Valuation Coverage is designed to cover any damage to or loss of your possessions during a move. Moving companies will generally provide a degree of limited coverage, which is referred to as valuation, but this can ultimately amount to no more than 60 cents per pound of weight per item and could leave you seriously out of pocket if the worst did happen.
Valuation is not the same as insurance and is unlikely to cover more than a small fraction of the cost when it comes to particularly expensive items. Ask your moving company about the valuation terms. Household possessions that are in the process of relocation may not be covered by your ordinary homeowner insurance policy, although it is best to double-check this. It is therefore likely that you are going to need to acquire moving valuation coverage.
Many professional moving insurance companies will provide this for an extra fee, and such coverage can be acquired dependent on either the weight of your goods or by the declaration of a lump sum value that you make. Full replacement insurance coverage is another option and is one that will pay the current replacement value for any item that is damaged or lost during the move.
Full replacement insurance is thus the highest possible level of protection that you can choose and you will need to give a very detailed inventory of all your items, including their value. There might also be a number of minimum coverage requirements and deductibles. Be sure to speak with your professional moving consultant to see how this information applies to you upcoming move.
