Moving insurance is a hotly debated topic that not many people truly understand. The main point of confusion comes from the fact that there are multiple types of moving insurance. And not all of them cover the total value of your belongings. So, many people wonder which is the best moving insurance they can get? The answer to that question depends on many different factors. From the type of items, you are moving to how much extra you are willing to pay.
What is the best moving insurance type?
There are many different types of moving insurance. Each with its own set of rules and coverages. And it’s understandable to get confused as they are all named similarly. But they provide you with very different levels of protection. And you need to know a little bit more about them before deciding which insurance to purchase. As that can greatly impact your overall compensation if something was to go wrong.
The three most notable types of insurance are:
- Release Rate Valuation
- Full Replacement Valuation
- Replacement Value Insurance
There are also many other types that are designed for specialty and high-value items. But, when choosing the best moving insurance for your belongings, you need to account for the state and valuation of your items.
Release Rate Valuation insurance
Release Rate Valuation is the most basic type of moving insurance. A great thing about it is that it is free of charge. But, a negative aspect, and the reason why this might not be the best moving insurance for you, is the liability. Essentially, your belongings are covered based on their weight. Up to 60 cents per pound. But make sure to check the exact number with your movers NYC. And that often doesn’t cover nearly as much as the item is worth. Most electronics, for example, cost weighs more than $0.6 per pound.
Full Replacement Valuation
This type is also often called lump sum insurance. And although it costs extra, it gives you much better protection. How it works is that you declare the lump sum value of your entire cargo and select your desired deductible. And that forms the basis on which you pay your insurance premium. This is the best moving insurance type when doing Brooklyn office moving for example. Because, if something was to happen to your belongings, they will be replaced with like items. Without depreciating their value due to age.
Replacement value insurance
The third, and probably most comprehensive type of insurance is replacement value insurance. Often called third party insurance, it covers you for the full true replacement value of your items. It’s probably the best moving insurance type for residents. And there are many insurance companies that offer this service. If you have homeowners or renters insurance you may already be covered. Or at least be able to purchase it at a big discount. So, make sure to check with your insurance agent.
Which is the best moving insurance type for me?
To answer the question of which is the best moving insurance for you, you need to take a look at your belongings, your budget and the overall state of your items. Most people will simply go with reliable NYC movers and not purchase extra insurance at all. But, if you have expensive items, it might be worthwhile to purchase 3rd party insurance. It will give you peace of mind and care-free relocation. But, it all depends on you, your belongings and the amount of money that you are willing to pay.