Mishaps are inevitable. And regardless of using a top-rated moving company when moving from Los Angeles to NYC, Seattle, Chicago, or any other city, unexpected can happen, resulting in unbearable losses. And that is when movers insurance proves to be a crucial requirement as it offers additional protection to your possessions. Still, however, most people don’t understand or see the need to buy moving insurance coverage.
This article will explore all crucial aspects of moving insurance. Principally, the article will help you decide if moving insurance is worth it. Let’s get started.
What is moving insurance?
Moving insurance is a type of valuation coverage that covers damages and losses that may result from incidents such as theft, fire, smoke, among other occurrences that may happen when moving your properties. Essentially, the policy offers additional protection against unexpected risks, including those not covered by the moving companies’ valuation policies. Typically, it is not mandatory to buy the policy. However, the insurance is recommended and beneficial, especially when moving high-value personal effects.
What does moving insurance cover?
Typically, the policies vary depending on the providing company. Essentially, different companies’ policies vary in risk coverage. Also, some companies offer varied moving insurance covers with varied coverage limits. Typically, some policies offer basic protection, covering only a particular percentage of losses. Others offer full-value protection covering almost all moving-related risks for a period, usually at least 90 days. Therefore, ensure to inquire with your moving company what is covered in their policy before purchasing.
Who offers moving insurance policies in NYC?
Typically, moving insurance policies are offered by insurance companies. However, some moving companies usually sell these policies. Principally, the moving companies offering moving insurance policies in New York must be licensed and insured.
Is liability valuation coverage the same as moving insurance?
No. Moving insurance is significantly different from valuation coverage. Here are some of the primary differences between the two covers.
- Moving insurance policy protects your possessions and movers’ wellbeing during moving, eliminating all liabilities that may stem from accidents that may occur in the course of moving. On the other hand, valuation liability coverage protects the moving company. It covers damages and losses that may occur when the moving company has possession of your properties.
- Valuation coverage is entirely offered by moving companies, with no additional costs, while moving insurance policies are sold by insurance companies or insured moving companies only (mostly independently).
- Valuation liability coverage policy remains active for a shorter period – moving period while moving insurance extends coverage for up to 90 days. Notably, moving insurance policies are renewable.
Is moving insurance genuinely worth it?
Yes. Moving insurance policy is a critical requirement, especially when moving high-value possessions. Also, the policy is highly effective if you will need a storage facility. Typically, the insurance cover extends protection for a particular period, up to 90 days, usually when using the mover’s warehouses. Essentially, the policies offer added protection, guaranteeing stress-free moving.
How to get moving insurance:
Notably, moving insurance is usually included in the moving fees in some insured moving companies. Hence, your moving is automatically covered on hiring them. Still, confirming the inclusion of the policy and its coverage is paramount. Usually, these companies mainly offer released-value protection (Basic moving insurance). Still, you can ask for a full-value protection policy.
Alternatively, if your moving company is not licensed to sell moving insurance policies, you can buy a cover from your preferred insurance company. Interestingly, there are couple dozens of insurance companies offering moving insurance in New York.
Note, after buying a moving insurance cover, the insurance company (or the moving company selling moving insurance covers) should provide a certificate of insurance (COI). The certificate contains the name of the policyholder, the effective date and coverage limits, valuables, and risks covered.
Final words:
Most insurance covers, especially the moving insurance policies, are underrated. Most people assume their importance primarily because their mover’s company offers liability coverage. Although the coverage gives peace of mind up to a point, it is worth noting that the policies are limited. Also, your general homeowner or rental insurance policy may not cover your moving. In that case, you need to buy a moving insurance cover when moving from Los Angeles to NYC or any other city or state. Still, ensure to confirm what the policy covers precisely in the state you are looking to relocate to before buying.
