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Moving Insurance FAQs

There are many steps involved when preparing for a move. Have you hired reliable Minneapolis residential movers, like our movers at USA Family Moving & Storage? Check! Have you bought all the packing and moving supplies you need? Check! Or have you chosen to take advantage of professional packing services from your movers? Check! Now that you’ve got all that covered, what about moving insurance?

When you hire reputable and highly experienced Minneapolis residential movers, the chances of your belongings getting lost or damaged in transit decrease exponentially. Still, accidents can happen, and you’ll want to be prepared for them. That’s when moving insurance comes in to cover any loss or damage and give you peace of mind.

After providing hundreds of customers stress-free moving experiences, our Minneapolis-St. Paul moving company knows a thing or two about moving insurance. We answer some frequently asked questions about moving insurance and related topics.

What is the Difference Between Valuation Coverage and Moving Insurance?

First things first, when discussing moving insurance, we must answer what moving insurance and what makes it different from valuation coverage.

  • What is Valuation Coverage?

Valuation coverage is not moving insurance. Your Minneapolis movers are legally required to automatically provide you with valuation coverage, valuation being the predetermined level of liability your movers assume and include in your moving contract or bill of lading free of charge. This is different from full value protection moving service.

  • What is Moving Insurance?

Your moving company cannot sell you moving insurance. You can only purchase moving insurance from third-party insurance companies or licensed agents. If you decide to purchase moving insurance, you’ll be agreeing to pay a premium for a specific policy. Moving insurance is not required by federal law.

So, is moving insurance worth it? That depends on how many valuable belongings you are transporting or how much you are willing to invest to get peace of mind. In the end, it’s up to you to decide.

What are the Most Common Types of Moving Insurance and Valuation Coverage?

The two basic types of valuation coverage commonly offered by moving companies are released value and full value protection moving insurance.

  • Released Value Protection (Basic Carrier Liability) 

    Every licensed moving company in Minneapolis and throughout the country is required by federal law to give this level of valuation coverage. This valuation covers your belongings at a rate of 60 cents per pound, per time regardless of whether the actual value is lower or higher.

  • Full Value Protection (Full Replacement Value protection) 

    You’ll have to pay extra for this option and prices vary from move to mover. Under this level of liability coverage, your Minneapolis movers are liable for the replacement value of your items that get lost or damaged during transit. Your movers will offer one of the following for each item that got lost, destroyed, or damaged beyond repair:

    • Repair the item
    • Replace with a similar item
    • Make a cash settlement for the repair cost or replacement value

If you have decided to purchase moving insurance, know that different third-party insurance companies offer different kinds of moving insurance policies. It’s best to do some research before choosing which policy you want to buy. At USA Family Moving & Storage we’re here to help. Don’t hesitate to call one of our relocation specialists, we’ll be happy to recommend some reputable insurance companies that have served some of our customers well in the past.

Does Renters Insurance or Homeowners Insurance Cover Moving?

Some people wrongly assume that any losses or damages to your possessions during a move will be covered by your renters or homeowners insurance. The vast majority of renters insurance and homeowners insurance policies do not cover your belongings while in transit or under the care of movers. An important thing to remember when preparing for your next move!