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| Moving Guide - Moving Tips |
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Insurance & Liability
Levels of liability tend to vary, especially when it comes to moving. Placing a value on your belongings is not a simple task. Your mover is liable for items packed by the moving company. However, if you pack your own belongings then your mover is not responsible for those specific items. You should be provided with a brochure “Here’s What You Need to Know About Placing a Value on Your Household Goods Shipment Before You Move” from your mover, which will provide you with information about the costs associated with placing a value on your things. If your belongings are damaged or lost upon arrival you have 9 months to make a claim and are required to submit payment to the moving company within a reasonable period of time.
Basic Carrier Liability- Released Value
Basic carrier liability or “Released Value” comes at no additional fee and is included in your mover’s base price. This is the minimum coverage required by law and covers each item at 60 cents per pound for interstate moves, or 30 cents per pound for local moves. This plan will hardly replace many of your belongings if they are damaged, so think carefully before agreeing to this type of coverage.
Declared Value Protection
This protection plan is based on the depreciated value of your belongings rather than the most current replacement cost. With Declared Value Protection your goods are protected at $1.25 per pound, meaning if you are transporting 8,000 pounds your mover is liable for up to $10,000. You are automatically obligated to this coverage plan if you do not request any others and your mover is entitled to charge $7.00 for every $1,000 of liability. Your mover will be able to offer you additional information about this specific plan.
Full (Replacement) Value Protection
The most inclusive insurance plan, Full Value Protection, requires that any damaged goods be replaced, restored or cash settlement be made with the mover. This is ideal if you are traveling a long distance or are transporting many expensive items. You are obligated to pay the first $100-500 of repairs or replacements, depending on the deductible amount. The mover is able to protect himself from damage done to high value items (over $100 per pound) unless you remember to list them on the shipping document or High Value Inventory sheet. Speak with your mover to discuss what this plan encompasses and what items can be insured.
Extraordinary Value Items
You must identify all high-value items included in your shipment in order for them to be insured. These items include anything having a value greater than $100 per pound. Here are a few examples of high-value items for your reference:
- Antiques
- Crystals
- Furs
- Art collections
- Currency
- Cameras
- Figurines
- Electronics
- Computer Software
- Gold, silver or silverware
- Precious stones or jewelry
- Oriental rugs
You should declare the total amount of the released value that you claim for your goods. This total should be recorded on the bill of lading and include the value of all items, even ones of extraordinary value. Please take note that the protection for items of greater value is not available for shipments, which resort to the mover’s value of 60 cents per pound, per article.
Homeowners Insurance
According to your homeowner’s insurance policy, you may or may not be eligible for coverage on your household goods while they are being transported. Find out whether such an offer expires once you close on your home.
If you will be receiving coverage through your homeowner’s insurance, inquire about what exactly will be covered and for how much per pound. In the event that you file a claim you will need to be able to prove that the damage was due to the mover’s negligence and not your own.
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