Moving Insurance: Is It Worth The Cost?
Moving is one of those major life stressors for which you cannot over-prepare. In fact, many put it on par with getting a divorce, having a child, and even the death of a loved one. It takes a lot out of you and throws your normal mojo off for days, weeks, or even months.
It certainly makes sense why relocating is considered such a big deal. You pack up every piece of your life and transplant it to a strange location. If it doesn’t make the trip, then you’ve still put in the mental energy to consider what you want to keep and what you want to leave behind.
Then, there’s the physical part itself. If you don’t use a service, you’ll need some muscle. That means coordinating with friends and family and getting on one end of the proverbial couch yourself.
You cannot have enough protection for this type of life event. That’s why we recommend considering the purchase of moving insurance, particularly if you have a lot of valuables that will be making the journey. Note: that’s CONSIDER. There may be some circumstances where you don’t want to do it, which we’ll get to in a moment.
What Is Moving Insurance?
Moving insurance is specifically designed to cover any gaps present with your existing policies during the process of a move. Don’t assume that your home or renters policy has you covered. Similarly, a moving company only accepts liability for 60 cents per pound per article, so a gap will almost certainly exist in what they take responsibility for and what the true cost of the item actually is.
You can generally purchase moving insurance on short notice — up to a few days before packing — and the costs will vary depending on where you purchase the insurance and the amount of coverage you choose. Like any policy, moving insurance will come with a deductible that is always chosen by you. The lower the deductible, the higher the cost of the insurance typically.
Why Would I Not Want Moving Insurance?
There are some circumstances where you may wish to avoid it. For starters, if you don’t have a lot of valuable items making the move (or any), then there is little point. By “valuable,” that generally includes the adjective “breakable” as well. If something is breakable, then you’ll definitely want to appraise the item before packing it up uninsured.
Secondly, not all homeowners or renters policies are the same. Before you purchase additional insurance, always make sure that you’re not covered under the banner of what you’re already paying for.
Last but not least, if you do choose a moving company, there may be some that try to distinguish themselves from the competition by offering more protection than the standard mentioned above. Before selecting a mover, however, research them thoroughly and see if you can’t find trustworthy customer reviews.
So, Is It Worth The Cost?
In a word, if it gives you peace of mind, then it’s worth the cost. However, you may already be paying for that peace of mind and not know it. That’s why it is so important to know the full extent of your coverages and to read the fine print.
Moving is stressful enough without making it worse by not protecting the belongings that mean so much to you. Before you assume you’re covered, get with your agent and discuss the options available to you. Best of luck as you move ahead with a new chapter of life!