Some Notable Insurance Covers in the Home-Moving Sector
The home moving sector is surprisingly one business sector that attracts several types of insurance covers. Some of these insurance policies are carefully outlined below to help get you informed.
Declared Value insurance: This refers to the insurance system whereby an insurance cover of about $1.25 per pound is offered for the total weight of all objects put together that are to be moved.
Released Value Insurance: This type of insurance cover is based on the weight of the individual items by a charge of $0.60 per pound, of your belongings which are to be moved from one location to another. It is also the commonest type of insurance cover offered by most moving companies.
Full Value Protection: Unlike the other two types insurances previously discussed, this one covers the damages or losses involved while moving objects from the original location to its final destination. Sometimes they are repaired, but where necessary, even replaced or compensated in cash value.
Lump sum Value: The last but not the least type of insurance, it takes care of the objects or goods being moved across locations based on their value and not their weight.
Having discussed the different types of insurances offered by moving companies, it is advisable for one to know how to take the best advantage of them.
First of all, once you have made a list of the goods you want to be moved, weigh each object one after the other, then decide if you want to be charge according to Declared Value type of insurance or the Released Value type of insurance and that is for weight.
If you have decided on either of the other two types of insurance, find out the estimated value of the goods you are moving so that you too can be a master at the game. Never overlook anything on the contract and insurance papers. Always ask the movers to explain clearly any part of the insurance covered by them that you do not understand, however insignificant it appears.
Do your homework by finding out which of the four types of insurances will favor you the most. If you find out any damaged goods after they arrive their destination, never unpack them until they have been acknowledged with the insurance procedures. Also remember that you have a nine months’ grace only to file a complaint of noticed damages once they have arrived their destination.
Find out what types of objects will usually or not be included in the insurance coverage. For example, we all know that cash will not be insured in such a situation, explosives and ammunition, gas, paints, fuel etc. It is the right of the mover to acknowledge a claim in 30 days and make payments in another 120 days.
Finally, find out if the homeowners insurance you are using covers moving. It is advisable to consider using a transit insurance to make up for gaps left by the original insurance policy. Do not forget to find out about the laws of the country to which you are shipping goods. Once wisely adopted, insurance coverage could save loads of dollars and it is cheaply available, even on the internet.