If you are hiring movers to help you with your move, then you want to be sure that you are doing what you can to protect your household items, especially those of significant value. There are three types of insurance coverages that you can include on your moving contract. It is important that you know what differs between these three coverage types so that you can choose the one that is best for you in the end. 

Declared Value Coverage:

Declared value coverage is an insurance coverage type that is based on the weight of the household items you are moving multiplied by a certain amount. The amount that it is multiplied by depends on the moving company that you hire, which is why if you decide that this coverage type is best, you want to hire a moving company that multiplies by the highest amount. This guarantees that you receive the most coverage possible. The settlement is then based on the lowered value of your items that have been damaged. 

Lump Sum Value Coverage:

Lump sum value is an insurance coverage type that you probably want to choose should you be moving items that are really valuable but don't weigh very much. This guarantees that coverage is based on cost instead of weight, which can ensure that you are receiving more coverage for your valuable items. Be sure that you determine the value of your valuable items and purchase the insurance policy for that specific amount. 

Full Protection Coverage:

Full protection coverage is going to provide coverage for any lost, damaged, or ruined items that you are moving. This coverage type will come with a deductible, however, full protection may be worth it if you are moving long distances, which means that there is a higher chance of your household items becoming lost, damaged, or ruined in that time. This coverage will cover any amount after you pay the deductible, whereas the other two insurance coverages will only cover a certain amount before you have to pay for the rest out of pocket. This is sometimes more money out of your pocket should a large number of your items become lost, damaged, or destroyed. 

By knowing the three moving insurance coverage types to consider, you can be sure that you better know how to protect yourself and your household items. Each insurance policy is unique and each one can be more suitable over the other depending on your situation, so be sure that you choose wisely and always include insurance on your moving contract so that you aren't paying so much out of pocket for replacing or repairing items. To find out more speak with a business like M Dyer & Sons Inc.