Moving insurance - do you need it?
Many people don’t think about moving insurance until it’s too late. This is a very important step of the move that you shouldn't skip. When they hire a moving company, people usually assume that the company will cover any damage or destruction to their belongings during the relocation process. Well, that’s not actually the case.
Moving companies do cover a certain amount of coverage, but it’s important to determine what exactly that implies. Most moving companies provide valuation, not insurance.
What is valuation?
Valuation is different than insurance. It is the predetermined limit of liability stated in the moving contract. In most cases, valuation has no relationship to the actual value of your goods and is determined by other factors.
There are the different types of valuation coverage:
· Complete value protection – This is the best type of the valuation coverages. If your belongings get lost, damaged or even completely destroyed during the relocation process, this valuation will cover it. Base on it, you will get a settlement for repairs or replacement of your property. It sounds great, but there is a catch. The coverage amounts are usually minimal.
· Assessed value protection – Very desirable valuation for belongings that have high value and doesn’t weight much. That means that coverage is based on the value of the goods rather than their weight. Assessed value protection allows you to purchase coverage for a specific amount per $1,000 of value. Still, make sure that is stated in the bill of lading. If it isn’ the moving company doesn’t have a legal obligation to honor it.
· Declared value protection based on weight - This valuation is based on the total weight of your cargo that you are relocating. Total weight of all your possessions is multiplied with the particular amount per pound. Example: If your belongings weigh a total of 5,000 pounds and the particular amount per pound is $2.00, the moving company would be liable for total $10,000 in the case of damage or destruction of your things. Regardless of the actual value of your goods.
In conclusion: on the contrary to the valuation, moving insurance is covering more things. Purchasing the additional moving insurance will make you more at ease.
Read the moving company contracts carefully
Before you sign anything, make sure that you know and understand all the things that are written in the moving contract. Pay attention to the fine print, and read it several times. This is very important because you can overlook some vital things about the moving insurance and coverage.
The moving company can add to the contract that isn’t liable for any damages to your belongings that incurred during transit. The damages to the property are most common exactly in the transport. That’s why some companies try to avoid this liability by putting this clausula in the moving contract. If you sign a contract with this statement, you should know that you won’t be getting any settlement if your belongings get damaged in the transport to your new home.
Some companies will state in the moving contract that they won’t take responsibility for the damages to your property if you packed your cargo yourself. If you didn’t plan to use the packing services of the moving company, make sure that this statement isn’t in the contract before you sign it.
All these things can be avoided if you hire the reliable moving company.
Moving company that is reputable and care about its image, will explain all the terms that moving contract contains. When you choose the best movers in the business like Moving Kings Van Lines FL, your relocation will be much easier and without the unpleasant surprises.
What kind of moving insurance do you need?
Contact your insurance agent and ask does your homeowner or renter insurance provide coverage on your personal property in the event of a move.
Many renters and homeowners and policies cover some of the damage of your belongings in transportation to your new home. Still, the amount of coverage is usually low – about 10%.
That is another reason why you should really consider purchasing additional moving insurance. If you do, your property will be covered in every case, not just in transportation. The basic additional moving insurance will protect your belongings while loading your items from your home to the truck, during transit, while unloading your things from the truck into your new home.
There are many different kinds of moving insurance and you should consult your insurance agent which one suits your needs. The most common additional insurance that people are purchase while moving is the “Goods in Transit” moving insurance.
This moving insurance will protect your belongings from:
• Theft while in transit.
• Damage caused by accidents during transit.
• The loss during transit.
• Damage caused during transit.
Many moving companies are offering this type of moving insurance as an additional service. There’s no much difference will you purchase additional insurance from the moving company or from the separate insurance company.
Sill, before purchasing it, check with your insurance agent first. Your insurance agent will help you determine do you need even more moving insurance, and maybe offer you advice as to which moving companies have the best coverage.
In conclusion – do you need moving insurance?
By now, you’ve probably realized that you actually do need moving insurance when you are relocating. Even
if your movers have years of experience, accidents
The moving truck can get into the traffic accident and your stuff can be damaged. One of the movers can have a heart attack while loading the box with your breakables. What if the tornado appears in the area while the movers are unloading the truck? It sounds extreme and unlikely, but it’s possible.
There are many things that can go wrong while relocating. Probably won’t and your move will go smoothly, but it’s always better to be sure. Or in this case, insured.