Before embarking on a move, it’s crucial to understand the various types of insurance that apply to moving:
– Released Value Insurance: Basic coverage provided by moving companies, estimated by weight, offering $0.60 per pound of objects.
– Declared Value Insurance: Provides coverage of $1.25 per pound, based on the total weight of your items and the depreciated value of damaged objects to the maximum value of items shipped.
– Lump Sum Value: Insures based on the actual value of goods transported, not by weight, with the specific value of items declared on the bill of landing.
– Full Value Protection: Offers coverage for all damages or losses, with objects being replaced, repaired, or provided with a cash value.
Here are some tips to consider:
1. Decide which items to move and which to store.
2. Prepare a detailed list of items with their weight and value.
3. Consider taking insurance beyond what is offered by the movers.
4. Seek advice on the most beneficial insurance for your needs.
5. Get estimates from insurers.
6. Be aware that customers must file a complaint within nine months of the move.
7. Movers must acknowledge a claim within 30 days and settle it within 120 days by law.
8. Even in the event of damage, customers are legally obligated to pay for the move and then initiate the claims process to receive compensation.
9. Request a clear explanation of the insurance cover, exclusions, and limits offered by the mover.
10. Always carefully read the fine print on the mover’s contract and insurance documents.
11. List antiques and valuables separately and secure additional coverage for them, as extra premiums are typically charged for fine china, paintings, etc.
12. If any items are damaged, refrain from unpacking or removing them from their boxes until all claims procedures are completed.
13. Check whether your homeowners insurance covers moving and purchase additional insurance for the value of the property being transported.
14. Find out what can and cannot be insured. Typically, jewelry, cash, and items not packed by movers are not covered, while certain hazardous goods will invalidate insurance and should not be moved.
Understanding the laws of the state or country you are moving from and to is essential, and experts recommend transit insurance as a useful supplement to moving insurance, covering any gaps left by the policy.
Proper coverage can save thousands of dollars, and insurance is available through the internet, movers, move-it-yourself companies, and homeowner’s insurance companies.
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