage for those items of particular value. Therefore, if you have some pricey electronics or a few pieces of fine art, it makes sense to protect them accordingly, even if it means paying extra. On the other hand, theres no need to insure those things that arent particularly valuable or fragile.
While additional moving insurance can serve a nice source of comfort and financial protection, Hughes warns that its important to read the fine print before shelling out the money for added coverage. Some insurance policies will only cover the cost of damages for items that are professionally packed; so unless youre planning to pay for packing services as well, your extra insurance might not do you much good. Therefore, its important to understand what your added coverage actually entails before deciding whether or not its worth your money.
Homeowners Insurance
In addition, if youre a homeowner, you might want to check with your homeowners insurance company to see if your coverage includes protection from moving-related damages. While some homeowners policies are better than others, it never hurts to see if yours happens to be generous. After all, if your homeowners insurance offers added protection for your belongings, theres no need for you to buy extra insurance through your moving company.
It is natural for you to feel uneasy about the notion of move-related damages. While you cant do much to control an unforeseen accident, you can protect yourself by having some type of extra insurance in place. Even if you spend the money on insurance and dont end up using it, it is far better than skimping on insurance, having a mishap, and suffering the financial consequences.
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