Moving In NYC - Insurance Facts

Insurance

All licensed moving companies are required to provide "Standard Insurance" to their customers free of charge. But despite the fact that some moving companies recommend relying solely on this insurance, this kind of coverage is inadequate for most moves. Originally designed to insure livestock, this coverage is expressed as "an amount of cents per pound per article." Example, a one hundred and fifty pound sofa @ 30 cents is covered for up to $45 (150 x .30). Only in the case of an extremely heavy item such as a piano is this type of insurance significant (in the case of a piano, 700lb. x .30= $210), though it does, in some cases, obligate the mover to repair minor nicks and scratches.

Insurance covers all minor damage, even if the cost of repair exceeds the technical coverage by 100%. Please note that the contents of boxes that customers pack themselves is not insured for breakage by Standard Insurance coverage. If the furniture and other items being moved is of substantial value, say anywhere between $10,000 and $5,000,000, the customer should check his or her homeowner's policy. Sometimes a homeowner policy will cover all aspects of a move, sometimes the policy exempts coverage for breakage, and sometimes the policy covers nothing at all. Prior to your move, you should call your broker to determine which form of coverage you have. Sometimes your broker can offer you a "rider" for a move, which will be less expensive than the major insurance offered by moving companies. .oz