Should You Buy Extra Moving Insurance?

Moving is already an expensive and stressful experience. Do you really need to take out extra insurance on top of everything else you have to pay for? According to Doug Kellough from the Canadian Association of Movers (CAM), the answer is yes. Too often belongings are lost or damaged in transit, especially during long distance moves.

"I've been in this business for 53 years and I recommend to everybody that if you can afford it, take it, because there's no arguments, no discussion. It's full repair restoration up to the full value of that product today," he said.

Submitting a claim

If you submit a claim to your moving company without insurance, you will have to take a significant loss to settle it. Under government regulations, moving companies are only entitled to pay up 60 cents per pound, per article that is damaged or lost. So your $1000 TV that weighs 10 pounds is only worth $6 to the moving company if they damage it. Additional insurance plans keep the movers on the hook for up the the full amount.

Options for insurance

Your move may be covered under your home insurance plan. But before you opt out of extra insurance from your mover, check to see if you have a deductible and how high it is. If the total of your damages is less than the deductible, you'll end up having to pay for them anyway. The moving company is only responsible for the full amount of the damages if you buy into their additional insurance plan.

For more information and to protect yourself during your move, visit The Canadian Association of Movers.