May 19 • General discussion
Extra Insurance?
Is paying for extra insurance worth it when moving?
Moving companies are required by law to carry “standard cargo insurance” when moving your belongings. The standard in the industry is .60 cents per lb. It does not take into account the value of the item, it is strictly based on weight.
Moving companies are also required to offer “full valuation protection”. That means you assign a value to your belongings, and they are insured for full value. This is referred to as “scratch and dent coverage”. While moving companies are required to offer it, there is no regulation governing the cost of the insurance nor the terms of the insurance.
The bottom line is, if you hire a great moving company that has skilled workers, the extra insurance is probably not necessary. For example: If a premium is $900 for a cross country move and the deductible is $500, the company would have to cause more than $1,400 worth of damage in order to reclaim the value of any item. With a skilled moving company this almost never happens. But an unskilled moving company can cause thousands of dollars even on a small shipment. If you choose to get extra insurance, make sure you read and understand the terms and conditions as well as the claims process should you need to use it.
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Extra Insurance?
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