What to Know About Moving Insurance
Despite the fact that you have done your research and chosen the most reputable company for your moving needs, it’s important to protect your belongings throughout the entire moving process for your own peace of mind. Accidents happen. That’s why, by law, All Star Movers and Storage provides liability coverage of $0.60 per pound, per article, at no extra charge:
- General liability: $1,000,000
- Auto Liability: $1,000,000
- Umbrella $1,000,000
- Other $50,000
However, you have the option of purchasing additional moving insurance for more protection. First off, you should check your homeowner’s insurance policy to see if you already have coverage. Call your insurance agent to find out. If you don’t have coverage, we recommend purchasing moving insurance through a third-party provider such as MovingInsurance.com or BakerIntl.com. In addition to homeowner’s insurance, you have a few more options for coverage, including:
- Full-value coverage: Additional coverage you can purchase to cover the full value of your entire shipment.
- Single item coverage: Additional coverage for specific items at a set value.
It’s important to purchase this additional insurance well in advance of your scheduled move date.
Valuation
Moving companies generally offer valuation for your goods, which refers to how much they will pay for your items if they become lost or are damaged by the movers. This amount is regulated by the state (local or in-state moves) or the federal government (out of state). In most states, including California, basic valuation is $.60 per pound per item. Because valuation is determined by the weight of a particular item, you may want to purchase additional insurance beyond that standard amount from an outside party.
Examples
Due to the minimum coverage afforded by your moving company, the liability may end up shifting to you in the event items are lost or damaged because this isn’t designed to be full-value insurance. Check out these typical examples of damaged items under standard valuation:
- Sofa (200 lbs): $120
- Dresser Drawer (300 lbs): $180
- King-Sized Mattress (150 lbs):$90
- Kitchen Table (100 lbs): $60
- Fridge (300 lbs): $180
- China Set (8 lbs): $4.80
- TV (50 lbs): $30
As you can see, you won’t get the full value that you spent on those items should they become broken or lost. For example, you likely spent at least $1,000 on your 60-inch flat screen TV, so $30 just isn’t going to cut it. That’s why you need supplemental insurance if you have a lot of valuables you are worried about.
Contact All Star Movers and Storage
To learn more about our valuation practices and to get recommendations on where to purchase additional coverage, contact us online or give us a call at 925-905-9889.