Moving Insurance

Written by Linda Alexander
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Many moving companies carry insurance while some do not. Basic carrier liability is limited to 60 cents per pound. This is called "released value" and is included with the cost of your move, whether it's a local or long distance move. Some states, however, do not offer this for in-state moves. Before hiring a mover, ask what their minimal liability is.

Declared value insurance will cost extra. This insurance is based on the total weight of your shipment times an additional charge, usually $1.25. Regardless of replacement cost, this coverage is based on the depreciated value of your item. If you need insurance that is based on value instead of weight, you can get insurance for a lump sum. For example, if you have an item that you want to insure for $1,500, you can buy that much insurance.

Full Replacement Value Insurance

Full replacement value insurance equals the replacement cost or repair of a damaged item. This coverage is subject to a minimum charge of either $3.50 or $4.00, multiplied by the total weight of your shipment. You should decide if you need more insurance than that, based on the value of your items.

Some homeowner's insurance also covers your belongings while "in transit." Of course, you can also purchase additional insurance through your insurance company if you are not satisfied with the amount of coverage you receive from your moving company. Transit insurance is another rider you might wish to add to your current homeowner's policy if you want additional protection.


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