Full Replacement Moving Insurance
When you purchase moving insurance, you’re engaging in an aspect of everyday life. Health, life, and homeowner’s insurance are all examples of coverage purchased on a regular basis, and moving insurance is no different. There are many types of insurance and many ways to calculate premium. We offer the most straight-forward and simple way to acquire moving insurance that covers your items at FULL VALUE, also known as full replacement moving insurance. This full replacement moving insurance does NOT depreciate the value of your items, thus benefiting you, the insured.
What may come as a surprise to many, the moving industry is not required to provide insurance for your goods. The industry standard is a MAXIMUM of 60 cents per pound per article of damaged items. This ensures recovery at 60 cents multiplied by the weight of the item or the carton it’s packed in. Thus, if an item weighing 20 pounds is lost or damaged, you can recover $12.00 for that item (60 cents x 20 pounds). This is very minimal protection and your goods are probably worth considerably more.
Moving Companies & Homeowners’ Policies
Many companies do, in fact, provide their own insurance coverage. However, a few issues can arise from this arrangement. In addition, there is an inherent conflict of interest. Where is the insurance regulation to protect the customer from bad-faith adjusting? Where is the objectivity in deciding how much to pay and who’s at fault? If you’ve been unfortunate to be involved in a similar scenario you know the difficulty in returning your life back to normal.
Your homeowners policy may cover your belongings, however we suggest referencing your policy to ensure proper coverage. For example, you may not have the proper endorsement in place for your belongings off-premise, or you may have a limitation in place such that only 10% of your belongings are covered off-premise. Our declared-value policy is simple and straightforward, covering all of your personal items from point of origin to your final destination.