Thursday, March 7, 2013

Moving Insurance

If your moving one thing to consider is purchasing moving insurance and whether you need more than the moving company provides, especially if you thinking about not using packing services offered by your chosen moving company. It’s complicated process to decide these factors but a good place to start is understanding the terminology you’ll hear when calling around. Here are some concepts and moving insurance terms to get you started: 
1. High Value 
Used to describe any items that are worth $100 per pound, this will very depending on the item. It is important to know which of your items are considered high value so you can purchase moving insurance accordingly. Items that are considered high value include original artwork, fine crystal, antiques, ect. 
2. Standard Coverage 
Any professional moving company will provide clients with a minimum of free coverage , this refers to the amount of money you will receive per pound of the damaged goods. Typically the amount is 60 cents per pound. This is another way you can double check if your moving company is legit.  
3. Claim
A term used when household goods are damaged during your moving process. If this occurs it is important to submit your claim as soon as possible to ensure your damaged goods are covered.
4. Declared Value
A declared value is assigned by the home owner, this value is of the total household goods you will be moving. This number is important because it will be the basis for the amount of insurance you will need. 
5. Declared Value Protection  
This is used to determine the value of your good now should they be damaged or lost. This means that the value of the items is equal to it’s depreciated value. It’s current value minus the value it has decreased over time. Make sure to ask for this value when talking to your moving insurance company. 

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