Moving Insurance Guide
While you are preparing your self and your family for the impending relocation, it is time for you to note down the various insurance coverage options available to you. Though every moving company tries their best to avoid any untoward incident on the road which can damage their clients’ properties, but accidents do happen.
The various insurance coverage options you have are:
– Released Value Insurance: This is one of the most basic coverage plans pertaining to moving where you goods are covered at the rate of 60 cents per pound. There are many moving companies who will offer you this type of insurance coverage.
-Declared Value Insurance: This plan offers you $1.25 per pound and you get protection for the total weight of the consignment. In case there is any damage to your goods, the insurance is calculated based on the depreciated value of the item to the maximum value of the goods transported.
– Lump Sum Value: This plan covers for the actual value of the items shipped and not on the weight. Thus the exact value of the goods must be mentioned in the bill of Lading.
– Full Value Protection: This plan can offer coverage for all types of damages or losses. Your items may be replaced, repaired or cash value will be reimbursed.
While this is a broad overview of the moving insurance options that you have, there are some useful tips to be taken into consideration before buying any of the insurance covers:
– Firstly make up your mind as to the items which you will transport and which you wish to keep in storage.
– Keep a detailed list of all the goods to be shipped along with their original value and weight.
– Take out an insurance cover in addition to the one offered by the moving company.
– Get competitive estimates from insurance agents.
– Ask for professional advice as to which insurance cover would be most suitable to your needs.
– Remember to ask the moving company details of the insurance plan offered by them including limits and exclusions.
– Go through the policy offered by the moving company carefully. This paper is important especially when you have to file a claim.
– Check with your existing home insurance whether your current policy covers relocation. if not, buy extra insurance coverage to protect your goods during transit.
– Remember to file an insurance claim within nine months of your relocation.
– The moving company is legally bound to acknowledge your claim within 30 days and settle your claim with in 120 days.
– Even if you notice damage or loss after reaching destination, you are legally bound to pay the moving company. You should then follow the claim procedure and file your insurance claim for getting compensated.
– If you notice any damage to your goods, it is recommended that you should let the goods remain in the box and not remove it elsewhere till all claim procedures are completed.
Insurance is an important aspect during moving. Take care to read all the papers given to you in this regard, so that you are not in for a surprise when it comes to filing your claims.