Everything About Moving Insurance: 2024 Edition

There’s a lot of ground to cover between point A and point B, which means lots of bumps, potholes, and rough roads ahead. If anything gets damaged, you’ll want to know all you can about moving insurance.

At iMoving, we’ve done the research and careful vetting to build a marketplace of movers you can trust. But even with the best movers in the game, there’s still the chance of a freak accident damaging some of your items. This is where moving insurance comes in.

When you pay a little extra for moving insurance, you’re not just getting peace of mind. In a worst-case scenario, having insurance means you’ll be reimbursed for your damaged belongings - and you’ll be getting a lot more than the bare minimum that most moving companies offer in case of emergencies.

In a perfect world, all of your belongings would arrive at your destination without a scratch. Unfortunately, accidents happen. And when they do, moving insurance can really save your wallet.

Let’s take a look at what you can expect from moving insurance, including how much it costs, the types of insurance you can get, and whether you’ll really need it in the first place.

Moving insurance will generally cost you between $100 and $500, but it all depends on a few important factors.

• The insurance provider: Different insurance companies have different rates. Just like when you’re shopping for auto or medical insurance, it’s important to look at the prices offered by whatever provider’s on your radar.

• The cost of your move: Moving insurance is oftentimes pinned to the price of your move itself. The cost of your insurance is usually a percentage of your quoted moving price - sometimes as little as 1%.

• The type of belongings you need to insure: Insurance providers will charge you extra if you’ve got a lot of valuable items. You’ll see the term “extraordinary value” or “high-value article” thrown around when you’ve got items that are worth over $100 per pound.

• The coverage you need: As with the rest of your move, it’s best to look at the whole process like you’re picking and choosing from a menu. You’ve got a few key options available when it comes to moving insurance, and we’ll go into those next…

Basic coverage, also known as released value coverage, is the most cost-effective choice when it comes to moving insurance. Your moving company will offer basic coverage at no additional charge! Pretty, sweet, right?

Unfortunately, there’s a downside. Basic coverage is only good for $0.60 per pound. This may make sense if you’re moving heavy (sturdy) furniture around, but it also means if your four-pound laptop is stolen or broken, you’re only getting a whopping $2.40.

If you’re trying to save every penny - and you don’t mind the risk you’re taking - you can let your mover know you’d like released value coverage. You’ll then have to sign a document on your moving contract that says you understand the risks.

Got a few extra bucks to throw around? Already worried about your TV, Xbox, or anime figurines? Don’t worry - you can also get full value protection.

If you’d like to be reimbursed the full value of your items, you’ll have to pay extra. But full value protection is worth the money. Also known as full value coverage, this insurance policy means your movers will either A: repair your broken belongings (or pay you the full cost of repairs), or B: replace any broken items with similar items.

Full-value insurance coverage goes beyond the $0.60 per pound of basic coverage, but there’s still a limit. If you have any items that are worth more than $100 per pound, these qualify as “extraordinary value” or “high value” items. UNLESS YOU LIST THESE ITEMS ON YOUR MOVING DOCUMENTS, these high-value items won’t be covered by your full-value insurance.

If you’re planning on booking a move with full value coverage, you should always ask your mover for more information on what they consider a “high-value item”.

Third-party moving insurance is optional, but it may be offered by your movers if you choose released value/basic coverage. Importantly, it’s not actually an insurance policy that’s offered by your moving company. Instead, it’s offered by an insurance company that operates independently of your mover.

When you choose third-party insurance, your movers are still on the hook for that $0.60 per pound if anything’s damaged, lost, or destroyed in transit. But anything worth MORE than $0.60 per pound is covered by that outside insurance company.

Third-party insurance coverage won’t be included in your moving cost. It’ll be its own bill, and you’ll still have to shell out for it. Many movers will say something along the lines of “We’re not an insurance company, but we’re partnered with…” when they pitch third-party insurance. You can get additional coverage through these third-party providers, but it does cost extra.

Now that you know about full value coverage, released value coverage, and all those third-party insurance providers out there, you may be all fired up about protecting your move. But before you start throwing your money around, there’s a few things to keep in mind:

• You’ll have to pay for packing. Movers won’t offer full value coverage unless you pay for their packing services as well. So don’t go crappily-packing your PS5 in hopes that you can get a new one after it’s busted on moving day.

• Full value coverage is automatic (unless otherwise stated). We can’t stress this enough. TALK TO YOUR MOVERS ABOUT INSURANCE. If you don’t, there’s a chance you’ll end up with a surprise fee for full-value coverage (even if you didn’t need it).

• Your homeowner's insurance may already have you covered. Do you have homeowners or renters insurance? There’s a chance your move is already covered in your policy. Talk to your insurance provider or read over your coverage plan.

• You can sabotage your own insurance. Moving insurance is great, but some goof-ups on your end can actually limit your mover’s liability. For example, if you pack dangerous or restricted items in your boxes, or you don’t notify your mover about high-value items.

It happened. You just finished your move, and you’ve noticed some belongings got damaged in transit. Here’s how you file a claim with your mover:

1. Don’t wait. You only have a limited amount of time to file a claim. 9 months is the minimum, but you’ll want to get started as early as possible in case the process really drags on.
2. Contact your mover and tell them about the damage. This can be done either in writing or electronically, as long as there’s a record that you reached out to them.
3. In your claim, provide the move number, your address, or your full name. This is how you identify the shipment that was damaged.
4. According to the United States Surface Transportation Board (STB), you’ll also have to “[assert] that the moving company is liable for the loss and damage”. Translated, this means you need to remind your movers that they’re on the hook.
5. Finally, provide a specific dollar amount that you should be reimbursed. Depending on the type of insurance you paid for, this can be based on the full value of your items or just a pound-for-pound estimate.

You’ve made it to the end! Thanks for reading this far. Hopefully, by now you have a better understanding of moving insurance, whether you’ll need it, and what kind you should choose for the big day.

If you’re ready to shop around for moving insurance - and moving companies in general - iMoving is ready to help. With a marketplace of over 1000 movers (all licensed and insured, of course), we make it easier than ever to shop, compare prices, and book moving companies from the comfort of your web browser.

Tell us a bit more about your move, and let’s get you started!