How do you know if you need movers insurance? Isn't the moving company responsible for the things they move? Will your property be covered under your homeowners or renters insurance policy? If your company is paying for your, are they responsible for paying any potential loss? Good questions. Let's look at the answers.

Moving companies are only responsible for the minimum amount of $0.30 per pound per item in case of a local and intrastate move, or $0.60 per pound per item in case of an interstate or international move and will not pay for loss or damages unless you purchased additional coverage.

Homeowners or renters insurance policy covers household goods only while in your residence, not while in the movers' possession. And your employer probably signed a general agreement with a relocation company who really doesn't have anything to do with the moving company. This means the moving company covers the liability at the minimum coverage possible (see amounts listed earlier).

It is impossible to guarantee that all of your property will arrive at its final destination in the same condition it started out. Damage can occur in transit, in storage, and when it is being carried in or out of the moving truck. Things can be accidentally dropped, dented, or broken. We've all done it. We definitely don't want someone else doing it.

Your decision should be based on how expensive your things are and how much stuff you have. If the total value is a substantial amount of money or weight, you should consider buying additional coverage through the moving company or through a third party.

There are many great online resources to obtain information about mover's insurance companies. Compare them. Contact them. Read the fine print. Ask for recommendations to ensure you get a good one.

And create an inventory of all the items you are moving, estimate the weight of each and the replacement value of each. Take pictures of what you are moving. This will help prove the condition of your possessions and confirm the inventory list. Believe it or not, the insurance companies appreciate this kind of detail.