Even the most professional, experienced moving companies occasionally damage items during the course of a move. Accidents happen, even without being at the fault of the mover. Finding a broken mirror or chipped coffee table, after a household move, is never welcome. Ask your moving company what kind of insurance is available for belongings during packing and loading, moving to the new home or storage, and unloading at the final destination.

Moving companies offer “valuation coverage” to protect clients in the event of lost or damaged items since they are not technically allowed to sell “insurance.” Required by federal law, are these two types of valuation coverage:

  1. Complimentary coverage (also called released value protection or Minimum Liability Coverage)
  2. Extended Valuation Coverage (also called full-value protection)

You can also purchase moving insurance from 3rd party companies for more protection and peace of mind.

Complimentary Coverage

Complimentary Coverage is standard for all moves. It’s fairly simple in the way it works. You are covered for 60 cents per pound per lost or damaged item. For example, if a 100-pound armoire is broken during a move you are paid $60. However, something like a flat-screen TV, which might only weigh 50 pounds is still covered under the same 60 cents per pound.

You may want to opt for better valuation coverage even with this coverage included in the quote because your TV is worth a lot more than $30.

Extended Valuation Coverage

Extended valuation coverage offers the most protection in the event of loss or damage. This coverage starts with you giving an estimated value for what you think all of your items are worth. It is especially helpful if you have one or two extremely high-value items as part of your move. Many experts recommend this type of coverage for long-distance and interstate moves as well.

With extended valuation coverage, there is generally a $500 deductible. When filing a claim the moving company will take the following steps to reimburse the client:

  1. Repair the item
  2. If irreparable, the moving company will attempt to replace the item with an identical or almost identical piece.
  3. If this isn’t possible (or you as the client reject that option), the moving company will offer a fair market price (taking depreciation into account) for what the item is worth.
  4. This is only a basic guide to how valuation coverage works to protect your items during your move. Any reputable moving company will be happy to go into detail with you about what kinds of coverage they offer and how they work.

If you’re moving items that are of extraordinarily high value consider third-party moving insurance. Also, Policies are available from companies like Relocation Insurance Group and Lakeland Insurance most notably.

If you’re ready to receive a free quote for your upcoming move, contact FlatRate Moving today by phone or by submitting your information online. Feel free to browse the rest of our helpful blog articles if you’d like to learn more. Thanks for reading!