25 June 2012
Things to Know about Moving Insurance
Written by Joan
After years of searching, my friend has finally found the perfect house. Now comes the packing, cleaning and moving. When we imagine what our furniture will look like in our new home, we don’t pictures broken lamps, scratched chairs or dented bookshelves. But no matter how close or far you are moving, or how careful people are, accidents can happen. It is important to review your moving insurance before you move.
When searching for a moving company, find out what coverage they offer. Many companies will offer basic coverage, but typically this only covers up to $0.60 per pound of any article. For valuable or light items this will not cover the replacement cost. You may have the option of "value added protection coverage" which increases the coverage per pound.
Other options may include the declared value or market value protection, which covers the market value of the item or replacement value protection which covers the estimated replacement value of the item. Replacement value protection may include a deductable.
If your goods are being stored, find out what insurance coverage you have for the storage time. Check with your own home insurance to find out what coverage can be provided and what your deductable is.
When speaking to the moving company, find out what the claim process is for damaged property is and what the timelines are for making a claim. It is also important to know if insurance applies if you packed the items, or if it is only applicable if the items are packed by the moving company. Finally, be aware of any exclusions such priceless antiques, coins, personal papers etc or incidences which may not be covered.
You may wish to take inventory of your items before the move, including pictures, estimated value of the item and its condition. The information may be useful in the event you have to make a claim.
Remember, always read the fine print, and shop around.
Published in Tips.