Do Moving Companies Insure the Belongings That They’re Entrusted With?
Moving companies often do provide some insurance coverage for belongings that they transport, but the coverage is normally quite low. The standard coverage is usually a fraction of what goods cost, and even optional upgraded coverages can still have drawbacks.
The limits for standard moving company coverage are typically given on a per-pound basis. For example, a company’s standard coverage might pay 25 cents for every pound if something is damaged or missing. This rarely provides sufficient coverage for even moderately heavy items, such as dishes, clothing or kids’ toys. It almost certainly doesn’t provide full coverage for more expensive goods, like computers and cameras.
Some moving companies offer optional coverage, but this coverage can be limited and expensive. While a company’s upgraded courage probably offers more protection than the company’s standard policy, this doesn’t mean that the upgraded courage provides enough protection. The provided limits must be carefully reviewed to see how they compare with the values of all transported goods.
Additionally, any upgraded coverage that moving companies offer is frequently quite expensive for the coverage that’s provided. In addition to the insurance company’s rates, the moving company may also receive a commission. This can drive up the cost of the coverage.
In comparison to these two options, moving coverage that’s purchased through an insurance agent will probably be more robust and more affordable. This is especially true when individuals and businesses work closely with an independent insurance agent.
An agent can help determine what level of coverage is needed so that belongings are properly covered but no extraneous courage is purchased. An independent agent can then compare quotes from multiple insurance companies to see which insurer offers the best rates on the desired amounts of coverage.