Calculating the total of insurance required
Calculating the amount of insurance you require begins with taking into consideration the total weight of what you are moving, the number of rooms you are moving, and the contents of your move.
Make an inventory of all the items you are moving
a. What you are moving (sofa, dining room set, other furniture, TV, refrigerator, etc. ).
b. Estimate the weight of each household item you are moving.
c. The substitute value of each item you are moving.
Summarize your inventory
a. Total number of items you are moving.
b. Total weight of the items.
c. Establish the total replacement value of all your property.
Useful Tip: You can take pictures of what items you are moving. This is important in establishing the condition of your belongings and it helps in confirming the inventory list.
Moving Insurance Coverage Types:
Moving insurance offered through your hired moving company is based on assessment. Basically, evaluation is the method of determining liability, by you and the moving company you have hired. The basic three types of evaluations are declared value insurance, Lump sum value and full value protection insurance coverage.
a. Declared value: The value of the things you move is based on the total weight of the shipment multiplied by a specific amount per pound (example; $1.25 per pound). For instance, if your possessions weigh 10,000 pounds the mover would be liable for up to $12,500. Claim settlement is then based on the depreciated value of the item(s) damaged.
b. Lump sum value: If you need insurance that is based more on value than on weight you can get insurance for a specific amount (the amount is variable dependant on the insurance provider) per $1,000 of value. You must know the value of what you are shipping and make a declaration in writing on the bill of lading.
c. Full value protection coverage: This type of coverage includes damaged, lost, and destroyed property. The coverage will pay for the repair or replacement of the items. Usually there is a minimum coverage amount and applicable deductibles.
Additional Insurance Coverage
Homeowners Insurance: Most homeowner insurance policies cover about 10 percent of the value of your personal property; including coverage for breakage and theft in transit, minus the usual deductible. This can be a good supplement to the insurance provided by the mover.
Transit Insurance: Transit insurance is another good supplement to the insurance provided by your mover . Read the policy and make sure it covers the gaps in insurance left by other policies. This coverage can save you thousands of dollars and is usually available through the mover, a move-it-your-self company, or through your homeowner's insurance company.
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