Moving Insurance

Keep your goods protected in transit.
00:01:18

00:01:18

Several small stacked boxes sitting together are being moved off of a moving truck by movers to load inside a new homeowner's location.

Even with the most careful movers, accidents can happen. Though you're paying hundreds or thousands of dollars to get your stuff to your new home, typical moving insurance pays about 60 cents per pound for damaged goods. That means if your plasma TV breaks in transit, you'll be reimbursed about $60 -- even if you paid $800 for it last year. 

You'll need to buy moving insurance to get the peace of mind that your goods will be replaced if broken. First, check your homeowner's insurance to see if it covers damages that occur in transit. If it doesn't, consider one of the following options: 

Full value insurance. This type of insurance covers your whole shipment, so it's the most expensive. If anything is lost, damaged or destroyed, the movers can either offer to repair the item, reimburse you with cash or replace it with a similar item. This plan puts the most pressure on movers to get your stuff to its destination safely. 

Some moving companies limit their liability for expensive items, so make sure to ask about your mover's policy before signing up. Also, make sure you notify the movers of any expensive items in your shipment to insure that they'll replace them if damaged. 

Released value insurance. This is typical moving insurance that covers goods for 60 cents per pound. It's usually offered at little to no cost to you, but it also offers you little to no protection or peace of mind. If you choose to save money with the "I hope nothing gets broken" insurance policy, make sure to tell your mover. Otherwise, they may automatically charge you for a full value policy. Check your contract -- you may not be eligible for released value insurance if you pack your own moving boxes. 

Third-party insurance. If you choose the mover's released value option, you may be able to get additional coverage from an outside company. With third-party coverage your mover is liable for 60 cents per pound of damaged goods. The insurance company would pay any remaining costs. 




Next Up

Moving Expenses: What's Tax Deductible?

If you move more than 50 miles for a new job, deduct your relocation costs.

Moving Black Book: The People You Should Tell

Make sure banks, credit card companies, the tax man and other service providers have your new address.

Pack Up a Load of Green Moving Tips

Make relocating to your next home even more eco-friendly.

How to Make an Offer for a House

Making an offer on a house isn't a total roll of the dice. There are some basic steps you and your Realtor can take to arrive at a price range and other terms that make sense.

Why You Need a Pre-Approval Letter

Read tips on why you must make sure you get a pre-approval for a mortgage, not a pre-qualification.

Mortgages: Doing it Over

Buying a home the second time around is a breeze, right? You learned from every mistake you made buying your first home, and you’re a pro. Or not. These mortgage tips will prepare you for the unexpected.

My Home Appraisal is Lower Than Expected!

If your home is appraised at lower than your sale price, don't freak out. Take real estate expert Tara-Nicholle Nelson's savvy advice.

Owner Financing: When Sellers Lend Money to Buyers

What to know about this non-traditional way of financing a home purchase.

Note to Homebuyers: Tour the Entire House

That off-limits room might hide a worrisome defect.

Buyer's Remorse: Dos and Don’ts for Adjusting Your Mindset

It's common for little worries and wonders to pop up after you've bought your home. Here's how to ease your concerns.