Trusting your valued belongings to a stranger can be one of the most difficult aspects of moving. Professional movers use extreme caution when handling their clients' belongings, but the potential for accidental breakage to occur always exists. Investing in moving insurance is one of the easiest ways to ensure that you will receive financial compensation for any items damaged during a move. Determining which type of moving insurance is best suited to meet your needs requires some careful thought and consideration.
Basic Liability Insurance
Basic liability insurance is the most common type of moving insurance used by individuals relocating to a new home. This type of insurance offers only basic coverage. Professional moving companies will typically offer all clients basic liability insurance free of charge.
Basic liability insurance takes the weight of your belongings into account when paying out for items damaged during a move. A set amount is paid out for each pound that your damaged belonging weighs.
This weight-based coverage can be a great way to protect household items that don't have much value, but it can leave you without an adequate insurance payout if a more expensive item sustains any damage during your move. Take the time to determine how valuable your belongings are before you accept only basic liability insurance coverage for your upcoming move.
Full Liability Insurance
If you determine that you need more insurance coverage than basic liability can provide, you will want to invest in full liability insurance. The primary difference between basic liability and full liability insurance coverage is the way that payouts are calculated when items sustain damage during a move.
Full liability insurance utilizes the actual cash value of an item to help determine how much an insurance claim is worth. This ensures that you will receive adequate compensation for your valuable belongings in the event they are damaged by your professional moving company.
When securing full liability insurance, you will need to select a deductible amount. The deductible is the amount that you must pay toward the replacement of your damaged items before insurance coverage kicks in.
The higher your deductible, the more affordable full liability insurance will be. A lower deductible will raise the cost of your full liability insurance coverage, but significantly reduce your financial burden if you need to make an insurance claim. Weigh the pros and cons of various deductible amounts so that you can select the full liability insurance that will best meet your needs. Contact a moving and storage service to further plan your safe move.