How much does full value protection cost?
Quick Answer
Full value protection typically costs 1% to 1.5% of the declared shipment value. For a declared value of $50,000, expect to pay $500 to $750. Choosing a higher deductible ($250 to $500) lowers the premium.
Full value protection pricing is based on the total declared value of your shipment and the deductible you choose.
Pricing formula: most movers charge 1-1.5% of the declared value. Minimum declared value is typically $6 per pound x total shipment weight, or a flat minimum (often $5,000-$10,000).
Example costs by declared value: $20,000 declared value: $200-$300 premium. $35,000 declared value: $350-$525 premium. $50,000 declared value: $500-$750 premium. $75,000 declared value: $750-$1,125 premium. $100,000 declared value: $1,000-$1,500 premium.
Deductible options: most movers offer deductible choices that reduce the premium. Common deductibles: $0 (zero deductible) - highest premium, full coverage from dollar one. $250 deductible - moderate premium, you pay the first $250 of any claim. $500 deductible - lowest premium, you pay the first $500. Choosing a $500 deductible typically reduces the premium by 20-30%.
Is it worth the cost? Compare the premium to the potential loss. If you have $50,000 in belongings and pay $600 for full value protection, you are spending 1.2% to insure 100% of your belongings. Under released value (free), a single damaged TV could cost you hundreds or thousands in unreimbursed loss.
For most people with a 2+ bedroom home, full value protection is worth the cost. The exception might be if your renter's/homeowner's insurance already provides strong in-transit coverage, in which case you can save by selecting released value and relying on your existing insurance.