All movers are only required to include minimum coverage of $.60 per pound per article with their rates. Most movers will offer additional coverage through a third party or an insurance company at additional cost; coverage is subject to the terms and deductibles of the policy you request. The term "Fully Insured" can be deceiving since it means that the mover has obtained minimum coverage for liability, property damage, cargo and workers compensation as required by law. The consumer must write the dollar amount for how much coverage for loss or damage and sign for it on the order for service under 'Shipment Protection' prior to the move. Here are the three types of coverage for moving within NJ:
OPTION 1, Legal Liability Coverage: All movers must insure their cargo (your possessions) for $.60 per pound per article. There is no charge to the consumer for this coverage, it's the carrier's minimum liability to the consumer, and it is usually is insufficient coverage to protect you in the event of loss or damage. You will automatically receive this unless you request additional coverage.
OPTION 2, VALUATION: Some movers may offer 'Increased valuation' coverage for an additional charge. This type of coverage is similar to insurance in that it increases the movers liability from $.60 per lb. up to the amount that you declare on the order for service, and subject to a deductible. Coverage rates and limits are contained in the mover's tariff. Movers that offer this are covered by their insurance company, up to their policy cargo limits per truck load. This coverage is provided while in transit or while in storage, as long as you pay the premiums, and it is subject to the deductible and maximum coverage that you have selected.
OPTION 3, INSURANCE: There are two types of policies issued by an insurance agent or insurance company; transit and depository. Transit insurance covers your goods while it's on a truck or while it is in short term storage know as 'Storage in Transit'. Depository insurance covers goods when you go into a mover's warehouse for extended storage. You must declare the total value of everything that is being moved. We advise consumers to consider additional coverage or check with their homeowner or dwellers insurance for any additional coverage during the move.
GOOD ADVICE: There are some decisions in life that are more important than money. Moving all of your possessions are one of those decisions. Call up the company and make an appointment to come to your home for an in-house estimate. Before you give everything you own to people you do not know, do research and ask questions since it's too late once your possessions are on the truck.