A moving company will often carry a variety of insurance policies. These may include a business property policy, which protects the company's buildings and belongings. It may also have workers' compensation insurance, which covers injuries sustained on the job. Most states require that movers carry workers' compensation insurance. It is important to know what kind of insurance your moving company has and whether it's enough. Listed below are the most common types of insurance coverage and how to determine if you need one. best rated local movers
Relocation insurance covers the cost of replacing your possessions if they are damaged or stolen. You may have a choice between two kinds of coverage: declared value coverage and lump sum coverage. Some people opt for third-party valuation coverage. Total loss insurance is the most comprehensive type of insurance, as it replaces all your belongings if they are damaged or stolen. The policy does not cover individual items, but instead covers all of your possessions, including the furniture and other personal items.
Moving companies also carry liability insurance. This is a type of insurance that protects the company from liability should something happen to your belongings. If an employee of a moving company damages or loses your possessions, the insurance will reimburse you for the cost of repairs. Full value protection may be more expensive, but it will protect you in case of accidents. If your belongings are damaged or lost, it will likely be covered for the current market value. However, it is important to note that full value protection is a more expensive option and the amount of your deductible will depend on the moving company.
The most common type of insurance is released value protection, which includes coverage for the mover's liability, though it is only minimal. In the event of damages to your belongings, this policy will reimburse you 60 cents per pound for each article damaged in transit. As long as your belongings are insured, the insurance should cover you. If not, you may need to consider purchasing moving company insurance. The insurance is generally a good idea, but remember that moving companies are not authorized to sell insurance.
If you're considering hiring a moving company, it's important to understand the types of insurance policies that a moving company carries. Moving companies are required to carry both types of insurance. For example, they're responsible for your belongings and must provide adequate insurance coverage to cover accidents and damage. In the case of a fire, these policies would cover any damages caused by the fire or flood. If a mover accidentally drops your TV, insurance coverage would reimburse you for it.
Another type of moving insurance is full value protection. While this option costs you between 1% and 2% of the value of the items that are transported, it allows the company to limit their liability for valuables. If you have valuable items, full value protection will pay up to $30,000.