Insuring Valuables Before a Move

When you’re getting ready for the big move and diligently whittling away at the items on your moving checklist – like connecting new phone service and television service, moving high-speed Internet, moving utilities, and transferring newspaper and magazine subscription, don’t forget one of the most important things of all -- getting moving insurance.

Home Insurance and Moving Companies Don’t Fully Cover Your Belongings

It’s a common assumption that your home insurance policy will cover all of your belongings in case of loss, damage, or theft during a move; but this is not the case. Typical home owners insurance will only cover a small percentage of the value of your household goods while they are being transported in moving trucks from one destination to another.

Another assumption is that the moving and storage companies are responsible for any loss or damages that may occur during the move. This is true to a point, but these companies do not offer full insurance for your household goods. In fact, they offer a “valuation” of your property which is simply a tariff-based level of liability they are required to carry by law. With valuation, your goods are covered for 60 cents per pound. So if your 50-pound coffee table is damaged beyond repair by the movers, they’ll pay you thirty dollars; hardly enough to purchase a new one.

Make Sure Your Household Goods are Fully Insured When You Move

Some moving companies offer full-value protection. Generally, this protection is based on the declared total value of your belongings. If any loss or damage occurs the moving company can opt to repair the item, pay you to have the item repaired, replace the item, or pay you the cost for replacement. There is an additional fee for this kind of coverage.

Another option is to talk to your own insurance company about “goods in transit” insurance to see what coverage you have when you move and what special insurance is available so your belongings are fully insured. You can also find companies online that offer moving insurance.

Special Moving Insurance for Valuable Items

Something else to keep in mind is what moving companies call items of “extraordinary value.” These items can include jewelry, art, antiques, stamp and coin collections, etc. Be sure to list these items on the company’s bill of lading. And while you’ll want to keep your jewelry and important papers with you instead of sending them on the moving truck or including them in a unit provided by storage services, you might also consider purchasing additional insurance to cover the value of each of these items to make sure you’re fully protected.

For special furniture such as pianos or valuable antiques, it’s not uncommon to hire a separate moving company that specializes in these pieces. While most people are looking for moving savings, and this may add a little to your moving expenses, it’s probably worth the peace of mind.