Are you planning on relocating and wondering about what you need to do in order to be prepared for the transition? When you begin to make arrangements for a move, you more than likely will be packing, hiring movers, and transferring your renters or homeowners insurance over to your new property, and you may also be wondering if you need moving insurance. If you are planning on relocating in the area of Willmar, Minnesota and want to better understand your insurance options, MG Insurance Inc. can help. Read on to learn more about your moving insurance options.
What Is Mover’s Insurance?
Moving insurance essentially replaces or pays for repairs to your personal property if it becomes damaged during a move or while being transported by a moving company. Most people do not realize that their homeowners and renters insurance policies do not usually cover expenses for lost or damaged items during a move, they only cover your possessions when they are in the home. Relocating your items does put your personal belongings at risk for potential problems, and having moving insurance helps protect them in the event that any issues arise, because accidents can occur no matter how careful you are during a move. If you are relocating, it is advisable to invest in a moving policy, especially if you plan on moving higher value items. The cost of moving insurance will depend on what type of insurance policy you choose, and it is usually a fairly affordable investment.
Moving Insurance Options
If you choose to hire movers, the main types of moving insurance options include:
- Released value coverage – this is the most basic coverage and is required by federal law. It only provides minimal coverage, paying up to 60 cents a pound for an item, and it is free. If you are moving higher priced items, it will not cover the cost to fully replace the item.
- Full value protection – with this type of coverage, your mover will be responsible for the total replacement value for damaged or lost possessions during the move. This policy is also required by federal law and must be purchased. This type of coverage is highly recommended because it will cover the replacement value or repair for any item lost or damaged and the price will vary depending on the mover.
- Separate liability coverage – this is separate coverage offered by some movers through a third party for an additional cost. This additional coverage will cover the remaining cost of the released value protection that your mover is responsible for, (which only covers up to 60 cents per pound).
If you are planning on relocating near Willmar, Minnesota, and want to explore your moving insurance options, contact MG Insurance Inc. today for a consultation.