Moving Rates » Moving Insurance
Moving your belongings from one place to another is never an easy task. So many things can go wrong. One thing you can’t go wrong with is getting your stuff insured for the move. However experienced the movers may be, boxes can drop, objects can shift and so on. The list is endless so why take the risk?
Before you decide on the type of insurance, you need to agree on the method of valuation with your mover. The goods can be valued based on their total value, which is calculated on the total weight of the shipment. Reimbursement depends on the extent of depreciation. Or, you could use the lump sum value or assessed value method, which takes the individual value of your things into consideration. This is a very good method when transporting priceless items. Otherwise, you can assess the value of your things according to the full value protection method, which reimburses any lost or damaged items. This method however uses a more subjective valuation method.
Once this is done, moving insurance can be obtained according to the full valuation method where responsibility falls on the mover. If your belongings get lost or damaged during the move, the mover must repair or offer a replacement. Moving companies can however limit their liability under this method up to US$100. Therefore, verify the mover’s extent of liability before purchasing the plan.
Released value is another type of insurance where the mover is liable for only 60 cents per pound per article. This method would be ideal for generic items.
Third party insurance provides a little extra mileage where insurance is concerned. This method of insuring your belongings is more comprehensive and is recommended when transporting high value goods.
Remember though, whatever method you choose, it must be signed off on the Bill of Lading by you and the mover.