Moving Insurance - Everything You Need to Know

Moving Insurance - Everything You Need to Know

Wed, May 12, 2021 7:52 PM

Long Distance Moving

If you've ever had a break-in, a fire, or a flood in your New York City apartment, you understand the value of having an insurance policy to cover your belongings. But what about when you're relocating to a new residence? So, how do you keep your belongings safe?

You'll need moving insurance for that. Don't assume you're covered only because you have a renter's or homeowner's insurance policy. Your general insurance policy is unlikely to cover your transfer.

It's a good idea to inquire what, if anything, your policy covers in regards to your change when you contact your insurance agent to switch your coverage to the new address (or cancel if you're moving out of state). Some policies may cover fraud, and others may cover car damage or fire, such as if your storage facility burns down, which is a rare occurrence.


How do you Get Moving Insurance?

Keep in mind that only an insurance agent will provide you with moving insurance. Since movers are not allowed to sell insurance, they are unable to do so.

Baker International and are two well-known moving insurance companies. Rates vary depending on the value of your shipment, the amount of deduction you choose, as well as the moving company and destination, but they typically start around $200 and rise from there.

When it comes to traveling, though, it's best to be prepared for the unexpected. And if you travel with the best of the best, things will break or go missing. Just as 2% of all suitcases go missing while flying with the best airlines, objects can go missing or get broken with movers.

When your belongings are to be placed in your movers' warehouse, your moving insurance policy lasts for up to 90 days, and you can purchase an extension if they'll be there longer. However, if you intend to store your belongings in a self-storage facility, you will not be secured.



moving insurance



Valuation Coverage

Valuation coverage is a term used by movers to describe how much liability they can take if something goes wrong with your belongings when they are in their possession during the transfer. All interstate movers are required by the Federal Motor Carrier Safety Administration to have at least two levels of such coverage: maximum value protection and released value protection, both of which are dependent on the weight of the shipment.

Since FVP is more detailed, the cost of your transfer will rise. Your moving company may opt to fix or replace any damaged or missing goods or pay you to repair or replace the items at a fair market value, under this coverage plan.

The cost of FVP is determined by the value of the objects being transported. The cost of moving out of state is $13 per $1,000 of total shipping value. In-state transfers cost $5 per $1,000 of gross shipping value, depending on the state, and all are subject to a $500 deductible.

RVP is a basic level of coverage that comes at no additional cost. According to the FMCSA, your mover is responsible for no more than 60 cents per pound per defective or missing item under this option. So, if a $1,000 object weighs ten pounds and breaks in transit, the mover will only pay $6 ($0.60 x ten).

If you have any high-value objects, which the FMCSA describes as items worth $100 or more per pound (think jewelry, paintings, china, antiques, and computer equipment), you must inform your movers so that they can properly wrap and secure them for safe transportation.

Moving insurance from a third-party insurance provider offers more of a safety net since moving valuation is restricted, particularly if you have a lot of high-value products or want RVP coverage. Moving insurance will cover things that a moving valuation won't, such as burning, floods, earthquakes, burglary, and so on.


If I packed the boxes myself, are they covered?

According to Baker International, something you pack yourself will not be protected by moving insurance unless a package is damaged and recorded on your movers' delivery papers.

According to, if a package you packed yourself goes missing, you will be forced to show evidence of ownership, and coverage would be limited to $250.


Now that you have understood the ins and outs of Moving Insurance, on your next move, you might think about it if you are going to pay for that extra or regret it once the damage has been done. 


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