Do I Need Moving Insurance?
So you’re geared up and ready to move. You have boxes, you have tape, you have a plan. But do you have insurance? If you’re hiring movers in Medford, MA, or anywhere else, one of the most important things you should check up on is whether they have insurance. Your belongings are valuable to you, for both financial and sentimental reasons. If something happens during your move, you want to know that you have the right coverage. At Movers on the Go, we know that accidents happen, and we want you to have peace of mind that you’ll be covered if something happens.
Let’s take a look at the three types of insurance you can choose when hiring movers in Medford, MA.
Basic Carrier Liability
This is the lowest-level coverage you can get. It is also called released value coverage and it only covers damages due to the movers’ or carrier’s negligence. This type of insurance is mandated by federal law, but the returns you will get are limited. Any damages are paid out based on the weight of the item. In most cases, the payout is $0.60 per pound for moves between states or $0.30 for moves within a single state. The issue with this coverage is that your most valuable items are not necessarily the heaviest. For example, your TV might only weigh 30 pounds, but it would cost you $500 to replace it. An $18 or $9 payout is not going to do much towards getting you a replacement.
Declared Value Protection
This the mid-range coverage that most people think is their best bet. Declared value protection is exactly what it says it is. You declare the dollar amount of your belongings, which the movers use to calculate your payout if any items are lost or damaged. The cost of the coverage still uses the total weight of your belongings, but the amount the movers are liable for is much more. Declared value protection will cost you more than basic coverage, but we think the extra coverage is absolutely worth it.
Full Replacement Liability
This is the most comprehensive coverage you can get. It is the coverage you should choose if you are moving a lot of valuable items. Unlike the other two types of coverage, full replacement liability is purchased through an insurance company rather than the moving company. The moving company is responsible for the amount due through basic carrier liability, and then the insurance company pays the difference.