A move is something that can cost quite a bit of money, which is why many homeowners chose not to purchase additional moving insurance. However, this can be a mistake that will cost you even more, due to the high risk of lost or damaged furniture and items. Before you rule out the option of buying protection for your properties, you can educate yourself on alternatives and ways to have coverage.
One of the biggest mistakes of homeowners is to think that valuation coverage offered by moving companies is sufficient to protect them from loss or damage. However, this only states the amount the mover will reimburse the client in case of loss or damage and is, in reality, very limited. If you, for example, packed your own boxes, then the items will no longer be covered. You also have to inform the company in writing about any valuable items and you have to report any loss or damage immediately after the move.
Options Offered By Your Moving Company
Under the law, your moving company is supposed to provide Released Value Protection and Full Value Protection. The first is included in the cost of hiring any big national movers or local movers in Houston, but it is not a comprehensive coverage as well. To be precise, you will be paid 60 cents for every pound per item, regardless of the original cost of the item. So this means, if your 350 lb refrigerator cost you more than $1000, you will only get $210 if it gets damaged. While this insurance will not cost you anything extra, you will still stand to lose some money from valuable things.
On the other hand, the Full Value Protection does not come for free but will offer more coverage for the homeowner. It means, your mover will be liable for the current (but depreciated) value of your property. So that same expensive refrigerator might have been worth much more back when you bought it but you will only get back how much it is worth now. Still, the homeowner has an option to have damaged items repaired, replaced, or refunded through cash. Every moving company might have different costs and options for Full Value Protection, so talk with your mover to know what your options are.
What about Additional Insurance?
Because of the included partial insurance offered by your moving company, you are, in some ways, already covered. For many who are transporting inexpensive items, this might already be enough. Still, some have pricier furniture and even antiques that are highly valuable, so that additional moving insurance might be recommended.
Moving insurance will cover any damage sustained during the move and even while in storage, including those sustained in natural disasters like hurricanes or earthquakes. Some might only cover the depreciated value as well, so make sure you read the conditions of your insurance before signing. There are also options for electronic items that will offer internal damage sustained during the move.
Tips for Protecting Your Personal Items
Whatever coverage you have, you should always take photos of your belongings to notice any damage immediately. Make sure you pack very carefully, using only packing boxes and other supplies to reduce the risk of damage. Another way to be safe is to choose only reputable moving companies that will handle your items safely and when buying any insurance or if there is one included, read the terms very carefully.
It is only by being smart, careful and thorough that you can keep your possessions safe from damage during a move. Even if you have full insurance, you will still not be happy to lose your valuable items from your grandparents, so limiting the risk is always the best thing to do.
