Can You Get Additional Moving Insurance Apart From What Your Mover Is Offering?
There are many things that can go wrong during a move. Moving companies will usually say they are insured against loss or damage, but is their cover enough to allow you to sleep well knowing that your valuables are in their hands?
Let’s face it. If you are making a long distance move like a cross country move, your belongings will certainly be handled by a number of people after you have given them to your movers. They will need to go through customs, maybe shipped together with other cargo going to the same destination before they are sorted and collected by your moving company for delivery to your new home. Each of these stages adds another level of uncertainty to the equation.
The million dollar question is, will your moving company’s insurance be sufficient when a loss or damage occurs?
What the basic insurance cover entails
Let’s start with understanding the basic insurance cover. All long distance moving companies are required to have an insurance cover before they are allowed to offer moving services. This is what we call the basic cover.
Basic cover gives you a fixed compensation rate based on the weight of the shipment. For every pound shipped, your cover is 60 cents. So if your shipment weighs 10,000 pounds, you will get $6,000 if everything is damaged in the move.
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Full Value Protection
Full value protection gives you more cover than what is offered in the basic cover. This cover is paid for separately and will typically cost 1% of the valuation of your belongings. When some of your belongings are damaged or lost in the moving process, this cover gives the moving company two options to reimburse you.
The first option is to repair the damaged items so that they are in the same condition they were before the damage. If this is not possible, they can replace the damaged or lost items with other like-kind items. Take note that anything valued at more than $100 per pound has to be listed on the shipping documents for it to qualify for reimbursement.
If the above two options still sound inadequate, you can ask your mover if they have other valuation options. Some movers will allow you to set an amount per pound that you feel your shipment is worth. The amount you set will calculate the value of the shipment that will be the amount you will receive if everything is destroyed.
When are you are not covered?
Talk to your moving company or insurance provider and let them know when you are not covered. For example, the basic cover will not cover you for damage to anything inside boxes that were not packed by the movers. Others won’t cover you for natural disasters.
Getting additional relocation insurance is a smart idea especially if you are making a long distance move where your shipment will be handled by a number of different people.