Moving insurance may not be a requirement to make moving homes possible, but it can save a ton of stress in case certain aspects of your move go awry. If you plan to move fragile or sensitive items, especially across a long distance, moving insurance can provide the much-needed peace of mind you’re looking for.
Our Saf Keep team can help you determine if moving insurance is a worthwhile investment for your move.
What Is Moving Insurance?
Moving insurance protects your belongings as you move to a new home, regardless of whether you travel across town or the country. This coverage is helpful when you hire professional movers and are relocating a long distance to a new home.
Types of Moving Insurance
There are three primary types of moving insurance to consider. Each option covers damages and losses during a move, but on different levels. Let’s dive deeper into what differentiates the three main types of moving insurance to help you find the coverage you need.
Released Value Protection (RVP)
This option is the most basic coverage required by federal law. The coverage from RVPs is free and based on weight, paying up to $0.60 per pound on an item. If your very expensive jewelry or laptop gets damaged along the way, you’ll need to bump up your plan to get the coverage you and your belongings need.
Full Value Protection (FVP)
Moving insurance is also required by federal law to offer full value protection, otherwise known as FVP. This coverage offers up to $100 per pound. While it is more expensive upfront, it comes in handy if a more valuable item gets damaged and you need replacements or repairs. Your moving estimate usually includes the cost of FVP, but you have the option to waive it.
Third Party Insurance
If you do waive the FVP coverage but still want to protect your items, consider purchasing a third-party moving insurance policy. Insurers offer this optional coverage, providing more protection for all you own than most moving companies typically do.
If you choose this route, obtain a copy of your policy and review the amount of insurance you purchased, along with the cost of coverage.
What Are the Pros of Moving Insurance?
Getting quality moving insurance unlocks a range of benefits and advantages. The pros of getting moving insurance include:
- Coverage for damage and loss. Moving insurance can help cover the cost of replacing or fixing damaged goods. For example, if a heavy piece of furniture like a sofa is accidentally dropped while being moved, causing a tear or scratch, moving insurance can help cover the cost of repairing or replacing the item.
- Peace of mind. Relax knowing your belongings are better protected with moving insurance. For instance, if the moving truck is involved in an accident or if severe weather causes delays or damages, moving insurance ensures your items are covered. With this coverage, you can have peace of mind knowing that, no matter what happens, your possessions are protected.
Coverage for high-value items. Moving insurance helps cover the costs of more expensive objects, such as jewelry, antiques, or electronics. Moving insurance can help replace or repair those high-value items. It also extends to other high-ticket items like electronics or artwork, ensuring they are protected from theft, damage, or loss during transit.
What Are the Cons of Moving Insurance?
Even with all the great benefits that come with moving insurance, there are some limitations to your coverage to be aware of. The potential downsides to moving insurance include:
- Owner-packed box damage. If an item is damaged due to an owner-packed box, moving insurance won’t cover the cost of replacement or repairs.
- Natural disasters. Moving insurance typically does not provide coverage for objects damaged by natural disasters, such as floods or wildfires.
- Higher costs. Some of the costs for third-party insurance and full value protection can cut deeper into your budget.
How Much Is Moving Insurance?
Moving insurance costs vary depending on the type of coverage you get. Released value protection (RVP) will not cost you anything. Full value protection (FVP) will cost you anywhere between 1% and 2% the total value of your items. Please note that costs will vary depending on the insurer you choose.
How To Choose the Right Moving Insurance Coverage
Once you decide you’re going to get moving insurance, you’ll need to figure out what kind of coverage is best for you. Let us share four tips to help you find the right policy that offers the best protection possible.
1. Assess Your Belongings
Assess the total value of all you own before you settle with a moving insurance company. Do research to determine which of your possessions have higher value and their corresponding market prices. Do you see that the price is higher than average? If this is the case, quality moving insurance is your best option.
If you need to protect several fragile items, such as glassware and dishes, consider what it’ll take to replace them if you open a box of glass shards.
2. Consider the Distance
Another hazard to consider is that longer distances of travel can increase the risk of your belongings getting lost or damaged. For those going on longer, cross-country moves, moving insurance can be the safety net you need.
3. Does Renters Insurance Cover Moving?
For renters, it’s also worth looking to see what parts of your move your current renters insurance policy covers. Renters insurance covers belongings damaged by perils, such as theft, vandalism, or other similar events. Although they usually do not cover accidental damage, which is much more common during moves. This distinction alone makes moving insurance a worthwhile option.
4. Read the Fine Print and Ask Questions
Take time to read your moving insurance policy to see if there are any gaps in coverage. If you notice any questions, don’t hesitate to ask your insurer as soon as possible. The more concrete information you have about your moving insurance policy, the better prepared you’ll be to use it.
How To Protect Your Belongings During Your Move
As you pack everything up, keep in mind that moving insurance can only get you so far. Another key way to secure your items is to stay organized and develop a moving checklist to follow. Here are some tasks to do during your move to better shield what you own.
- Declutter and sort items into groups
- Choose the right moving boxes
- Pack fragile objects with care
- Maximize vertical space
- Label everything
- Properly move furniture
- Take inventory frequently
How Self Storage Can Help During Your Move
Although preparation and moving insurance are a great deal of relief, there are other ways to streamline your move. The best way to do so is to rent self storage.
Between leases, you’ll need a secure and reliable space to store your belongings. With a storage unit, you’ll get that much-desired space without having to break the bank. Utilize online resources, such as a size guide, to select the ideal storage unit that meets your specific needs.
Rent Moving Storage at Saf Keep Storage Today
Choose Saf Keep Storage to keep your belongings secure during your move. With state-of-the-art storage facilities across the western United States, you don’t have to rely just on moving insurance to help keep your items shielded as you move into your new home.
To rent or reserve your storage unit, contact our team or find your nearest Saf Keep Storage location online today!
