Moving out could be risky however reliable a moving company seems. Things could always make a turn for the unexpected, and it helps if you have extra insurance that would put your mind at ease when it comes to the security your belongings. By law, moving companies are required to offer moving valuation to each of their customers. Moving valuation is the basic limited liability based on the company’s assessment of your goods. It’s up to you to decide whether you need to purchase additional insurance.
Image Source: Houston Movers
Moving Insurance Types
- Moving Valuation is the basic limited liability coverage customers get when they sign their contract with the moving company. It is usually based on the weight of your belongings, and unfortunately, is usually inaccurate in evaluating the worth of your items.
Usually this type of insurance is enough if you’re looking to save money and you trust your moving company enough to take care of your stuff. Keep in mind that valuation is different from moving insurance. Valuation only considers compensations and the replacement of damaged goods during the moving period, and does not allow punitive damages.
- Clients may opt to get additional insurance called Full Value Protection (FVP) or Declared Value Protection. Keep in mind that this is not covered by the moving company itself; rather, the customers pay for the extra insurance from out of their own pockets.
Typically, like any other type of insurance, there is a minimum amount of coverage and applicable deductible. Customers may also opt to insure their valuables based on their cost rather than on their weight. This insures your whole household and belongings for a specific sum of money, and is called the Lump Sum Value.
It’s best to discuss with your moving company their policies regarding additional insurance, so that things would be hassle-free for every party involved the moving.
It would also help to take pictures of your insured belongings together with date and time stamps. This ensured that you have proof, if ever you would need to file a claim. It’s up to the moving company and the third-party insurance company to accomplish a detailed inventory for everything that you entrusted to them.
Every item should be accounted for before and after the move. After the move is done, you are given 9 months to file any damage claims, as required by the government.
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