A lot of people don’t give it a second thought until it is too late that they need good insurance when moving. Some service providers state there is insurance but not how much the items would be valued at since this would prove disastrous to replace a Faberge’ egg or a Matisse painting. Common coverage is accountable for cents on the dollar which translates to a lower cost to ship or deliver which is pleasing to the eye of the one moving to a new place until things go missing and suddenly their expensive valuables are worth a fraction of their cost.
There are a lot of reasons to be selective when choosing your moving insurance:
- The insurance options are important! The All Risk insurance option provides for a full replacement value coverage, which translates to the insurance paying off a replacement value of items found damaged or lost. Actual Cash Value option will allow for a devaluated measure of your items’ value. As for the Total Loss option, insurance usually covers the total insured amount of money, less the deductible fees. Programs offered by Professional services use a restricted coverage and usually do not render a full compensation.
- The conditions for the insurance count for a lot. Under what occurrences are you insured? Are Acts of God in there? Is loss and theft and improper storage a factor? Will terrorist acts indemnify the insurance? You should know not all probabilities should be covered but some vital ones could happen depending on where your belongings will travel through.
- Some moving insurance policies will protect your valuables for only a certain time. This is usually for a period of ninety days / one month, and then only while in transit or in a storage facility. This could be one of those “fine prints” you should look for since some services subcontract work and that is usually not covered by the insurance.
- You should ask your insurance agent to check up on the present homeowner’s policy on coverage of goods during transit. By default your items are insured against damage while the moving service workers are in your place packing your stuff, but not when they are in the movers’ control.
- Obtaining a Certificate of Insurance is totally different from receiving a Bill of Lading by a moving company even though some might tell you they provide the same assurances. To a degree this is not false but it is NOT the whole story. A certificate is a legal document that includes your data on your insurance application form as well as the terms and conditions you acknowledged to for coverage. This has your purchaser ID number and certificate number which are your proof of insurance coverage.
Insuring your valuables protects your belongings during the moving and should be seen as equally important as insuring your home, your health or your life. The moving insurance offered by the moving company is very limited so you should not rely on it. The best choice is to get a true full coverage protection from a third party moving insurance agency.