MovingTips.com explains the types of moving insurance and the benefits of each type of liability coverage.
During your move, all of your household items and personal belongings run a risk of being damaged, lost or stolen. That's why many people opt to purchase moving insurance. But not all liability coverages are the same. MovingTips.com gives you the breakdown on your moving insurance options.
Basic coverage
For those using a moving company, the company typically offers a basic level of moving insurance for free. This coverage is indexed to the weight of your household items. Coverage rates are typically $.30-$.60 per pound for each item. So if an item weighs 100 pounds and there is $.55 of coverage on this item, your movers liability would be no more than $55.
For those using a moving company, the company typically offers a basic level of moving insurance for free. This coverage is indexed to the weight of your household items. Coverage rates are typically $.30-$.60 per pound for each item. So if an item weighs 100 pounds and there is $.55 of coverage on this item, your movers liability would be no more than $55.
Actual cash value
Regardless of which type of move you choose, one can purchase moving insurance for the actual cash value of your household items. One computes the actual cash value of an item by taking the purchase price of an item and subtracting any depreciation. When one purchases this type of moving insurance, they must specify a lump sum value for their household items. This insurance costs a set amount for each $100 stated as the lump-sum value of household items. Costs typically range from $.40-$.80 for each $100 of stated value. The most one could collect from this insurance is the amount one states as the lump-sum value of household items.
Regardless of which type of move you choose, one can purchase moving insurance for the actual cash value of your household items. One computes the actual cash value of an item by taking the purchase price of an item and subtracting any depreciation. When one purchases this type of moving insurance, they must specify a lump sum value for their household items. This insurance costs a set amount for each $100 stated as the lump-sum value of household items. Costs typically range from $.40-$.80 for each $100 of stated value. The most one could collect from this insurance is the amount one states as the lump-sum value of household items.
Full replacement coverage
This most comprehensive type of moving insurance will pay the full replacement coverage of any lost, stolen or damaged items. Regardless if an item is used, this insurance will pay you the price to replace this item with a new one. Though this moving insurance is the most costly, this proves the best safety net should something catastrophic happened to your possessions during your move.
This most comprehensive type of moving insurance will pay the full replacement coverage of any lost, stolen or damaged items. Regardless if an item is used, this insurance will pay you the price to replace this item with a new one. Though this moving insurance is the most costly, this proves the best safety net should something catastrophic happened to your possessions during your move.
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