Moving Insurance v/s Property Valuation

Moving insurance is one of the most important factor that you should consider seriously while planning your move. Why? Because there is always the possibility of your goods getting lost, damaged, or stolen. If you think that your mover will provide you with the moving insurance and it is the moving company that is liable for all damage to your goods being transported by it then perhaps you have not properly researched about the topic. Just for your help, these are the moving insurance basics that will really make you think seriously about it.

Do Moving Companies Really Provide Insurance?

No, moving companies do not provide any kind of moving insurance. What they do is property valuation which is misunderstood as moving insurance. This property valuation determines the extent of the moving company's liability coverage.  Its upon you- the client- who selects one from the three types of valuation. However, both (you and the mover) must agree upon your selected valuation method before the moving process starts.

What are the  Three Types of Property Valuation by Movers?

They are as given below:

Declared Value: This type of property valuation is done on the basis of the total weight of the items to be transported during the moving process. Reimbursement for this valuation depends on the extent of  depreciation of your property.

Lump Sum Value or Assessed Value: This type of property valuation takes into consideration the value of your goods into account. You can consider this valuation for moves where priceless and expensive items are to be transported.

Full Value Protection:  This type of property valuation will provide reimbursement for any lost or damaged items during move.

For detailed information about all these types of property valuation, often called insurance, read Moving Insurance. Whenever you  have to select a valuation type, calculate the total weight and value of your shipment, compare and analyze  them to determine which valuation method would benefit you the most.  Always remember to check whether your selected valuation type has been included in the Bill of Lading or not. And be clear that this valuation is NOT moving insurance. Purchase a moving insurance that is an essential precaution against any damage to your moving goods.

Get 5 Insurance Tips For Moving House

Read more...

Types of Moving Insurance

Moving your household goods from one place to another always involves a certain amount of risk. Therefore, one should always buy a proper insurance policy during relocation. An overview of various types of insurance coverage is given here for general understanding.

Full Replacement Value Coverage: This insurance coverage protects your household goods for their full replacement value. Full replacement value means the amount which is the exact cost needed to purchase a replacement for the damaged item regardless of the damaged item's age. Sometimes a deductible is applied here. However, any money can be deducted only if it is stated in the contract signed with the moving company. Most of the policies require the entire load be covered and not just specific items.

Standard Coverage: Moving companies are abide by law to provide a minimum amount of free coverage. It is the amount that the client receives per unit of measurement ( pound/kg as mentioned in the contract) of damaged goods. It is the bare minimum coverage and doesn't pay much if something is significantly damaged.

Storage Extension Coverage: If a client's belongings have to be kept in storage, there arises the need to purchase extra insurance. However, if someone already has a moving insurance, this can generally be extended. it is termed as storage extension coverage.

Transit Insurance: This type of insurance covers the household belongings while they are in transit- on the way from the old location to the new destination.

Total Loss: It is a restricted insurance for the household goods based on complete loss of belongings.

One should always check the details of the insurance policy. Purchasing insurance is not enough, one should always know how to file a moving insurance claim to be able to recover from damage, if one happens during the moving process.

Read more...