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June 15, 2013

When you are going to move from one location to another, there are many things that must be considered and planned for. One of the most important is to understand moving insurance. Unfortunately, most people who move do not research the kinds of insurance coverage that are available for moving. If you haven't thought about moving insurance, consider the fact that irrespective of the quality of the international mover, accidents can and do happen - and there are chances that some of your items may be damaged during the move.





Some people just go with the standard coverage offered by the moving company without considering “what if” some of their household goods really are damaged or stolen during transit. Moving companies are legally bound to provide some coverage for free. This is not insurance; it is a limit to their liability and will automatically be included as “carriers liability” in the contract you sign. The problem is that it is calculated at a low rate of cents for each pound of your household goods. The rate varies from 40 to 80 cents per pound – so if five pounds of your expensive china is broken, at a rate of 50 cents per pound you would only be compensated $2.50!

Be sure to talk with your homeowner's insurance agent before your move. Generally, most homeowner's policies include “goods in transit” coverage for “breakage and theft” during a move. However, with this general policy, you will only be paid 10% of the actual value of your personal property. Fortunately, there are options available that will allow you to recoup your losses if breakage and/or theft occur during a move.

You can purchase additional insurance for moving based on “valuation”. Most moving companies offer three options: declared value, lump sum or assessed value, and full replacement value. If you choose declared value insurance, payment for your damaged goods is based on their depreciated value. A specific amount per pound (usually $1.25 to $1.50) is set and multiplied by the weight of your items. For example, if the agreed upon amount is $1.40 per pound and your “household goods” weigh 15,000 pounds, your maximum coverage amount is $21,000. With lump sum or assessed value coverage, insurance can be purchased per $1,000 of value for a specific amount. This is a good option if you have valuable items that are not heavy. Full value coverage will pay for the replacement or repair of goods. This type of moving insurance may have deductibles as well as a minimum coverage amount requirement.

There is usually a period of only 30 to 90 days to file, so when your move is completed, promptly unpack boxes, inspect all items and make a list of any damaged or missing goods. If you do have a claim, you will be assured of fair compensation because you chose the best coverage for your household goods. Whether it's across town or across the country, with a bit of research, you can have the proper moving insurance protection.
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7 comments:

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  2. Good ideas for all movers for insurance of client sites products.accidents can do happen and there are chances that some of your items may be damaged during the move.Client can purchase additional insurance for moving based on “valuation”we have also follow the rule of insurance.Thanks
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