Introduction to Moving Insurance – Be Sure You have Adequate Coverage
An introduction to moving insurance would not be complete without an explanation of the options you have. The first option determines the amount of coverage per pound of your possessions for standard liability purposes. The average standard rate is $.60 per pound. This means that if your sofa weighs 100 lbs. and is damaged in the move, you will receive $60 for your couch. Or your 8 lb laptop would get you less than $5! You may opt to pay more and have that amount increased if you feel on average your things will cost more per pound to replace. You may choose between declared value and replacement value coverage if not satisfied with standard liability.
A basic introduction to moving insurance concerning declared value would be that you tell the insurance company how much an item is worth when it is put on the moving inventory. The insurance will cover that amount. This does not mean that you can claim your hall clock is worth $30,000. The moving company has the right to see a receipt or an appraisal before insuring it for that amount. Replacement value coverage is just that. If an item is damaged, the company pays to have it replaced. Even if your desk was 8 years old, you will get a new one.
Filing a claim is an important part of any introduction to moving insurance. In order to file a claim you must have proof of what you are claiming. It is important to make sure that everything being moved is on the inventory list. Our iPhone app “Moving Day” will keep track of any damage. It will keep pictures of the damage for filing, and will keep track of reports you have filed. You can list things in a box by stating “a box of hard cover books.” If one of the books happens to be a rare, expensive book, you will want to list it separately. Note any damage on the inventory sheets, both yours and the movers’ copies.
Once you have everything out of the truck and inspected, get the mover to sign your copy of the inventory list where you noted any damage. Make sure to call the company the next day to verify that the movers reported the damage. Keep all the papers in a safe place. It is a good idea to make copies of them. Check back with the company on a weekly basis to see how the claim is coming along. You can get more information than this basic introduction to moving insurance from your moving company or real estate agent.