How Does Moving Insurance Work? | My Town Movers (2024)

Moving Insurance 101

When you are planning a move, there are many factors to consider. An important first step is to hire a moving company, of course, but another vital consideration is whether you want to purchase moving insurance to protect your possessions in the moving process. When making this decision, it is necessary for you to be familiar with what moving insurance is, why it might be necessary and what options are available to consumers. Step one is to hire a moving company and become familiar with the limited coverage included in the package and step two is to determine your insurance needs. Many people are unfamiliar with the idea of moving insurance; this article seeks to explain the basics of what moving insurance is so you can make an informed decision.

What is moving insurance? How does moving insurance work?

Moving insurance is a third-party option that you can purchase if you would like additional coverage on your belongings when you move. Moving companies and moving insurance companies provide different services. Standard moving companies offer moving services – packing, transporting, unpacking – not insurance services. You can purchase insurance from some homeowners insurance companies or moving-specific insurance companies. Just like with any other kind of insurance, you can shop around to see all the available choices and to compare prices.

Do moving companies offer insurance?

Most moving companies do not offer full-coverage insurance. The industry standard is to value items at $.60 per pound, so a 100 pound item would be valued at $60 if it were to be damaged. This is the valuation My Town Movers includes with every move. Additional valuation is available for purchase from My Town Movers, but this valuation is not full insurance. For full details of My Town Movers’ policy on coverage options, you can request a quote and you will be informed of the details of the limited coverage available through My Town.

Do I need moving insurance?

It is important to note that because My Town is a moving company, not an insurance company, we do not provide full-coverage moving insurance. Because moving companies typically do not offer full-coverage, some consumers see the need for moving insurance, whether for the entire move or specific items. Some common reasons for purchasing moving insurance include peace of mind in the moving process or coverage of a specific high-value item or items.

Types of Moving Insurance

Just like car or home insurance, everyone’s moving insurance needs are different, so there are many coverage options available through moving insurance companies.

One option is to insure just specific items and the price is determined by weight.
Another possibility is to insure items based on their value where customers declare the value of their items prior to the move and a premium is paid based on this value.
A third option is an all-inclusive package that covers everything involved in the move.
There are also some insurance options that involve listing an inventory of sorts of what the customer needs covered. This is referred to as full-replacement value insurance. The last two insurance options include limited insurance coverage where only specific parts of the move are covered and select inventory coverage which involves specifically choosing the items the customer wants covered.

Where do I buy moving insurance?

Whatever your insurance needs are, there are options available to fit your specific situation. A quick internet search for moving insurance companies will provide some options regarding companies to consider purchasing insurance from. My Town does not offer any suggestions regarding who to choose for your insurance needs; our advice is to research the company just as you did when researching moving companies.

My Town Movers Can Help

Remember, moving companies and moving insurance are not the same, but they both work together to serve your moving needs. Moving companies and moving insurance companies provide different services that complement each other.

It is important to first choose a moving company that you trust, and this is where My Town comes in. While My Town Movers cannot offer its customers moving insurance, we do provide trustworthy moving services and a 4-step plan to walk alongside you through the moving process. In the world of moving, moving services and moving insurance are two key parts that work together to make the moving process as seamless as possible.