Interstate relocations are long and complex, not to mention stressful. Moving between states for a new job opportunity or a change of lifestyle can be exciting. If you are moving out of New Jersey, you’re not the only one hiring affordable movers NJ. However, it might surprise you to know that not all moving insurance is the same. Unfortunately, many things can go wrong during moving which is why it is essential to have moving insurance. Moving day will be much less stressful if you have proper moving insurance. So, in this article, we will help you understand the importance of insurance during interstate relocation.
What types of moving insurance exist
There is no such thing that will give you peace of mind as much as insurance does. Moving insurance is the type of insurance that will cover any loss or damage to your belonging during the move. It might surprise you to hear that homeowner’s insurance usually does not cover any damages during transport. That is one of the reasons why you should get moving insurance when after finding the best moving services NJ. To help you understand the importance of insurance during interstate relocation, we will go over the types of moving insurance you can get and what they mean exactly.
Some of the basic types of insurance you can get, no matter if you are hiring commercial or residential moving companies NJ are:
- Full value protection
- Released value protection
- Separate liability coverage
Full value protection insurance
As the name would suggest, full value protection means that if some of your belongings get lost or damaged during transport, movers Caldwell NJ are responsible for either repairing it, replacing it or paying you for the value of that item. This type of insurance is more complex, and therefore it costs more. However, with this insurance, you can be assured that in case something happens, you are fully covered. There may be some limitations to this type of insurance, which in no way undermines its importance during interstate relocation. Be sure to ask your movers about this type of insurance and how much it costs.
Released value protection
This type of insurance is the lowest level of coverage. This type of insurance is required by federal law. When hiring movers Verona NJ for interstate relocation, if anything gets lost or damaged, your movers will pay you per item’s weight. It is the lowest coverage, but it is mandatory, and it doesn’t cost anything. For interstate relocations, for any damaged or lost item, you will get $0.60 per pound of that item. Because of the importance of insurance during interstate relocation, this type is mandated by law.
Separate liability coverage
Separate liability coverage is not mandatory and is often called third-party insurance. You can purchase this type of insurance not via the movers but through insurance companies. It will include the mandatory released value protection, and movers will be liable for that amount. The insurance company is responsible for the rest of the amount for lost or damaged items, up to the purchased amount. You can buy this type of insurance through the moving company you hire or on your own. However, if you need storage services NJ during your interstate relocation, you will have to check with your insurer if that is covered or not.
The cost and the importance of insurance during interstate relocation
Before you hire movers NJ to NYC, you need to understand all the types of insurance you can get and how to get them. Another thing you should think of is the timing. By that, we mean when you should get your insurance. We highly recommend getting insurance for your belongings at least two days before moving day. It is important that you already have purchased insurance along with your bill of lading before you load the truck with your packed items. This is because accidents can and do happen at this stage also.
But, what about the cost of your insurance. The total cost depends on what type of insurance you want to get. Remember, the end cost you pay is for your peace of mind, and you can’t put the price on that. However, if you only want basic coverage, you don’t have to pay at all. However, for separate liability coverage, you can expect to pay between 1% and 5% of your valuation estimate.
Is there something that I can’t cover by insurance?
The short answer is yes. But the long answer is that it depends on many factors. There are many companies that offer moving insurance because of its importance during interstate relocation. But in general, there are some loose rules about what moving insurance doesn’t cover. Firstly, insurance usually doesn’t cover high-value items, computer equipment, jewelry, and antiques. This doesn’t mean you can’t ensure those items. You can, but you will probably have to get separate insurance. Some insurance companies don’t cover the full amount of insured items, or have limitations if you pack your items yourself. Of course, it bears no mention that during valuation, you can’t cover items that bear a sentimental value by any other than a market or retail value that item has.
So, as you can see, moving insurance is very important for the safety of your belongings. Not only that, but you really have to think through to choose the type of insurance you want and need. Hopefully, this article helped you solve some dilemmas you had about the importance of insurance during interstate relocation. All that is left for us to do is to wish you a safe and pleasant moving journey.