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Moving Insurance Policies And Coverage Tips
You stuff the belongings on a truck to deliver them to your new house with a thought of seeing them again. But, what if the possessions of you get damage on the way while loading, delivering or unloading? To avoid such awkward situations it’s better to safeguard such possessions with the moving insurance during the move.
Most people may think that homeowners or renters insurance may cover loss or damage to your possessions during the transit. Talk to your agent to inquire about the available relocation insurance norms before purchasing a new one.
Get your move insured for an untroubled experience, as relocation expose your possession to unanticipated accidents.
Where Can I Avail Moving Insurance?
According to the federal law of regulations, all the moving companies are mandated to offer two types of coverage programs to the consumers.
- Basic Coverage: This is called released value coverage which is a basic liability coverage set as 60 cents per pound. The moving company includes this coverage in the moving estimate provided by them during the move which is mandatory by the federal law and it is free to avail.
- Full Value Coverage: This full value protection is required by the federal law and one has to purchase this coverage. This coverage protection is advantageous to opt as it pays the current value of the damaged item or replace it with a similar item or repair it to bring it in the same condition as it was before shipping. The cost of this coverage is based on the valuation of your shipped belongings. For example: If the valuation is of $30,000, then you pay 1% of the valuation which is $300 for full-value coverage.
- Expanded Mover Coverage: Enquire with the moving companies if they offer this optional coverage. As moving companies are not authorized to sell moving insurance, you are paying to them for the liability of your belongings. For example: If your shipment weighs around 6000 pounds and you have decided that the worth of belongings is $6 per pound then the total valuation of the shipment will be $36,000. So, if the entire shipment is damaged or lost, each individual item will be replaced with the same kind. A one-year-old refrigerator will be provided for the damage of one-year-old refrigerator.
- Total Loss Coverage: This coverage is applicable when the belongings are subjected to the total loss in case of fire, theft, truck accident etc.,
What is not covered in these coverage plans?
In valuation coverage plans, movers will not undertake any responsibility for the items which aren’t packed in a box. Also, natural disasters like fire, hurricane, tornado, windstorm and hail etc., aren’t covered by coverage plan.
What if you Do-It-Yourself?
Depending on the coverage plan you choose, the moving truck rental companies provide best moving insurance that protects the vehicle, driver, passengers, and the shipment. But if you move your belongings with your personal vehicle, then it won’t cover the value of the possessions.
Other Available Options
As homeowners or renters insurance is not worth to consider as relocation insurance because of its policy to provide coverage only when the belongings are in the house but no on the road. Check with your insurance agents to inquire about ‘moving insurance’.
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