Moving Insurance

What Does Moving Insurance Mean?

Moving insurance is a policy provided by moving companies to cover any loss or damage that may occur while goods or valuables are in transit. The coverage is typically based on either the weight of the damaged items or their value.

Insuranceopedia Explains Moving Insurance

There are generally two types of moving coverage. The less expensive option, called released value protection, pays sixty cents per pound for any valuable that is lost or damaged. For example, if an item weighing 20 pounds is damaged, the policy will cover $12 worth of damage (20 x 0.60 = 12.00).

The other type of coverage, called full-value protection, either pays for, replaces, or repairs any lost or damaged valuables. The moving company that issued the policy determines which of these three options will apply.

Picking between the two depends on what’s being shipped and its replacement cost. For high-value belongings that exceed either option’s limits, adding a personal property floater to a homeowners policy can fill the gap, and some people also buy a separate moving insurance policy from a third party.