This article will provide you with some moving insurance tips. Why would you need moving insurance? Moving pieces of furniture and other possessions from one room to a truck that then drives to a new location and then carrying the possession into a new room… things are going to get damaged or possibly even lost. There’s no guarantee that your property will be in the same condition at the end of a move that it was at the beginning. Insurance will cover at least a portion of the repair or replacement costs. These moving insurance tips should help you figure out what kind of insurance you’re going to need, and how much to insure for.
Of course, moving insurance tips would do you no good unless you knew what kind of insurance choices you had. There are four kinds to chose from: released value, declared value, lump sum value, and full value. Release value insurance is already set in place by the moving company and covers the minimum amount they are legally obligated to cover—60 cents per pound. Unless you’re moving only inexpensive items, this probably won’t be adequate to replace damaged or lost items. Declared value insurance provides a little more coverage at $1.25 per pound. This becomes based on the items’ depreciated value and in the event of damage will cover up to the full amount of the item. In the case of Lump sum insurance, you’ll need to declare an actual dollar value for each individual item being shipped in the moving truck in order to be covered for each of them. Full value protection also needs to know how much each individual item is worth (this is generally only used for high priced items and antiques). In case of damage or loss, you’ll be given the full cash value to repair or replace the item.
The first moving insurance tip is to know what you’re bringing with you in the move! Separate the items that will be making the journey on a moving truck, and which ones will be coming with you in your car. Remember that cash and jewelry are not covered by any of the aforementioned forms of insurance, and should therefore go with you personally rather than on the truck. Also, make sure that anything that simply isn’t going to make the move is accounted for and preferably gotten rid of (either by being donated or sold).
This next moving insurance tip is a must have if you chose to go with either a lump sum insurance or full value coverage. You’ll need to make detailed list of every item that will be going in the moving truck including what the item is, how much it weighs (you can estimate this value), and what the items monetary value is. This list will need to be given to the movers and your insurance company if you’ve purchased your insurance through a third party.
Looking for supplementary insurance is another great moving insurance tip. Your homeowners insurance may have a clause that covers up to 10 percent of the value of your personal property during a move minus your deductible. You’ll have to pay for some of the upfront cash for repair or replacement, but the extra 10 percent could be very helpful with high cost items. Transit insurance is another good supplement, and can be purchased through either the moving company or your homeowner insurance agency. It will bridge any monetary gaps left by the other insurance you have during the move.
If you’re moving anything that is extremely valuable, such as fine art or musical instruments or valuable collectibles, you may want to take out a separate insurance policy on those individual items. This may actually save you some money should an accident happen and things are damaged.
Remember that in the event of damaged or lost items during the move, you should report your claim within 9 months of the incident. With that in mind, take these moving insurance tips and use them to cover yourself incase anything should happen.