Moving? How to Protect Your Valuables in Transit
Moving day is stressful enough. You don’t want to have to worry about damaged items on top of everything else you have to do. Whether you’re moving on your own or with a moving company, the right insurance will help protect your belongings.
Before you put the first piece of furniture on the truck, it’s important to make sure that your valuables are covered. Follow some of these helpful tips before you get moving:
Moving On Your Own
Contact your insurance professional and review your trip with him or her. If you rent a truck, consider getting optional collision damage waiver coverage from the rental company. Your personal collision and comprehensive coverage likely won’t cover a moving van.
Homeowners and renters insurance policies often provide coverage for your belongings while at your residence, in transit and in storage facilities. These policies will not pay for any damage done while being handled by movers (whether they are packing or carrying your items).
Using a Professional Moving Company
Before your move, make sure to take inventory of all your items. Let’s talk a little bit about the insurance coverage offered by a moving company:
The type of liability coverage your moving company offers is not technically insurance. This means it’s not included under state insurance laws. Under federal law, however, all movers must offer two liability options:
- Full Value Protection – Your mover is liable for the replacement value of the belongings in your shipment. If any of your items are lost or damaged while in the mover’s hands, the company will repair or replace the item. They may also opt to make a cash settlement for the cost of the repair or the current market value.
- Released Value Protection – This type of coverage is usually included in your moving fee. However, it only provides bare minimum protection. Typically this coverage is no more than 60 cents per pound per item. So if your mover loses or damages your 10-pound HDTV valued at $1000, you will only receive $6.00 (.60 cents x 5 pounds).
Check carefully after the move to ensure that nothing is broken or damaged. Be sure to contact the moving company and submit your claim within the timeframe specified to be reimbursed for your damaged items.
My advice is to always take the extra step and protect your belongings. This will help ensure that nothing lost, stolen, or broken isn’t a total loss. You don’t need the extra stress!
I hope these tips are helpful. Have advice to share with your fellow movers? Leave your tips below!