Moving Insurance vs Moving Coverage

Basic things you need to know about moving insurance and moving coverage options.

When people see or hear ‘a fully licensed and insured moving company’ they may assume that their stuff would be insured automatically up to 100% of the value. That’s not true. If you want to get additional moving coverage or moving insurance, you need to have this arranged in advance. Such additional insurance or coverage may cost extra.

The difference between moving coverage and moving insurance

Moving Coverage

Moving Insurance

Who offers?

Contact your movers and see what options they offer and what their terms and conditions. EasyBusy offers three moving coverage options in most cases: Basic, Actual Cash Value, and Full Value Protection. Continue reading to learn more.

Look for an insurance company offering moving insurance policies. You may check with your homeowners or renters insurance if it covers any damages and losses during relocation.

Hot can i get it?

Contact your movers and see what options they offer and what their terms and conditions. EasyBusy requires 3-day notice for Actual Cash Value and Full Value Protection options.

You should contact insurance companies to learn about their terms of the agreement including the time needed for the policy to be bought.

What are my options?

  • Basic Coverage
  • Actual Cash Value
  • Full Value Protection

The terms and conditions depend on an insurance company. You should contact insurance companies yourself and learn from them.

What is the cost?

  • Basic Coverage - free
  • Actual Cash Value Protection - $0.95 for each $100 (or fraction thereof) of the declared value. No deductible.
  • Full Value Protection - $1.82 for each $100 (or fraction thereof) of the declared value with no deductible; $0.57 for each $100 or fraction thereof) of the declared value with a $250 deductible; $0.16 for each $100 or fraction thereof) of the declared value with a $500 deductible.

Usually the cost of moving insurance is between 1.5% and 5% from the declared value. Contact insurance companies for accurate quotes.

HOW DO DIFFERENT MOVING COVERAGE OPTIONS WORK?

BASIC COVERAGE


Basic Coverage at 60 (sixty) cents per pound per article ensures recovery at 60 cents multiplied by the weight of the item or the carton it’s packed in. Thus, if an item weighing 100 pounds is lost or damaged, you can recover $60.00 for that item (60 cents/pound x 100 pounds.) This minimal protection option must be offered by movers for free.

ACTUAL CASH VALUE PROTECTION (ACVP)

When ACVP is ordered in writing by the shipper, the mover shall guarantee to pay the assessed value of the damaged or lost item taking amortization into the account.

FULL VALUE PROTECTION (FVP)

When FVP is ordered in writing by the shipper, the mover shall guarantee either replacement, reimbursement for full replacement cost, or satisfactory repairs or article(s) lost or damaged while in the mover’s custody, up to the declared value.

Contact us to see how we can help with your move including moving coverage options. You can give us a call at (855) 922-4932 send us a message using the contact form below.

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