If you are relocating to a new home, whether it is across town or across the country, you may want to consider purchasing moving insurance. This type of coverage protects against the damage or loss of your items. You don't want to purchase your insurance from a moving company, this is actually prohibited in most areas. When shopping for a policy, look for coverage that protects your goods during every aspect of the relocation. This includes packing, transportation and unpacking. When you purchase legitimate moving insurance, you will get a certificate of insurance that proves you have coverage.
There are so many things that can go wrong when relocating. For example, your items may be damaged by an act of nature such as a flood or fire. It is important not to confuse insurance coverage with valuation. Valuation can be obtained from a moving company and does not offer the same level of protection as insurance. Valuation is the amount of liability a moving company will assume in the event of negligence. Believe it or not this can be as low as .60 per pound, per item. This is most likely far less than what your items are actually worth.
When you get the type of moving insurance known as all risk, you get full compensation for damaged or destroyed items. In addition, if your items are kept in storage for a period of time while you are getting established in your new home, moving insurance will cover them for up to 90 days in most cases. Like many other types of insurance, you will have a deductible. The deductible is the amount you pay out of pocket before your insurance benefits kick in. There are different deductible amounts from which you can choose.
There are different types of moving insurance you can choose from. The All Risk type mentioned above compensates you fully for damaged, lost or destroyed items. Total Loss Only insurance compensates for items that are destroyed and does not cover lost or damaged goods. Named Perils insurance compensates in the event of a specified peril, which may include but is not limited to fire, flood, burglary and more. These are just examples of what could be specified on your policy.
Regardless of which type of moving insurance you choose, you will need to complete a valuation of your items, which is basically an inventory of what you have and how much each item is worth. Some types of insurance like All Risk require a brief valuation process. Because moving insurance does vary you want to find a company that specializes in this type of coverage. Your insurance agent can walk you through the application process and explain the different types of policies and what is recommended for your particular situation and budget.