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Why It’s Important to Insure Personal Valuables during a Move

insure personal valuables

Corporate Relocation Services

Posted On : Jan 23, 2015

Moving the entire contents of your home to a new place is literally like putting all of your eggs in one basket. Everything you own is right there on that truck. Of course you did you due diligence when selecting a moving company and chose one with an impeccable record and references to put your fears aside. But even the most experienced movers need to contend with things beyond their control, like other drivers on the road. Choosing a reputable moving company for you move is a great start, but it doesn’t mean that you don’t need to get moving insurance.

                Most moving companies will automatically include what’s called“valuation” as part of the standard contract for the move. Valuation isn’t really the same as insurance, but simply a limit of liability that is stated on the bill of lading or moving contract. In reality, valuation doesn’t really have anything to do with the actual value of what is in the truck. There are several different types of valuation used by moving companies. Declared value is based on the total weight of your goods. The declared value of your belongings might be $1 or $2 per pound. This formula usually sets a fairly low limit of liability for the moving company, and likely won’t cover the replacement cost of the items being moved if they are damaged or lost.

                A type of moving insurance called lump sum value or assessed value covers your items being moved for a set amount, based on an assessment of the total value of the items. Usually you’ll be able to purchase insurance for your belongings based on lump sum value in increments of $1000. Another type of coverage used when moving valuable items is full value protection. Full value protection will pay for the repair or total replacement of any items that are damaged or destroyed during the move. Full value protection often comes with a minimum amount of protection and might require a deductible when making a claim.

                If you are moving anything that is valuable, you should probably purchase coverage beyond the determined value coverage that insures your belongings based on weight. In order to purchase either lump sum value or full value protection moving insurance, you’re going to need to provide an assessment of the value of your goods. To provide an accurate assessment, you’ll have to take some extra steps during the packing process. For each box that you pack, calculate the replacement value of the box. The replacement value is the cost of buying an identical or similar quality item to replace it. Make sure that you keep track of the value of all boxes on a separate sheet of paper. It might be smart to number the boxes and list the value of the box in a separate location instead of writing the value directly on the box. Take photographs of everything that you assess, especially the more expensive items, in case you need evidence of the condition of the item before the move.

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