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The Basics of Moving Insurance
When you prepare for a move, finding a reputable mover is a job in itself. While you shop for the right company, remember it is impossible to guarantee that all of your property will arrive at its final destination in the same condition as it started out. Damage can occur in transit, in storage, and when it is being carried in or out of the moving truck. Make sure your property is protected by planning ahead and considering a few key moving insurance details.
How much coverage do I need?
How much movers’ insurance to purchase depends on several factors, including the weight of your shipment and its value. Before your household goods are in the hands of a moving company, it’s your responsibility make sure they are properly covered, choosing from a number of insurance options.
Basic carrier liability insurance
The law requires that moving companies carry basic insurance, but they are only responsible for $0.60 per pound per article when moving items out of state. Local laws vary, so if you’re doing an in-state move you will have to check on its coverage requirements.
Declared value protection
With this type of coverage, your mover is liable for the entire shipment at an amount usually equal to $1.25 per pound times its weight. Any settlement will be based on the depreciated value of the damaged goods.
Assessed or “lump sum” value
Movers are permitted to limit their liability for loss or damage to extremely valuable items, so if your household goods do not weigh a lot, but have a high-dollar value, you might want to consider this type of coverage. In this case, you would purchase insurance based on $1000 increments, which must be recorded on a bill of lading, or moving contract.
Full value protection
Customers with this type of moving insurance have the most comprehensive coverage and usually carry a deductible. It covers lost, damaged and destroyed property and the cost to repair or replace them. This is typically the most expensive type of moving coverage.
Know what you’re moving
Be sure to document the entire inventory of the moving shipment. Write down each piece of furniture and the contents of each box with an estimated weight and replacement value. Take photos of all pieces, especially those of sentimental value, to help you track items or make a claim if something goes wrong. If you are moving art or antiques, be sure to inform the moving company that special care is needed.
When you have taken a full inventory, add the number of items, their estimated weight and replacement value. This will help you determine whether or not you are buying enough coverage.
When getting estimates from companies, be sure to check their shipment list against yours, get the details on their coverage policies and find out how to submit a claim, should you need to do so.
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Readers Poll
Why are you moving?
- For financial reasons (37%, 15 Votes)
- To start a new job (29%, 12 Votes)
- For a change of scene (27%, 11 Votes)
- To join or follow a loved one (5%, 2 Votes)
- To live closer to family (2%, 1 Votes)
Total Voters: 41
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