Moving Insurance: What it is, Why we Need it, and How to Ensure Claim is Successful?

Relocation is not that easy even though you hire professional packers and movers; your goods can get damaged during the shifting process or transit. Therefore, many shifting companies offer moving insurance at affordable rates to secure your goods, especially if you have more fragile items or long-distance moving.

Hiring verified packers and movers will make your move smooth and stress-free; purchasing insurance coverage for your goods will help you quickly claim compensation for your lost or damaged goods. Buying moving insurance will only cost you 1.5-3% of the declared value of your belongings. Purchasing insurance coverage during long-distance relocation is an essential part that shouldn't be ignored.

Read on to know what is moving insurance, what is insurable, types of moving insurance, why we need it, how to claim, and so on.

What is Moving Insurance?

Moving insurance is a policy that protects your personal or commercial belongings during relocation. It covers risks like loss/damage of your items caused by unexpected accidents or natural disasters.

It's essential to check if the packers and movers are providing insurance coverage; some bogus packers use this as an opportunity to mishandle or steal your goods.

Moreover, before purchasing moving insurance from any company, read the insurance policy terms & conditions documents thoroughly and collect the original copy of your original insurance policy documents.

Types of Moving Insurance

Transit Insurance

It's the best moving insurance offered by most packers and movers. It covers household goods damages that occur during transit, but it will not cover damages that happened before or after transit, like packing, unpacking, unloading, etc.

Packers provide transit insurance for protection against fire, accidents, explosions, natural disasters, etc., during transit. If you use a third-party vehicle for transportation, you can purchase third-party insurance coverage to avoid risks.

Declared Value Protection

In the declared value protection insurance policy, the refundable amount for reimbursement depends on the worth of your belongings that are damaged/lost during transit.

You must declare the value of your goods to movers before shifting; this allows them to record how much your things are worth. Based on this, they will declare the value of your goods; that will be the amount you will get if your goods are lost/damaged.

Full Value Protection

Full value protection insurance is the most comprehensive type of liability; this is the most expensive insurance coverage policy. Buying this policy depends on how expensive your goods are. You can claim the full cash compensation or replacement for the lost/damaged goods.

Why Do We Need to Purchase Moving Insurance?

Moving insurance can be called a lifesaver as it provides safety to your goods during relocation.

Natural calamities/ accidents are unpredictable; purchasing insurance coverage ensures 100% secure shifting. Moving insurance costs are based on the declared value of your moving goods and the preferred plan you are buying.

If you want basic protection, only during transit, opt for transit insurance. Choose all-inclusive insurance coverage if you need complete protection from start to end of your move at reasonable rates.

You can purchase insurance at economical rates as moving insurance costs around 1.5-3% of the declared value. You can easily claim up to 80% of the total declared value if damaged or lost household items.

Important Tip:

If you’re moving across large distances, say from Kolkata to Bangalore, purchasing at least the basic transit insurance coverage is essential. Also, remember to inspect the delivered goods within 24 - 48 hours of delivery and record any damages that may have occurred during the move. Report the same to your hired moving company, preferably get in touch with the team of packers and movers in Bangalore (if they have a branch in both locations). Delaying any more than 48 hrs may lead to unsuccessful or reduced insurance claims.

How to Claim Moving Insurance

#1 Circumstances Under Which You can Claim Insurance

• Goods Badly Damaged

During relocation, packers are obliged to shift your goods without any damage. Some wear & tear might happen that can be ignored; you have full rights to claim compensation if your items are badly damaged. 

• Goods Lost or Stolen

There are high chances that your goods might get lost or stolen during shifting; it is the moving team’s responsibility to take care of your belongings. But if you find anything is missing, you can claim compensation for your lost item.

Tip: Before the movers arrive, make a detailed checklist of your goods to keep track of your goods.

#2 Important Documents Required for Claiming Insurance

Submit the following paperwork while claiming your moving insurance:

• Original invoice of goods in transit
• Landing Bill
• Shipping Details
• Lawfully filled and signed claim form
• Other documents mentioned by insurance providers

What are the Insurable & Non-Insurable Goods?

Insurable Goods

• Home Appliances
• Electronics
• Furniture
• Gardening Equipment

Non-Insurable Goods

• Jewelry
• Cash
• Medications
• Glassware
• Perishable Items
• Antiques

Factors Considered by Movers for Calculating Insurance Charges

• Nature of goods
• Age of items
• Real value of goods
• Distance to be covered

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We hope we have provided sufficient information on moving insurance; go through a moving insurance guide to get complete details on moving insurance, why you need it, how to claim it, and so on.

Always remember to purchase insurance coverage to ensure complete safety of your goods. Keep these tips in mind, choose the best insurance policy for your goods while shifting, and experience smooth and secure relocation.