Moving can be a difficult experience. One thing you can do to make it easier is to carefully look at your options for protecting your household belongings while they are being handled by your moving company.
A good amount of options are available from moving companies, private insurers and your existing Renter’s or Homeowner’s insurance Policies. They can provide different levels of insurance or assessment protection for different causes of loss. No matter which mover you choose, it pays to be prepared ahead of time so that you’ll have time to evaluate your moving insurance and cost options.
Some Terms You Should Be Familiar With Are
Damage, Loss, and Perils:
Prior to considering the difference between moving insurance and valuation, it helps to understand that there are two basic classes of loss that might occur during a move. Both kinds of loss are the exception and not the rule, but either one or both could happen during your move.
- Damage, breakage, marring and other types of losses caused by the mover’s or shipper’s negligence, carelessness or accident.
- A casualty loss, such as a fire, windstorm or similar damage that might happen through no fault of the moving company and that are many times resulting in damage to other property besides the household items you are moving.
Most homeowners and renters are aware of the second type of loss and most of the time have either a Homeowner’s or Renter’s insurance policy that covers their personal property. Insurance policies usually carry a deductible and provide coverage either on an all-risk or a named perils basis:
- An all risk insurance policies provide coverage for any cause of damage or loss unless the cause is specifically excluded, such as wear and tear – and typically breakage and marring.
- A named peril insurance policy provides coverage only for the causes (perils) that are specifically listed in the policy – such as fire, lightning, windstorm, etc.
Most Homeowner’s policies provide all-risk coverage for buildings and named peril coverage for personal property. Renter’s policies may be stated on either a named peril or all-risk basis.