What Does Moving Insurance Mean?
Moving insurance refers to a policy offered by moving companies for any loss or damage that may happen while goods or valuables are in transit. Coverage may be determined by the weight of the damaged goods or by its value.
Insuranceopedia Explains Moving Insurance
There are generally two types of moving coverage. The less expensive one is called released value protection and pays sixty cents for every pound of a valuable that is lost or damaged. For example, if an item weighing 20 pounds is damaged, the policy will cover 12 dollars worth of damage (20 x 0.60 = 12.00).
The other type of coverage is called full-value protection. It either pays for, replaces, or repairs any valuables that are lost or damaged. The moving company that issued the policy will be the party that decides which of those three options it will cover.