Moving Tips - Insurance and Liability

Part of your decision in whether to pack and move your belongings yourself, or hire someone to do it for you, should include whether you want insurance coverage for your belonings. During transport, if you have packaged items yourself, movers are often not responsible for damage done to them.

Getting Coverage Through Your Moving Company

If you hire a company to perform these services for you, they are required by law to explain the different coverage options available to you. This is normally done in the form of a brochure that details different levels of coverage along with the cost associated with them. It is very important that you understand what you have chosen before signing anything, since you may be limited to what you can claim if there is a problem later.

Obtaining the Minimum Coverage

Limited liability, basic liability, or released value, are some of the names the most minimum level of coverage are known as. With these, the entire shipment is valued at roughly sixty cents per pound, or thirty cents per pound. This is determined by what state you live in, and sometimes how far you are traveling. This coverage is included in the price of your move already, so there is no extra charge. Just keep in mind that if you have an expensive item that weighs 150 pounds, that you are only going to receive around nine dollars if it is damaged.

Taking Your Coverage to the Next Level

Middle level, or declared value coverage is the mid level that you can purchase from your moving company. With this type, you give an estimated value of your valuables based on their current market value. This does not cover what it would cost to newly replace these items, only what their depreciated value is now. You will be charged for this coverage, at roughly seven dollars per one thousand pounds.

Getting the Maximum Coverage

Replacement level, full value, or maximum value coverage is the last category you typically find. This carries the guarantee that your pieces will be replaced, repaired, or settled with a cash payment in the event of damage or loss. While this gives the greatest peace of mind, it also comes with a much higher price. This will be determined by the total value you give, as well as by how high of a deductible you choose. By going with a higher deductible you can lower the cost of this coverage.

Working Through Your Insurance Company

There is one other coverage option you may have, and that is going through your current insurance company if you have rental or homeowner’s coverage. You will want to ask what types of coverage they offer while moving your goods, and if that coverage is still good if you’ve already terminated your lease or closed on your home.

Considering Your Valuables

One final note to keep in mind has to do with your very valuable items. If you are shipping items such as jewelry, antiques, or furs, you will have to fill out in detail a form that has to do with high cost items. This typically refers to anything worth more than one hundred dollars per pound. If you do not inform your carrier of these pieces, list them individually, and assign correct values to them, then the moving company may be able to limit the amount of funds you receive for damages. Some moving companies do not want to take on such high cost items, so you need to do your homework and make sure that your valuables are covered in a suitable amount.

With a little research, you can protect your belongings and have a safe and secure move. In the event that damage or loss does occur, you normally have up to nine months to file a claim, and they have one hundred and twenty days to settle. You also have the option of suing the moving company available if you are unhappy with the outcome.