Regardless of whether you have decided to hire a mover or do the moving yourself you should consider the possible moving insurance options you can work with. You could easily end up with some irreparable damage to your personal property during transit and without insurance you will have a hard time replacing it. In most cases you’ll be able to get insurance coverage through the moving company you hire to get the job done, however you will need to focus on it if you want to succeed without any problems. The following tips will give you the information you need to do just that:
• Choosing a Moving Company – Make Sure the Moving Company Files Claims in a Timely Manner!
You should pay special attention to the moving company you plan on using in terms of insurance coverage. You will also need to check out the liability coverage they have for any damage or loss provided by them. Check out the contract and find out where the section is that covers the value of your possessions based on their estimate. You should also check out the maximum liability for the value of insurance provided by the mover as well as the nature of the process involved in the placing of claims. This will never guarantee you will have a maximum liability damage coverage for your claims. There are many things that may modify that amount, such as taxes, laws and regulations.
For a more in-depth display of moving laws in the USA, check out the protectmymove.gov site here.
• Moving Company Insurance Options
One of the first things you need to know is that this type of insurance will always be based on valuation of your belongings. Valuation is in essence a method that determines the liability of the goods being moved. The more expensive your things, the more insurance you should purchase. There are three types of it that get covered.
Released Value Coverage
Declared value or “Released Value” is the overall value of the items based on their weight, multiplied by a specific modifier per pound of weight. Released value coverage should be included by default by your long distance moving compay, as mandated by federal law. The movers are liable for about 60 center per pound of goods, so it is very minimal coverage.
Lump Sum Value Coverage
On the other hand you have the lump sum value as another option, which covers the value of your items with a specific amount, which mostly depends on the insurance provider. You have to know the value of what you plan on shipping so you can make a declaration of it in the bill of lading. If you want this type of coverage you should be able to purchase it from a third party insurance company.
Full Value Protection
The third option you have available to work with is the most sought-after full value protection. Naturally, this includes the damaged, lost and destroyed property that covers the entirety of the cost for replacement or repairs in case of trouble. There will be deductibles and at least a minimum coverage you will need to cover. This is by far the most expensive but the most comprehensive coverage, which can be purchased from many moving companies but also is available elsewhere.
Remember that you can buy insurance from your moving company or a third party. When you sign a contract with a moving company they will generally offer you extra insurance, which may or may not be a good deal depending on the company.
• Calculating the Amount of Insurance You Need
First of all you will need to cover the amount by checking out the total weight of what you plan on moving, then you will need to take into account the number of rooms you need to move and their contents. Once you’ve done that you should make an inventory list of all things you need to move, citing down their weight and approximate value. This will give you a good idea of the dollar amount that you would be comfortable having as protection. If you have small or fragile items that are worth a lot of money, such as antiques or breakable jewelry, you should take out special insurance on these items alone. Cross country moving companies still will limit their liability for loss or damage to articles of extraordinary value, which is usually anything valued at more than $100 per pound (china, fur, jewelry, silverware etc.)
For more information regarding long distance moves, we recommend The Ultimate Long Distance Moving Guide.
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