Moving insurance is a crucial tool for protecting your belongings during a move, whether you're moving yourself or using a moving company.
When planning a DIY move, moving insurance can provide peace of mind and financial protection against potential losses or damages. Common types of moving insurance available for those who choose to move without professional movers include rental truck coverage, homeowners or renters insurance, and liability for accidents.
Our coverage goes beyond what moving companies provide, such as damage that occurs during movers' handling.
Moving companies offer two types of protection: released-value protection (RVP) and full-value protection (FVP). RVP is offered directly by the moving company and costs nothing, providing minimal coverage for items that may be light in weight but carry value.
Coverage is based on weight and can pay up to 60 cents per pound. That’s pretty minimal (think your laptop or grandma’s pearl necklace). So, if a 10-pound printer is damaged, the company would only be liable for $6 (10 pounds at 60 cents per pound), regardless of the item’s actual value.
Full Value Protection is required by federal law and requires the mover to repair or replace any item lost, destroyed, or damaged while in the mover's custody, up to $100 per pound.
Separate third-party insurance is a good option, whether you're moving yourself or using a moving company. If you waive FVP, but still need coverage for pricey possessions, you can choose a third-party moving insurance policy.