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When you move, you'll want to ensure everything goes smoothly. After all, it's a big life change, and you will probably want to return to your everyday life as soon as possible. 

But moving is unpredictable! You want to ensure your belongings are transported safely, and even if any damage happens, you get compensated for your losses. After all, an unavoidable accident doesn't mean you should bear financial losses. This is where moving insurance has your back! 

types moving insurance

When you move, you'll want to ensure everything goes smoothly. After all, it's a big life change, and you will probably want to return to your everyday life as soon as possible. 

But moving is unpredictable! You want to ensure your belongings are transported safely, and even if any damage happens, you get compensated for your losses. After all, an unavoidable accident doesn't mean you should bear financial losses. This is where moving insurance has your back! 

There are two main types of moving insurance: liability-only and full coverage. Liability-only insurance covers costs related to the damage to your personal property or the property of others. 

Full coverage is more expensive and covers any additional expenses that could occur while moving. There are also several subcategories within these two general types.

What is Moving Insurance?

As the name suggests, moving insurance compensates you for any damage caused to your belongings during the moving process So, Let's assume your vintage coffee table ends up with a broken leg while moving. In that case, you don't have to pay from your pocket to replace or repair it. 

All licensed local and interstate movers offer at least some moving insurance. In fact, there are actually different kinds of moving insurance with varying costs, providing a range of coverage. 

But before you jump into asking different movers about their insurance policies, you might want to determine whether you're eligible for a renters or homeowners policy, too, depending on where you live. These policies cover most of the cost of damages. But, their insurance may not extend to third-party moving services.

Your Moving Insurance Options

1. Released-Value Protection

This is the basic level of protection offered by virtually all movers NJ. It comes with no added cost; the insurance expense is typically built into the quote your moving company NJ gave you.

Although free, released-value protection ironically doesn't offer much protection at all. It roughly pays about 30-60 cents per pound for an item damaged or lost (30 cents within the state and 60 cents interstate). 

While that's useful for things like an old 300-pound sofa (you'll get $180 back), it's ridiculous for anything of value that doesn't weigh hundreds of pounds. For reference, as per the standard dimensions of a laptop, this insurance plan will pay you close to a whopping $2 if the device is affected.

2. Full-Value Protection

A considerable upgrade from the released-value protection, the full-value protection reimburses you for the full replacement cost of a damaged item during the relocation (if there are no chances of repair). 

Items like expensive jewelry or art may be excluded from this protection, so you'll need to get a third-party or assessed-value coverage for such things. It is a good idea to ask your local movers if they cover art in damages. 

Full-value protection normally costs 1% of the total worth of your belongings, so for items worth $25,000, you'd pay $250 in insurance.

3. Assessed-Value Protection

For valuable yet lightweight items like a PC, you may want to purchase separate protection called 'assessed value.' To avail of this insurance, you have to pay a percentage of the total cost of your protected valuables. 

The cost of such items is assessed by looking at the original receipt or the market price of a similar item today. If you purchase this protection, ask the moving and storage company to give you a written bill.

Hire the Best Movers in NJ

Hiring new and cheap movers can leave you worrying whether your items will be in safe hands. So why not go for a trusted and experienced moving company like Tony's Movers instead? 

We offer highly professional moving services with a focus on NJ and New York Metropolitan area. We're a licensed and insured moving company NJ with a strong team of professionals to move your valuables safely. 

Contact us now for a quote. Call us at 888-861-2339 or 201-947-9270.