Moving is stressful, and it gets even more stressful when you start thinking about all the little details like mover’s insurance. So, is moving insurance worth it? This is a concern countless homeowners have and you are not the first or the last to second guess getting mover's insurance.
Before taking the plunge, see what guarantees and securities the moving company provides. They may have already covered the bases for you. At which point, you don't need to purchase moving insurance on top of that. If they don’t offer at least minimal coverage, determine what is needed in comparison to the value of goods being transported.
When you start shopping around for coverage, make sure that the policy they are offering will actually provide the protection that you need. Remember that the more valuable your personal belongings are, the higher value you should place on insurance coverage. It’s always better to be safe than sorry.
While the United States Department of Transportation Federal Motor Carrier Safety Administration claims that companies are liable for the value of goods they transport, there’s no actual guarantee. The moving company may assume "full value" or "released value" liability, but don’t be fooled, this is not insurance. They will compensate you for the inconvenience at their own discretion, and likely value your $6,000 couch at $22.50.
With "released value", you will suffer the same unfortunate fate.
This liability coverage provides significant reductions in the amount of money
a moving company has to pay in the event that your goods become lost, stolen or
damaged. This is a predetermined amount based on the weight of items. It can
range anywhere from 60 cents to 1 dollar.
Think of it this way: If you have a $3,000-dollar dining room table that weighs
80-pounds, at 60 cents a pound, you are barely looking at a $50 return in the
event that the table gets damaged.
Assess the value of your belongings and determine if they are worth protecting. A small upfront fee will protect you from having to incur the additional expense of replacing high priced items later.