When it comes to moving or relocation, moving insurance is an important consideration. Neither you nor the moving company can assure the safety of goods on road and protection from damage. As moving is a risky process in itself, this makes moving insurance really important. Let’s discuss a few points in detail on how moving insurance is important and should you get it or not.
Know the insurance types
Just like other forms of insurance, moving insurance is also of different types, such as released value insurance, declared value insurance, lump sum value and full value protection. Before choosing one, you must be aware of all of them and should fully understand the concept. Here at Moving Quotes, we are going to help you understand each of these insurance types:
1. Released Value Insurance - This is the most basic type of insurance and offers 60 cents per pound of goods.
2. Declared Value Insurance – This type of insurance provides coverage of $1.25 per pound and is based on the total weight of goods. In case something gets damaged during transit, insurance is given on the basis of depreciated value of the item.
3. Lump Sum Value - This insurance is based on the actual value of the goods and not on the weight of goods. The list of items is declared on the Bill of Lading and the coverage is decided according to the number of items.
4. Full Value Protection - It covers the complete damage or loss of goods, and in most cases, a cash value for goods is offered.
Tips for getting insured
Besides getting known to types of insurance, you must keep in mind a few points that will help you get the best insurance for your household items.
1. Make a list of items to be moved along with the weigh and value of each item.
2. Ask for the best suited option from the insurance company, depending upon the number and nature of items to be transported.
3. Do not forget to get quotes from at least 3 insurers for your personal comparison.
4. Make sure that you read all terms and conditions of the insurance document.
5. Don’t alter the condition of any damaged goods until all claim procedures are not completed.
Having a moving insurance provides you different degrees of protection and saves you from any unexpected losses. To summarize, it’s important to have a moving insurance as it helps avoid loss caused due to any odd situation. Ensure to follow the given tips while choosing the best moving insurance policy for your household stuff.