When it comes to moving, there are different kinds of insurance:
The most basic coverage that moving companies offer is called "Released Value Insurance." By weight, it costs about $0.60 per pound of items.
- Declared Value Insurance covers your belongings for US$1.25 per pound, based on their total weight. If something gets broken, the insurance is based on the object's depreciated value up to the maximum value of the things being shipped.
Lump Sum Value: This type of insurance covers the goods based on their actual value, not their weight. On the bill of landing, the value of each item must be written down.
- Full Value Protection, covers any damage or loss. Objects will be replaced, fixed, or their value will be paid for in cash.
Tips:
- Choose which things will be moved and which will be put away.
Make a list of everything that needs to be moved, including its weight and value.
It is a good idea to get insurance on top of what the movers offer.
- Find out what kind of insurance would help you the most.
- Get estimates from insurers.
Remember that a customer has nine months from the date of the move to file a complaint.
- By law, a mover has 30 days to acknowledge a claim and 120 days to offer a settlement.
A customer has to pay for the move, even if there is damage. After that, the customer should go through the claim process to get their money back.
- Ask the mover to explain exactly what their insurance covers, what it doesn't cover, and how much it covers.
Always read the moving company's contract and insurance papers carefully, especially the small print.
Antiques and valuables should be listed separately, and you should get extra insurance for them. Fine china, paintings, and other things like that usually cost more than other things.
- If any goods are damaged, don't take them out of their boxes until all the steps for making a claim have been taken.
Check to see if moving is covered by your homeowner's insurance. Buy the insurance that covers the most of the value of the things being moved.
Find out what you can cover. Most of the time, jewellery, cash, and things that the movers did not pack are not covered. Goods like fuels, fertilisers, acids, ammunition, paints, aerosol cans, corrosives, and flammables will make your insurance invalid, so you shouldn't move them.
It is important to know the laws of the place you live and the place you are moving to.
Transit insurance is something that experts say is a good addition to moving insurance. Most of the time, it will fill in the gaps that the insurance policy didn't cover.
Smart insurance can save you hundreds of thousands of dollars, and you can get it online, from the mover, from a do-it-yourself company, or from a homeowner's insurance company.
