Moving Insurance: Everything You Need to Know

When preparing for an upcoming move, there are countless aspects to consider to ensure you achieve the best results possible. Throughout transportation, you undoubtedly want to keep your belongings safe from any losses or damage. While packing with care and organization are effective ways to do this, having a better form of protection can benefit you even further. For this reason, moving insurance is a crucial element to consider ahead of your move. Moving insurance allows you to minimize your stress throughout the move, as you can rest assured that you have the financial protection you need for your belongings. 

Want to dive into the details of moving insurance to make an informed decision? Keep reading for our comprehensive guide!

Types of Moving Insurance

Moving insurance, as the name suggests, offers coverage to protect your items throughout a move. It accounts for risks such as accidents, damage, and theft so you can be financially protected during your relocation. There are various types of moving insurance to choose from, so we’ll walk you through the most common options below.

• Released Value Protection: Released value protection is the most basic level of liability coverage, and it is typically included in the moving cost at no additional charge. With this plan, the moving company assumes liability for no more than 60 cents per pound per item. For instance, if a 15-pound item is damaged or lost, you would receive only $9 (15 pounds x 60 cents). This option only offers the most basic level of protection. For people transporting valuable but lightweight items, you will likely find that this option doesn’t offer enough financial compensation in the event of damages. 

• Full Value Protection: Full value protection provides comprehensive coverage for your belongings. This plan requires that the moving company holds responsible for the full replacement value of any lost or damaged items. With this option, you can choose to repair, replace, or receive a cash settlement for the item’s current market value. This type of coverage typically comes at an additional cost, but it offers the highest level of protection for your possessions. If you’re moving a lot of high-value items, this option presents much more effective financial compensation.

• Third-Party Insurance: Third-party insurance is an additional policy that you can purchase from an independent insurance company. This coverage supplements the basic liability offered by the moving company and can provide a higher level of protection for your belongings. This is a great option if you have valuable items that need extra coverage or if you want more comprehensive insurance than what the moving company offers. Plus, with this option, you can shop around for the best rates, rather than having to accept the rate your moving company offers.

• Equipment Damage Waiver: This option is for those who are renting moving equipment, rather than utilizing moving services from a company. Equipment damage waiver is a type of coverage that protects against damage to the moving equipment, such as dollies, hand trucks, and furniture pads. This waiver is typically offered by the moving company and can cover repair or replacement costs if the equipment is damaged during the move.

• Cargo or Contents Coverage: Cargo or contents coverage is a policy that protects the goods being transported by the moving company. This insurance covers damage or loss of your items while in transit. It usually applies to the entire load rather than individual items. This type of coverage is essential for ensuring that all your belongings are protected during the move, especially if they are being transported over long distances.

Benefits of Moving Insurance

Now that you have a comprehensive scope of the different types of moving insurance, it’s important to understand why these coverage options are so important. What are the perks of utilizing moving insurance? Keep reading to find out!

• Financial Protection for Lost or Damaged Items

Moving insurance offers financial protection in the unfortunate event that your belongings are lost, damaged, or stolen during the move. Without this protection, you would be responsible for the full cost of repairing or replacing your items, which can add significant financial stress to your move, which can already be an expensive process. With moving insurance, you can receive compensation based on the type of coverage you select, whether it’s a basic plan like released value protection or more comprehensive coverage like full value protection. This ensures that you don’t need to handle unexpected expenses on your own, allowing you to smoothly recuperate from any losses.

• Confidence and Peace of Mind

One of the most significant benefits of moving insurance is the confidence and peace of mind it provides throughout the moving process. Moving can be an overwhelming experience, but knowing that your belongings are protected against potential risks can relieve a lot of the anxieties involved with your relocation. With moving insurance, you can focus on other important aspects of your relocation without the constant worry about your belongings arriving safely to your new home. This assurance allows for a more relaxed moving experience.

• Federal Regulation Compliance

Federal regulations require moving companies to offer at least a basic level of liability coverage for interstate moves, known as released value protection. This compliance is mandatory for legal and safety reasons, and it demonstrates that your moving company adheres to industry standards and prioritizes the safety of your items. If a moving company doesn’t offer this coverage, you can assume that they are not a trustworthy option for your moving needs.

Complete Your Move with Peace of Mind

With this knowledge about moving insurance, you can journey forward in your relocation with the confidence you need to choose high-quality moving solutions. Searching for a trusted moving company in Northeast Ohio to help you safely move your belongings to your new home? Count on RLD Relocation & Logistics, the trusted movers of Canton, Akron, and beyond.

For over two decades, we have provided reliable local and long distance relocation services, empowering our customers to enjoy convenient moving experiences. Request a free quote online or call us today, and learn how RLD can transform your move!