Apr 11
19
Valuing your items for a Moving Insurance
Valuing your items for a Moving Insurance
You can do this by (1) writing down all significant pieces of furniture; glassware, appliances, electronics, personal effects, etc…, (2) give each a mark and an approximate weight. If you have a large number of books that you’ll be packing into boxes, (3) assign each box an approximate weight and state it on the outside of the box. This can be applied to clothes, kitchen items, tools and other loose items. (4) mark each box an approximate replacement value, it would only aid you in the workers handling of your items. Be careful when you price a high value item as the mover may not give you a value you would be comfortable with.
In case you are moving specific and expensive items like works of art or jewelry you must be exact in your details of the item. Some movers would require you to produce an appraisal by a third party of their choosing. Upon approval you must provide specific instructions regarding the handling of the item.
Replacement value means the cost to replace the item with another item of comparable material and quality. The replacement must be used for the same purpose. This applies unless the cost to repair or replace the damaged item is less at the discretion of the insurer.
It is a good idea to take photos of all pieces, especially items of sentimental value or high appraisal. This will assist in keeping track of your inventory despite the list supplied to you by the mover. The idea is to have your own independent system to countercheck the movers and keep them honest. This will help if you need to make a claim.
When meeting with your moving company, make sure you research some points of interest. (1) Find out exactly what kind and how much liability coverage they would provide for loss or damage of your property. (2) Carefully check your contract’s estimated value for your possessions and negotiate it if you can to compare with your own list. (3) Find out the maximum value of the mover’s insurance should your goods be damaged. Again, compare it to the total value you assessed from your list. Are you happy with their number? Keep in mind that the amount listed is not guaranteed. If you are unhappy with their valuation you should look for a separate moving insurance policy. (4) Research your moving company’s process to file for a claim. You will find out if they have any outstanding complaints or claims from their work history and customers.
Dealing with a moving company for valuation and their possible recompense is a smart start but to really protect yourself you would be best served with a high value and independent moving insurance from a third party insurer.
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