As with all forms of insurance, the answer to this question boils down to money and statistics. But both of these factors suggest moving insurance is a better idea than most people think. The Department of Transportation registers 4,000 complaints annually, while the Better Business Bureau has seen complaints against moving companies nearly triple in the last decade. At the same, while the exact cost of buying policies will vary considerably, the average cost is usually less than 1.5% of the value of your goods. That said, you need to be fully informed about this type of insurance before make a decision. And it's more complicated than you think. Here are some of the facts you need to know when considering whether moving insurance is right for you and which kind.
Moving Insurance Myths
Many people mistakenly believe their belongings are covered from loss and damage through their homeowners insurance. Most homeowners' insurance policies do not provide coverage for your household goods for moving purposes, although you should check with your agent. Often, you will find that goods are covered against damages while the movers are in your home packing, but not while the goods are in the movers' possession.
Ok, but the moving company itself makes guarantees against lost or damaged items, right? Only to a certain extent and often less than you think. They provide valuation for your items. Essentially, if they are found liable, they will pay you a certain percentage of the value of your goods. Most often, these companies pay per pound, usually $.60 per pound (not a good idea if you're moving stereo equipment, musical instruments, etc.). Sometimes, they provide replacement value. These valuation policies don't provide you from "acts of God," as moving insurance does.
Can't I buy insurance from my moving company? Usually not. To prevent abuse and scams, in most states moving companies are prohibited by law from selling insurance.
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