Even before the packing starts you have to decide if you want moving insurance or not. Whether you are moving across the country or down the block, you want your belongings to be safe. A backup plan to cover the loss is always a great idea.
Let’s understand what moving insurance?
Moving insurance is not like any regular insurance. When you decide to move and zero in on the moving company, the moving professionals will evaluate the assets to be moved. These valuations that are estimated act as an insurance cover and the moving company will compensate if any damage occurs.
Moving companies are not certified to sell insurance as such. The government does not have any regulation for moving companies and the insurance they offer. The intent of a moving company when it offers insurance is to offer peace of mind to its customer to build upon trust. Its evaluations and valuations work similarly to that of insurance companies.
How to decide on buying moving insurance?
The first thing you will do when it comes to understanding moving insurance is you will read reviews online. A mix of both good and bad reviews will raise even more confusion in your mind. So, it’s always better to understand the various types of moving insurances and valuations in the market.
When you decide to shift your items using the services of a moving company, it is a natural notion to get concerned about your belongings. When a moving company offers to compensate for any damages then you immediately want to take up the offer.
What is valuation?
Valuation coverage is offered by the moving company as a liability. When put in simple terms, liability means it is the valued cost of goods the moving company is willing to accept in case any of the items get damaged during the move. There are different liability covers or levels offered and each level has a different valuation criterion for the items. These liability options will not cover the entire cost of the damaged items but only a percentage of it.
Not every item listed to be moved by the moving company is liable for coverage. Let us understand what isn’t insured by them?
Every item that is packed and is moved by the moving company will not be valued or insured. If at all an incident occurs that was beyond the control of the driver then it is likely that you won’t be compensated much. Read on to know more:
– If you have packed your own boxes then the moving company will not put moving insurance on them. It will be difficult to back the claim of insurance to goods packed b you hence ask the moving company to deal with the packing.
– Act of God- ordeals of nature like fire, earthquake, hurricane or tornado, etc that damaged goods will not be compensated for.
– Values of the goods should be presented in writing. Failing to do so will get a low valuation and low compensation.
– If you have packed any hazardous material or perishable items in the boxes without the knowledge of the moving company then you will not be liable for damage coverage.
– Report damage to goods immediately after the move. Failing to do so will not get you the proper valued compensation. Check with the moving company about their terms.
If you purchase moving insurance, what will it cover?
Now, this is the first question that will come to mind once the moving company offers it to you. The answer is simple. Moving insurance will cover the damages incurred during transit which is during the relocation. This here is a strong point to consider if you are still debating on Why moving insurance is necessary for your move?
House owners’ policy and moving insurance–
You must be wondering if the house owners’ policy you have invested in will cover your household items during the move. Check on this with your insurance agent. As it seems many house owner’s policies do not cover household items when in transit.
Tips to protect my household items during the relocation-
- Hire moving experts that are reputed.
- If you are going to do the packing yourself then pack carefully by choosing the appropriate packing material and boxes. Pack as securely as possible.
- Take photos of your household goods before the move begins. This will help during the claim if items are damaged.
Ask questions and study the terms before you sign any contract with the moving company. It is always better to understand why moving insurance is necessary for your move before actually moving than later.