Moving Insurance - How It Can Protect Your Possessions

Even if you have managed to hire the best moving company, accidents can still strike anytime. Your precious possessions may obtain damage during transit and even when you think they’re in good hands, safety is not always one hundred percent guaranteed. But if your moving company does its job in getting your things sufficiently covered by a moving insurance policy, any accidents can be properly compensated.

When you sign up for a moving insurance policy, you need to elaborate in details the value of each of your household goods. This is very important as this will figure out when you make a claim later. If any of the items that were being moved obtained damages, it must be reported immediately. File a claim and make sure the moving company acknowledges your report within 30 days and settle any issue within 120 days. The value of your claim must coincide with what you have stated as the liability amount. Any claim that is more than this amount will not be honored by the movers so review your policy carefully.

There are three kinds of insurance most moving companies offer to their clients. These are the Declared Value, Assessed Value, and Full Value Protection.

* In Declared Value, the value of your goods is measured through their collective weight. A price per pound is multiplied by the total weight and the product is the value of your liability amount.

* If the items being moved are highly valuable, you will likely be buying Assessed Value insurance. This insurance gets you covered according to what you have declared as the actual value of your goods.

* The Full Protection insurance speaks for itself. Under this policy, lost and damaged items will be replaced and a minimum coverage amount is set.

When checking out moving companies, there are things you need to consider. Ask about their liability amount for damaged and lost items. Review their contracts and see if you are comfortable with their valuation. It is also important that you feel you’re going to be properly compensated in case of accidents. The value of their maximum coverage should closely match with your own assessment.

Remember that taxes and government policies apply to this situation and eventually, it will affect how much you can claim, for better or for worse. Examine the efficiency of their system, especially in filing a claim. It’s important that they are prompt, thorough, and up to date with their settlement. Also find out they have pending claims that have not been resolved yet. This will tell you a lot about the quality of their service.

By Matt Reynolds - Google+

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