What Kind Of Insurance You Must Have When Moving:
Aside from the tasks involved whenever you’re moving, seeing all of your valuables packed in boxes either transported on your own vehicle or through a moving company’s vehicle, can be stressful. You’ll be worried about the condition of your valuables, especially if these were purchased with an expensive price tag. With constant worrying, you’ll end up feeling stressed throughout the entire duration of the move, which can disrupt you from accomplishing tasks for the move. If you want to steer away from this direction, consider getting an insurance for the move. The right kind of insurance can save you from unwanted stress and additional costs during the move.
There are several options on how you can be insured when moving. If you’re planning to do the move with a reliable moving company, you’ll have to buy another policy from them. On the other side of the coin, if you’re planning to do the move on your own, you’ll have to reach out to another insurer to be fully protected. To help you come up with a sound decision on which type of moving insurance to get, consider the list below:
Full-value coverage:
As the name suggests, full-value coverage requires the moving company to provide you with adequate reimbursements once your valuables are lost, damaged or destroyed while kept in their custody. For example, if all of your jewelries were protected under their policy and a pair of earrings were lost during the move, the moving company will have to take appropriate actions to reimburse the item. When this happens, the moving company should do any of the following:
- Repair the valuable;
- Replace the valuable;
- Pay you for the cost of the repair or the current market price of your valuable.
The price of a full-value coverage differs from company to company. If you want to get the best full-value coverage for your move, take the time to scout for options and compare prices. As much as possible, you should get a moving insurance that provides a tailored-fit policy within a reasonable price tag.
Released-value coverage:
Most often than not, the cost you’ll have to pay for a moving company already includes an insurance policy. This is usually called as released-value coverage. And while this type of coverage might be the cheapest one out there, it has one major setback – your protection under this policy is very limited. Released-value coverage doesn’t also give you the privilege to change anything with your policy. What the moving company offers as a released-value coverage, you’ll have no choice but to use this as your insurance.
Under this policy, the moving company only assumes liability for no more than 60 cents per pounds for each item. For instance, if the moving company damaged a 20-pound appliance which is currently valued at $2,000, you’ll only receive $12 as reimbursement.
Third-party insurance:
A released-value coverage isn’t all that bad. When you decide to get this kind of policy, the moving company will usually offer you with another liability coverage on top of your released-value coverage. This is called as the third-party insurance. The cost of this insurance will become an addition to your basic moving expenses. To ensure that you’re getting your money’s worth, make sure that you ask for a copy of the policy during the time of purchase. Take note of the terms you don’t understand and ask the insurer about these. It’s important that you carefully read the document to assess if the policy can meet your expectations – and yes, this includes reading the fine print of your policy.
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Add-on coverage:
Having homeowner’s policy doesn’t ensure that you’re thoroughly covered for your move. If you’re not satisfied with your existing homeowner’s policy or policies offered by your hired moving company, consider working with an insurer who specializes in moving insurance. They can provide options which can suit your needs and budget.
An “in transit” insurance might be offered by the same company which offered you your homeowner’s policy. This type of policy can cover your valuables from theft, lost or fire. In-transit insurance can also be written for the price of your valuables or as another excess coverage. It’s important that you read these policies in order to understand the terms involved. Everything about your policy should be clear to you to know what how you’re covered.
A Worthy Investment
Moving can be a stressful experience. You’ll have to allocate time and effort in order to declutter your home, sort out which items are still usable or not, pack all of your valuables and ensure that all of these are in good condition after being transported. Getting the right moving insurance for your needs can drastically minimize the stress you’ll experience during the move. Moving insurance might come with a price but if it’s for the longevity of your valuables, your investment will be worth it in the end!
Author’s Bio:
Dianne Belencio-Abonita has been writing blogs for quite some time now. She is interested in a lot of things which makes it a joy for her to write about a different niche, especially for a budget-friendly moving company. But among all the niches, business and marketing are her favorite. When she’s not busy writing, Dianne spends her time with her husband Francis and daughter Francinne. This is where she draws inspiration from to continually provide informative blogs to the different audience.
