Now that you have moving quotes, the next question on your mind is “do I need moving insurance?”
Let’s get this out of the way quickly: YES, you need moving insurance. All registered moving companies are required by federal law to offer (either directly or through a third-party) at least two separate moving insurance options. In fact, failure to offer moving insurance can be a huge red flag for a moving scam. You absolutely need to make sure you have moving insurance before the movers touch any of your things. So before you even get moving quotes, make sure to inquire about insurance options.
Types of Moving Insurance
The two major types of insurance offered by moving companies are released-value protection and full-value protection.
Released value protection is the “basic” moving insurance option and covers up to $0.60 per pound of items. This plan does not cover the full market value and is only based on the weight, not the value of the items. The items are considered those things accounted for in your initial moving quotes.
Full-value protection, as the name implies, covers the full value of all items in your inventory. This insurance package covers repairs for broken items and will offer a cash settlement for the market value of any lost or damaged possessions. The full-value protection plan does not cover items of “extraordinary value” which is defined as a value of more than $100 per pound.
Insurance companies may offer third-party plans with different rates and payout policies, but at the very least they have to offer these two kinds of insurance packages. So after getting a moving quote, make sure to inquire about insurance.
What Happens if I Don’t Have Moving insurance?
You won’t go to jail or anything serious, but not having moving insurance means you will not be covered for any damages to your items that may occur during the moving process. So if anything is lost or broken, you will have to pay the full price for repairs or replacement.
If a moving company does not talk to you about insurance options or does not have any, find a new moving company. Not offering insurance is a huge sign of a moving scam. Ideally, you should make sure that you have moving insurance before any movers touch your things.
If you are looking for moving and storage solutions, give Matheson Transfer a call at 570-234-3037. We offer free moving quotes and as a leader among movers in PA, we can guarantee the highest level of customer service and customer satisfaction.