First, it’s important to understand that valuation coverage is not insurance. If you’d like to insure your goods, you will need to do so through a licensed insurance company. The reason you must use a separate company is that by law, your mover cannot sell you insurance.
What you get through your mover is valuation coverage. This is an agreement between you and your moving company over claims and their liability for those claims. It is required, according to federal law, that moving companies offer valuation coverage to you. If they fail to do so, it may be a sign that they are a disreputable or “rogue” mover.
Valuation coverage guarantees that, if your goods are lost or damaged and the moving company is at fault, the mover agrees to pay the agreed upon amount. For example, Suddath offers standard Released Value Protection (RVP) valuation coverage at $0.60 per pound of your shipment.
As part of the moving process, you will want to explore if valuation coverage will work for you, if you would like to increase the amount of valuation coverage automatically offered, or if you’d like to insure your goods through an insurance company. If you have more specific questions about insurance and valuation coverage, your local moving coordinator will be happy to help.
Learn more about your valuation coverage options in our blog post on the subject.