Why Moving Insurance is a Great Idea

Finalizing a home purchase and making arrangements with a moving company are enough to keep anyone busy if they're relocating. So it's not surprising that many people forego getting moving insurance to protect their household goods against damage or loss during their moves. But if you consider that full service moving companies only provide coverage for a small portion of the value of your goods and that your homeowners insurance may not cover your possessions at all while in transport, you'll realize how important moving insurance can be. And if those reasons don't convince you of the need for it, maybe this will: a recent national moving industry customer satisfaction study indicated that nearly one-third of all relocations result in belongings being lost or damaged. Are you willing to gamble that your possessions won't be in that unlucky one-third?

By law, professional moving companies have to provide free "basic carrier liability-release value" coverage at the rate of .30 cents per pound, per item, if a move is local or intrastate; or .60 cents per pound, per item, if the move is interstate or international. As you can imagine, that coverage doesn't go very far at all, especially if you have expensive items being transported. In contrast, moving company insurance (also known as moving storage insurance or moving house insurance) differs in that it comes from an insurance company and provides liability and replacement value coverage. This means that if your goods are lost or damaged you'll receive reimbursement for their declared value. Clients may be required to provide receipts and outside appraisals to prove the value of items being claimed, but this helps ensure the amount of coverage will be accurate and clear to all involved.

To ensure that your possessions will be covered in the event of a moving companies insurance claim, you have to verify the accuracy of the information on the insurance policy and the moving company's inventory sheet before the move. After the goods have reached their final destination, the number of items and their condition should be verified again. If you want to file a claim, any broken items should be left untouched in the packaging and reported immediately. It's wise to list all lost or damaged items while the moving crew is still there and give the list to the person in charge. It's then your responsibility to make calls to both the moving and insurance companies to find out how to file a claim, keep good documentation and follow up until the settlement is resolved. Make sure to keep any documentation related to the move and the insurance claim in one folder in a safe place. That way you won't have to hunt for information as you go through the process of resolving the claim.

Source:  http://www.saveologymoving.com/articles/moving-insurance.aspx

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