3 Things You Need to Know About Movers Valuation Coverage

Should you purchase movers valuation coverage when you hire a moving company? If you are mindful of your moving budget, you want to make sure it is worth the cost. Keep reading to learn three things about movers valuation coverage you need to know to help you decide if you should take advantage of the coverage.

#1: The Federal Government Requires Moving Companies to Offer It

The United States government mandates that every licensed professional moving company offers valuation coverage, which is coverage for items that are destroyed, lost, or damaged during the move.

#2: The coverage offers two different levels of protection.

As a result of the government mandate, licensed moving companies offer two coverage levels—released valuation and full replacement value. The released valuation, also called “basic carrier liability,” is typically available at no additional cost to customers. It is part of the moving service package and requires the moving company to reimburse at 60 cents per lb. per item for anything that is damaged or lost during the moving process.

With the full replacement value coverage, the moving company will choose between reimbursing the customer for the full, current value of any lost or damaged item, replace the item, or repair it if possible. The valuation cost tends to be approximately five to six percent of your shipment’s weight.

#3: It is NOT insurance.

It's important to understand that valuation is not the same as insurance coverage. Many moving companies offer insurance in addition to the standard valuation coverage options. The primary difference between the two is that insurance comes from an insurance company, and valuation coverage comes from the moving company.

To learn more about movers valuation coverage or to schedule moving services, contact Nilson Van & Storage online.