Moving Insurance
Updated: 19 November 2024
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.
