1. Insuring your Belongings during the Move
Nothing’s more frustrating than having your antique furniture broken during a move or your grandmother’s jewelry box “mysteriously missing.” Though it might not be completely comforting, taking out moving insurance can numb the pain to some extent. But how do you know how much insurance to take out on your belongings? Find out below by reading about the different types of insurance coverage.
The basic coverage
Interstate movers must provide minimal insurance coverage of 60 cents per pound. For an intrastate move, that minimal amount of coverage depends upon the individual state. Let’s say that you don’t want to take out any additional coverage other than the basic coverage. If your goods weight a total of 12,000 pounds, the total amount of total coverage would be $7,200 (12,000 x .60). If you have a lot of valuables, this might not be the best option.
Declared value coverage is a step above the basic coverage. Basically, it means that the amount that the moving company would be liable for would max out at the per pound value of your goods multiplied by the total number of pounds. For instance, if you value your goods at $1.30 per pound and you have a total of 10,000 pounds, then the amount of total coverage would equal $13,000. Claims are paid on the depreciated value of the items that have been lost or damaged. This option might be good if your belongings weigh a lot.
Lump sum value
As opposed to the declared value method, the lump sum value places a maximum amount of coverage based upon the total value of your goods. If your goods are relatively valuable but don’t weigh that much, it would be a good type of coverage to choose.
Full value protection
If you want the best possible coverage, this is it. In this scenario, the movers would be liable for any lost, stolen or damaged items. They would either pay you the replacement value of the item or repair it, if possible. Just note all the items you want covered under this policy. If you don’t, only those items with an extraordinary value (greater than $100 per pound) would be covered under this type of coverage.