Hiring A Moving Company? Common Misconceptions You Should Know About Moving Insurance
Posted on: 9 August 2018
Hiring a moving company -- like Smith Dray Line & Storage Inc -- to help you with your upcoming move can help to relieve a lot of the stress and pressure associated with moving. But, when you hire a company, you will be asked if you want to purchase moving insurance. Unfortunately, there are many misconceptions out there about moving insurance and what is and isn't covered while your items are out of your hands. Here are a few common misconceptions about moving insurance that you should be aware of before you move.
A Moving Company Covers the Full Replacement Value of Lost or Damaged Items
One of the most common myths floating around about moving insurance is that you do not need it since a moving company is required to cover the full value of your item if it goes missing during your move or is accidentally damaged. This is not true. By law, moving companies do have to provide you with insurance. But this insurance only covers $0.60 per pound for the damaged or missing items. This typically is nowhere near the value of your belongings, which is why buying a supplemental moving insurance policy may be a good idea.
Your Home Insurance Company Covers Damaged or Stolen Items During a Move
Another common myth about moving insurance is that you don't need it because your home insurance policy will cover your belongings during a move. Some home insurance policies do in fact cover your belongings during a move. However, the amount of the coverage may vary. Additionally, it is important to note that not every insurer will cover items during a move. In fact, most will not. As such, always call your homeowners insurance company and ask before assuming that you are covered. This can be a costly mistake if you learn you had no moving insurance coverage after the fact.
You Have to Buy Moving Insurance From the Moving Company You Hire
The last common misconception about moving insurance is that you have to buy a moving insurance policy from the moving company. This is not true. Many insurance companies, including those who offer home insurance policies, offer supplemental moving insurance policies. You can purchase a policy through the moving company or you can purchase one through an insurance company of your own choosing.
It is always recommended that you purchase a supplemental moving insurance policy when you are hiring a moving company to help with your move. This helps to cover the full value of your belongings in case they go missing or are damaged. No matter how great a company is, mistakes and accidents can occur. Learning the truth surrounding common moving insurance misconceptions can help you make the right choices during your move.
Share