If you are on the move, you might need moving insurance. No matter how good your international moving company is, accidents can still happen. Boxes can get bumped, dropped, or shift. Fragile items can get rattled and break. No amount of precaution can guarantee the safe arrival of your stuff.
Moving insurance covers damages to your belongings while you move and relocate. It covers the actual replacement costs of your stuff, and it comes into play when your homeowners' insurance, house insurance, or the moving company's own insurance fails to cover a problem.
If you ever find yourself unfortunately in a moving accident, you will have to make an insurance claim. However, before you do, you need to record everything you can about your stuff on the original inventory sheet. While you have up to nine months after the delivery to make a claim, you want to report the damages as early as possible. Your mover then must acknowledge the claim within thirty days and present a response in 120 days. Please note, you can only claim damages up to the maximum damage liability of your moving company. Any claims above this amount will automatically be denied. So, you need to make sure that you are adequately covered by your moving agreement.
You should note that moving companies do not provide insurance. They only provide valuation. Valuation determines the liability limits stated on your contract or bill of lading. You get it for free with no extra cost but it has no actual relationship with your stuff's true value. However, the valuation is a good approximate when choosing insurance. There are five different types of moving insurance available. Each type offers unique solutions and you need to choose the one that best matches your situation.
- Declared Value Protection
With this insurance, your stuff is worth its total weight multiplied by a specified amount. Your claim is then based on how much your stuff depreciates.
- Basic Carrier Liability
This is the liability protection offered by your mover and nothing more.
- Full Value Protection
This insurance pays for everything the entire loss, repair, and replacement of your stuff. It is for assets that are expensive and difficult to replace.
- Lump Sum or Assessed Value
For the light stuff, you may go with this one. This insurance only pays a lump sum based on the assessed value of your stuff.
- Packing Insurance
This insurance cover packaging damages. You get compensated at market value for anything your mover damages while packaging your stuff.
Before choosing insurance, you can lower your stress by choosing a reputable and efficient mover. The choice of mover will fix your liability coverage so choose wisely. You should check your contract for the estimate value of your stuff and to check what procedures you must follow to make a claim. You should then compare the value with your assessed value. If you haven't done so, you can calculate this value from estimating the weights and replacement costs of your stuff. You can then choose the insurance that covers the gap in liability cover.