Movers generally provide three types of protection for your goods in case they are lost or damaged: limited liability, depreciation valuation, and full value.
Limited Liability:
This is the basic coverage required by law, and it costs the consumer nothing. Under limited liability, the mover is responsible for sixty cents ($.60) per pound per item for the move.
Depreciation Valuation:
This type allows you to collect the amount based on the item’s current replacement value, minus depreciation. The amount you pay for this coverage depends on how much you declare your goods are worth.
Full Value:
Tis insurance costs the most and covers the actual cost of an item’s replacement or repair, without any deduction for depreciation. Before purchasing coverage from the moving company, you may want to check your homeowners’ insurance policy to see whether it covers your belongings during the move.