The last thing that you want to happen on moving day is to get into your new home, start unpacking, and then find that some of your goods have been damaged. Unfortunately, no matter how much time and effort you and your movers put into packing and loading your belongings, accidents can still happen.
Calculating the total of insurance required
Calculating the amount of insurance you require begins with taking into consideration the total weight of what you are moving, the number of rooms you are moving, and the contents of your move.
Make an inventory of all the items you are moving
- What you are moving (sofa, dining room set, other furniture, TV, refrigerator, etc.)
- Estimate the weight of each household item you are moving.
- The substitute value of each item you are moving.
Summarize your inventory
- Total number of items you are moving
- Total weight of the items.
- Establish the total replacement value of all your property.
You can take pictures of what items you are moving. This is important in establishing the condition of your belongings and it helps in confirming the inventory list.
There are different kinds of Insurance that pertain to moving:
- Released Value Insurance, the most basic coverage provided by moving companies. Estimated by weight it covers US$0.60 per pound of objects.
- Declared Value Insurance offers coverage of US $ 1.25 per pound, coverage is on the total weight of your movables. If any objects are damaged, the insurance is based on the depreciated value of the object to the maximum value of items shipped.
- Lump Sum Value, this insures based on the actual value of goods shipped and not by weight. The specific value of items must be declared on the bill of landing.
- Full Value Protection, covers all damage or losses. Objects will be replaced, repaired, or cash for value of object will be offered.
Should anything get damaged during the move, you’ll need to start the claims process, by which your moving company can reimburse you. Hopefully, you won’t have to ever go through that process. Still, it is important to know all about your options for insuring your goods and to find out what happens if something gets lost or damaged.
The first thing you need to do is create a household inventory as you go about packing your goods. This list should include every item you need to move as well as a description of its condition. This way, you’ll have a record of everything that should have been moved. You’ll be able to tell if any items didn’t arrive, and, since you will have noted each item’s condition, you’ll know if something was damaged during the move. You may also want to take a digital inventory of your goods by photographing some of your more expensive items or even all of them if you want. Doing so will allow you to have even more proof of the condition of your belongings prior to the move.
Aside from creating the household inventory list, you’ll need to find an insurance company to cover your goods during the move. Here are two important things to keep in mind:
- Homeowner’s insurance companies may cover your goods during a move. Before seeking insurance from anywhere else, contact your provider and find out if your belongings will be insured for the move.
- Moving companies do not provide insurance themselves. Though they may provide a free, basic coverage, any reimbursement you would receive for lost or damaged goods is minimal. This cover age is called valuation and often will only cover $0.60 per pound of your goods.
So, if you have a homeowner’s insurance policy that will cover your move, go with that. If that’s not the case, though, you’re much better off finding a third party to insure your goods, rather than going with the moving company’s valuation coverage. Depending on the level of insurance you want, a professional moving insurance company can compensate you the full price of anything that was damaged or lost. You will also be covered against any potential weather-related catastrophes that could damage your shipment.
Upon arriving at your new home, you’ll want to inspect all of your goods to make sure everything that should have arrived did and that nothing was damaged. If any item is missing or damaged, you’ll need to start the claims process in order to be compensated.