Once you have purchased your new home, the next step of the journey is the actual move. Even if you are just moving cross-town or moving cross-country, hiring the best moving company is vital. Price, time, and of course quality are major considerations. You want to find a reputable company who will not only give you a fair price, but also take great care of your belongings.

However the reality is that accidents can happen, even with the best of companies. Moving insurance is something to be considered to protect your belongings.

Many moving companies will provide "valuation" not insurance. Valuation is the predetermined limit of liability on your moving contract or official inventory sheet.  This is automatically part of the contract with no extra cost. In most cases, valuation is based on weight, not actual property value.

Below is more information on valuation:

  1. Declared value: The value of your possessions is based on the total weight of the shipment multiplied by a specific amount per pound. For example, if the specific amount is $1.50 per pound, and your household goods weigh 15 000 pounds, the mover would be liable for a maximum of $22,500.
  2. Lump sum value or Assessed Value: If your household goods do not weigh much, but are valuable, you can purchase insurance for a specific amount per $1,000 of value. This must be declared in writing in your contract, inventory paperwork o bill of lading.
  3. Full value protection: This type of valuation most closely resembles actual insurance, and it includes lost, damaged or destroyed property. Just as with an insurance policy, the coverage will pay for the repair or replacement and deductibles will apply.

In the event that your property is lost or damaged, you should report the problem as soon as possible. Most companies have a window during which you can file a claim against the delivery – anywhere from three to nine months. Just as you do when you rent a car or lease a property, you should go over the inventory sheet quickly and get the mover to acknowledge receipt of your claim.

It is a good idea to also check with your insurance company or agent to see if your current homeowner’s policy covers all or part of a move. Additionally, you might choose to purchase a supplemental insurance, sometimes called ‘Goods in Transit” policy directly from your homeowner’s agent. Your agent or company representative can help you find the coverage that is best for you and your family.

Share your experiences on this type of insurance, has anyone had thier items damaged during a move?

 

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