Moving Insurance - It Pays to be Protected
The Essential Version
Moving insurance comes in two types: released value protection and full-value protection. At about sixty cents per pound, released value protection reimburses customers based on weight. Lighter belongings (valuable or not) will receive less money than heavier items. Consequently, lightweight valuables like artwork and jewelry will receive less money than furniture and appliances.
Full-value protection reimburses customers based on total value of items traveling from A to B. In order to get maximum value, customers must pay one percent of the total value. Therefore, if the total is $75,000, you pay one percent to activate coverage, which is $750. Additionally, the moving company decides how to distribute the full replacement value of damaged, lost, or stolen belongings. While consumers receive a check, the company decides whether to repair the item back to its pre-damaged condition or replace it with a similar item. Their decision determines your reimbursement.
Expensive items won't receive coverage unless it is on the shipping documents list. Therefore, consider an insurance rider. This coverage ensures valuables receive the same courage as the remaining items.
The Essential + Expanded Version
While this version does come with the essential options, it also contains expanded coverage as an extra layer of protection. Those layers include declared value and assessed value. Declared value allows customers to set a value per pound. Use that flexibility to cover the total amount of belongings. Assessed value allows customers to decide the total value of belongings instead of the moving company. Both handle replacement based on the item's age. For example, a five-year-old chair will replace a customer's damaged, stolen, or lost five-year-old chair.
Understand that moving companies cannot sell moving insurance to you. It should come from a third-party insurance company. If the moving company covers belongings, it is not insurance; it is stated-liability coverage. This insurance ensures the moving company gets total control on item estimation and compensation.
The moving company is not responsible for boxes not packed by their employees. Their employees and the moving company aren't responsible for damage inside any packed box unless it shows significant damage. Lastly, the company will not cover natural disaster damage and items in third-party storage.
Customers who prefer to use home insurance instead of moving insurance will get a rude awakening. Home insurance doesn't cover belongings once it leaves the home. However, depending on the policy, it may cover 10 percent for belongings temporarily out of the home. The home insurance provider may also sell relocation insurance as a moving insurance alternative. Check the insurance company for both options and for more information.
The moving process will never get easier, but with moving insurance, at least you don't have to worry about substantial circumstances happening to your belongings. Feel free to transport belongings safely with moving insurance sheltering your items with care.
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