Because of problems that can arise when your belongings are transported, moving companies are required to have some basic insurance for your household goods. Even with this minimal insurance, however, purchasing additional coverage might be a good idea.
1. Moving insurance options
Two common forms of additional insurance are available:
1) replacement value coverage;
2) and basic liability.
The standard for basic liability insurance is approximately $.30 to $.60 per pound per item, so if an item weighs 50 pounds the mover’s liability is $30 on that item. If the 50 pound or 25 kilo item is an antique table worth thousands, don’t expect the basic liability insurance to provide full coverage.
If you choose declared value protection you can settle on your item’s value and the mover is liable for that value. If your items are stolen, you and the moving company will rely on the value that you specified in the moving agreement. You may need to manage outside appraisals or receipts to confirm the value you are claiming.
If you opt for replacement value coverage, the mover is liable if your item is stolen or it breaks. For instance, if your item is stolen, this moving insurance option guarantees you receive a brand new one, with real cash value coverage you get the current depreciated value of your 5 year old item.
2. While filing a moving insurance claim:
- Check the exactness of the inventory on the moving company sheet before moving and one more time when the truck has reached your new residence. Before the move you should check out the number of items and corroborate the condition that the items were in when they were packed.
- On the day when your belongings are delivered, if you find broken items or find out that items are missing, you shouldn’t take broken items out from their cartons. This is essential if you want to be able to collect on your claim. You should make a list of all the damages and lost items when the mover’s crew is still in your house. You should create the list with a man in charge next to you. The list should be endorsed with your signature and the signature of the person in command.
- Make a call to the moving company the next day to make sure the claim has been reported. If you discover some additional damages the next day, they should be reported immediately.
3. Read the fine print
All paperwork related to the move should be kept in a safe place until claims have been resolved. Make sure you carefully read all of the paperwork as well as the bill of lading and the property sheet before you put your signature on them.
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