This is one of those items that you must have on your moving checklist. If you have decided to move from one location to another, regardless of whether it is an intercity or interstate move, you must have moving insurance with you. It is even more relevant and important to you if you are moving across the country. This is because the distance being travelled is more. The probability of damage or losses increases. There is a higher chance of any probable detours which might lead to delays and damage in transit.
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What Do You Do? You Choose Moving Company Insurance
1. But What Exactly Is Moving Insurance?
Moving insurance isn’t like any other typical cover that you get in the market. Moving companies are going to offer you a valuation of your items. This functions as a typical insurance cover because you are promised compensation for your belongings in case they suffer any damage or loss. Moving companies do not sell insurance to be exact but they provide you protection against damage that might happen to your belongings while they are in transit.
2. Understanding Released Value Protection
Released value protection is one of the most basic coverage options that you get from your packing and moving company. They are not going to charge you for this protection but you may have to ask for it and contractually agree to the coverage as well. It comes at no extra cost to you and gives you minimal coverage against any kinds of damage or losses suffered you. Under this arrangement, the lost or damaged item is not going to get replaced or repaired when you file a claim but you will be compensated at least 60% or 70% of your item’s value. This is a favorable situation for any homeowner.
3. Full Value Protection
Under this arrangement, as the name suggests, you get more comprehensive coverage as compared to released value protection. You will have to pay a premium upfront which means that you are eligible for more benefits. Most moving companies will offer a full value protection policy which is much more attractive as compared to a released value protection plan. Your moving company is usually going to have 3 options when it comes to fulfilling your claim:
- Repairing the item completely so that it is as good as new
- Replacing the item with an item of comparable value
- Pay for the repair of the item as per its current market value
4. Third-Party Insurance For Your Move
That is also an option for third-party insurance providers when you are moving from one location to another. This is a good option if you are not satisfied with the valuation protection that moving companies offer. This is going to be your prerogative as to what insurance provider you choose. Always ask them pertinent questions regarding what exactly will be covered while your items are in transit. You don’t want your insurance policy to fall short on many aspects of the cover. Make sure that it takes into account your most prized possessions.
5. Why Should You Need Insurance In The First Place?
- Moving insurance is important if you want to protect your items that are being transported in a common shipping container or moving van across state borders or city lines.
- It is also a more reliable form of coverage as compared to valuation protection plans that are offered by a removalist and function much more consistently.
- You will also notice that several homeowners insurance or renters’ insurance policies do not provide any cover against the damage that may result from moving processes.
Looking For The Right Moving Company Insurance: A Few Factors You Must Consider
6. What Is The Worth Of Your Belongings?
You must consider the worth of your belongings in monetary terms. Create a list of everything that you own and list down their prices and current market value against their names. It might be a little time-consuming to create this list but it is going to save you a lot of time if your items get damaged or misplaced during transit.
7. Read Reviews That Matter
Find out about the reputation of the removalists you want to associate with. This should be more in context with their insurance covers and valuation policies and practices. Connect with people who have used these moving company insurance policies in the past and can share useful insights that can help you make this decision faster.
8. Choosing Which Valuation Suits You
We talked about released value protection and full value protection as well. If you want to choose the right protection plan for your belongings, you must assess which one suits you the best. The plan that is able to cover the value of your belongings more practically and efficiently should be your preference. If you think that you have the budget to pay up a premium upfront for the latter, do it. In any other case, there is always the released value protection arrangement that you can opt for.
Moving company insurance is not the ultimate solution that you are looking for. However, it is definitely a way to cushion the blow that you and your belongings might suffer when in transit. There is always a risk attached to moving heavy cargo and expensive belongings from one location to another regardless of the distance being travelled or the time it takes to complete the move. It is always better to look for the best moving insurance in your city. Someone who takes care of your stuff just the way you would is your ideal moving partner.
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