If you are planning to relocate, you might be wondering whether or not you need movers insurance. Given the unexpectedness of what can happen during a move, it might be in your best interest to consider the importance of movers insurance. There have been cases in the past when valuable items were accidently destroyed and no compensation was issued to the individuals moving. Below are some things you need to learn about movers insurance.
Importance of Movers Insurance
There are several methods on how you can safeguard your move and household items. You can opt for valuation coverage or buy moving insurance. Here are some of the things you need to know about the two options.
What is Valuation?
If you’re not moving in a hurry, once you pick a moving company, you will be presented with a moving contract to sign. Here, you will notice that the moving company offers different levels of valuation coverage. The coverage is the amount that the moving company is willing to pay in case of damages. But it is crucial to note that the valuation coverage is not insurance, and its benefits are limited. There are several things that are not covered by the valuation coverage. Some of them include:
- When you pack using your own boxes instead of allowing the movers to do it for you, those goods are not covered.
- If the damages are caused by natural causes such as earthquakes, fires or floods, you cannot be compensated.
- If you fail to report any damages or lost items in time.
The movers offer several valuation options. They include release value protection and full value protection. But these options are not as comprehensive. Therefore, it is vital to have movers insurance.
Why You Need Additional Movers Insurance
Additional to valuation coverage, you have an option of getting movers insurance. If you’re not throwing a lot of stuff away and you are transporting several valuable items, it is a good idea to purchase movers insurance. This will ensure that things you handle yourself are well-covered. In addition, movers insurance schemes cover items for around 90 days while in storage or transit.
What Items are Covered by Movers Insurance?
|Movers insurance covers a plethora of things. However, it depends on the policy you choose. Generally, the insurance covers damages on household items while in transit or storage. Also, damages to your household goods caused by floods, earthquakes or accidental breakage are covered.
Therefore, if you are worried about your LCD screens, computers, and other electronics on transportation, the best idea is to purchase movers insurance. The policy also covers against internal damages to electronics being moved but have no physical damages.
Does Your Homeowners Insurance Policy Cover the Move?
If you have a homeowners policy, it is not a guarantee that your items are covered during a move. According to Federal Motor Carrier Safety Administration, it is important to check with your individual insurance to fully comprehend if your homeowners insurance policy covers moving.
Before moving, it is essential to take photos of all your household goods. This will help you in case you want to file a claim. Also, if you are packing your belongings, ensure you are using the right boxes. Then hire a trustworthy moving company and ensure you have additional movers insurance. All in all, hopefully this article has shown you the importance of movers insurance.