Moving can be costly. The last thing you want to do is add yet another burden to your bill, but when hiring movers, shippers, or packers during the process, moving insurance protection offers peace of mind for many home buyers. It may also mean saving money due to having to repair lost or stolen possessions. But even in particular cases, moving insurance protection is advantageous, it’s not a one-size-fits-all. You need to know your choices to help you determine if moving protection in your scenario is worth it. So here’s what you need to know about securing your move.
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Moving protection works a lot like car insurance; accidents happen no matter how good of a driver you might be. While our team is kept to the highest standards for service and safety in the industry, not all movers can have the same experience and reassurance. So, depending on your particular strategy, there are a variety of forms movers can help secure your belongings.
From explosions, floods, and other uncontrollable elements to the accidental drop of a 60-inch flat-screen, the general concept is that you will receive some kind of compensation in the form of a replaced/repaired object or cash if your personal belongings are damaged or lost during the moving process. Although movers can’t sell actual “insurance” legally, they are required to have a valuation. In other words, in the event of any injury or harm to your belongings, they will grant you a predetermined amount of liability.
Complete Full Replacement Value Protection
This kind of valuation will cover all the losses and damages during the transfer and will pay for repairs and replacement of those things, but it will cost extra. This protection would pay for the item’s retail replacement value, replace it with a comparable item, or pay for repairs. There could, however, be a limit imposed on the liability of items lost or damaged, especially those of higher value, which may mean that you earn less than the actual value of the items.
Released Value Protection
Each mover is expected to provide, at no charge, a minimum level of carrier liability. Per article, this “coverage” amounts to $.60 per pound. Under this coverage, lawsuits are resolved on the basis of the weight of the item lost or damaged by the individual, multiplied by $.60. So if it’s broken during the move, even a more expensive object like a computer or TV will only get you $20.
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There really isn’t, as you would possibly say, a yes or no answer. Your personal situation will decide the correct decision for you based on the importance and size of your transfer, where you live and what you own, as well as your overall moving budget. Keep an inventory of your things as you pack, and talk to your movers to hear their suggestions during your valuation. You may also look at some scenarios, such as taking a few of the more valuable products and seeing if the numbers add up if you’re considering released value coverage. If you have an item with a value of $1,000 that weighs 50 pounds, you will only be reimbursed $30 if it is lost or broken. So maybe it’s not worth it, but maybe the protection of maximum value is.
Our experts have the expertise and knowledge to answer all your questions to learn more about the valuation process and how to better secure your products during a local or long-distance move, and help ensure the safest transfer possible for your particular situation.