Because of problems that can occur when your possessions are transported, moving companies are required to have some basic insurance for your goods. Even with this minimal insurance, however, purchasing additional coverage might be a good idea.
1. Moving insurance options
There are two common forms of additional insurance: replacement value coverage and basic liability, which means the actual cash value of your damages goods, or reimbursement for the declared value.
- The standard for basic liability insurance is about $.30 to $.60 per pound per item, so if an item weighs 50 pounds the mover's liability is $30 on that item. If the 50 pound or 25 kilo item is an antique table worth thousands, don't expect the basic liability insurance to provide full coverage.
- If you choose declared value protection you can decide your item's value and the mover is liable for that value. In the case where your items are stolen, you and the moving company will rely on the value that you stated in the moving agreement. You may need to provide outside appraisals or receipts to prove the value you are claiming.
- If you choose replacement value coverage, the mover is liable if your item is stolen or it breaks, and that's that. As an example, if your item is stolen, with replacement value coverage you receive a brand new one, with actual cash value coverage you get the current depreciated value of your 5 year old item.
2. Filing a moving insurance claim
- Check the accuracy of the inventory on the moving company sheet once before the move and again when the transport has reached the final destination. Before the move you should look at the number of items and confirm the condition that the items were in when they were packed.
- On the day of delivery, if you find broken items or find that items are missing, you should leave all the broken items in their packaging. This step is important if you want to be able to collect on your claim. While the mover's crew is still there, create a list of all the damages and lost items. Go over the list with the person from the moving company who is in charge. The list should be endorsed with your signature and the signature of the person in charge.
- Call the moving company the next day to be sure the claim has been reported. If you find additional damages the next day, they should be reported immediately.
3. Read the fine print!
- All paperwork related to the move should be kept in a safe place until claims have been resolved. Make sure you carefully read all of the paperwork as well as the bill of lading and the property sheet before you put your signature on them.
Knowing these three moving tips you will help to make sure that you have an easy move.
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