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Moving Insurance Basics

Opting for moving insurance can give you peace of mind. Here’s an explanation of how the two most common types of moving insurance work.

What You Need to Know About Moving Insurance

If you’re interested in having a moving company in North Las Vegas assist you with a move, one of the things you may want to know is what type of moving insurance is available to you. There are two types of moving insurance that are normally available: full value insurance and released value insurance.

Full Value Insurance

Full value insurance provides compensation for the full value of any item that is damaged during a move. The price of these moving insurance policies depends on the value of the items that you’re having moved, but you may be able to reduce the cost by agreeing to a deductible. It’s important to note that you’ll be compensated with the current value of an item if it is damaged or broken. In other words, if a two-year-old stove is broken, you won’t be compensated at the level that you paid for a new stove.

Released Value Insurance

The other type of moving insurance is released value insurance, and it is automatically provided at no additional cost. With this kind of insurance, you will be compensated for items damaged during a move based on their weight. Generally speaking, you’ll be compensated at a rate of $0.60 per pound of the item damaged. Therefore, if a TV that weighs 25 pounds is broken during a move, you’ll receive just $15 in compensation for it.

Which Is Right for You?

When considering which type of moving insurance you should choose, you may want to consider the overall value of your household items. If you have several very valuable items that need to be transported, it may be worth the extra expense to opt for full value insurance. However, if you have a large number of items that aren’t particularly valuable that need moving, released value may be a good choice.