Moving insurance is designed to protect your things from a number of accidents that can happen while loading, traveling, or unloading. From gravity to natural disasters, moving companies are required by law to offer basic valuation.
These basic plans, often called "released value protection," usually land around $.60 per pound of goods damaged. So if you lose a 100-pound dresser in the move, you'll only get $60 back.
But these valuation plans are not technically insurance. If you want reimbursement, repairs, or a cash settlement for any damaged goods, you'll need to go to the third-party insurance that works with your movers or directly.
Moving insurance prices can vary with provider and coverage. But from what we found, you can expect an extra $300 to $3,000 tacked onto your bill. Depending on the amount of coverage you want, coverage spans from $10,000 to $250,000 and up.
Most moving companies will charge about 1% of the estimated total cost of your move. Prices will also vary depending on the deductible you choose. Many companies offer either a $500 deductible or a $1,000 deductible.
If moving insurance doesn't seem worth it, your stuff is still protected. Kind of. But skipping this option is better for folks without lots of high-value, irreplaceable items or those traveling shorter distances.
While insurance and valuation both offer a level of compensation or liability for any damaged items in a move, there are a few differences between the two.
First, insurance is always offered by a third party even if you sign up through your moving company. If you opt for an insurance policy from your movers and something happens, you'll need to speak to that policy provider rather than the movers.
Next is valuation, which is provided by the moving company directly. Valuation coverage is more limited than insurance and usually refers only to how much a company will reimburse you for an item.
Different moving companies offer different types of valuation. Below are the two most common forms of valuation.
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