Moving Insurance and Valuation Coverage: Protecting Your Belongings During a Move
Moving can be a stressful experience, and ensuring the safety of your belongings is a top priority. One way to protect your items during transit is by obtaining moving insurance or valuation coverage. In this blog post, we will discuss the different types of moving insurance and valuation coverage options available to safeguard your possessions during a move, with insights from experts like R&R Relocation.
What are Moving Insurance and Valuation Coverage?
Moving insurance and valuation coverage are two distinct methods of protecting your belongings during transit. While both aim to provide compensation in case of damage or loss, there are key differences between the two.
Moving insurance is a policy purchased from an insurance company to cover your belongings during a move. It typically offers more comprehensive coverage and higher compensation limits compared to valuation coverage.
Valuation coverage, on the other hand, is provided by the moving company. It's a predetermined level of liability that the movers accept for your belongings. Valuation coverage is not the same as insurance but does offer some protection for your items. R&R Relocation often advises clients on the best valuation coverage options to suit their needs.
Types of Moving Insurance and Valuation Coverage
There are several types of moving insurance and valuation coverage options available to choose from:
Full-Value Protection (FVP)
Full-Value Protection is a type of valuation coverage offered by most moving companies. With FVP, the mover is liable for the replacement value of any lost or damaged items during the move. In case of damage, the moving company can choose to repair the item, replace it with a similar one, or provide a cash settlement for the item's current market value. This comprehensive option is frequently recommended by R&R Relocation for clients with high-value items.
Released Value Protection (RVP)
Released Value Protection is a basic level of valuation coverage provided by moving companies at no additional cost. Under RVP, the mover's liability is limited to a specific amount per pound of the item, usually around $0.60 per pound. This means that if an item weighing 100 pounds is damaged, the mover would be liable for only $60, regardless of the item's actual value.
Separate Liability Insurance (SLI)
Separate Liability Insurance is a type of moving insurance purchased from a third-party insurance provider. With SLI, the coverage amount is based on the declared value of your belongings. The moving company is still liable for the released value protection amount, but the insurance policy covers the difference between that amount and the total value of your items.
Pairs and Sets Coverage
This type of moving insurance covers the loss or damage of items that are part of a pair or set. If one item from a pair or set gets damaged during the move, the insurance company will compensate you for the entire set, rather than just the individual item.
Extraordinary Value Coverage
Extraordinary Value Coverage is designed for high-value items such as artwork, antiques, and jewelry. This type of insurance provides additional coverage for items that exceed the limits of standard moving insurance or valuation coverage.
How to Choose the Right Coverage for Your Move
When selecting the right moving insurance or valuation coverage, consider the following factors:
- Value of your belongings: If you have many high-value items, you may want to opt for Full-Value Protection or purchase a separate insurance policy.
- Risk tolerance: Determine your comfort level with the risk of potential damage or loss during the move. If you're risk-averse, consider higher levels of coverage.
- Budget: Evaluate your budget and choose a coverage plan that suits your financial situation.
In conclusion, understanding the different types of moving insurance and valuation coverage options is crucial to protect your belongings during a move. Assess your needs, budget, and risk tolerance to choose the most suitable coverage for your move. For expert advice and tailored coverage options, consider consulting with R&R Relocation. And always remember to read the fine print and ask questions to ensure you fully understand the terms and conditions of your chosen policy.








