Is Your Move Covered?
Monday September 24, 2007
When it comes to hiring a moving company, one of the biggest decisions you'll make is whether you need to purchase extra insurance.
Most companies offer "valuation" rather than insurance at no additional cost. However, this may not be enough to cover the true value of your goods should they be damaged in transit. Before you purchase additional insurance, find out how much you'll need or if it's worth the extra cost. A great place to start your assessment of your goods is to conduct a household inventory.
Comments
Valuation differs from insurance only that you are paying an additional fee for the mover to cover your items versus purchasing an insurance contract. Interstate movers are precluded from offering insurance as they are not an insurance company broker.
With a full replacement value coverage with the valuation option, your goods are covered for the repair or replacement value up to the amount of valuation that you purchase.
It is an excellent idea to do an inventory of your items to ensure that you have purchased adequate coverage.
Movers will generally offer a minimum of $5/lb of the estimated weight of your shipment. You as the consumer are welcome to take out any additional coverage beyond that amount.
I would also encourage customers to check with their homeowners or renters insurance to see if they are already covered.