InsuranceIt is extremely important to make sure that your possessions are adequately insured before you move. Whether you hire a NYC mover or move it yourself, it is impossible to guarantee that all of your property will arrive at its final destination in the exact same condition in which it started out. Damage to your property can occur in transit (on the moving truck), in storage, or when it is being carried in or out of the moving truck. Things can be accidentally dropped, dented, or broken by moving men. Most insurance coverage that can be obtained through a moving company limits the mover's liability and will not completely cover the value of your property if lost or damaged. Selecting A Moving CompanyWhen selecting a moving company, thoroughly review the moving company's terms for insurance coverage. - Determine the extent of liability coverage for property loss or damage your mover will provide.
- Closely examine the contract and find a section for you to establish the estimated value of your possessions.
- Determine the maximum liability dollar value of the insurance provided by the mover and the process involved in case you need to place a claim. However, this does not guarantee that in case of a claim you are entitled to the maximum liability damage coverage. Factors such as government regulations, taxes and laws limit the actual amount you may be entitled to in case of a claim.
- Realize that the insurance provided by most moving companies only covers a portion of the total value of your possessions and you will have to get additional insurance to be fully covered.
Insurance Available Through Your MoverInsurance available through your mover is based on valuation. Basically, valuation is the method of determining liability - by you and your mover. There are three types of valuation: - Declared Value: The value of the things you move is based on the total weight of the shipment multiplied by a specific amount per pound (example; $1.25 per pound). For instance, if your possessions weigh 10,000 pounds the mover would be liable for up to $12,500. Claim settlement is then based on the depreciated value of the item(s) damaged.
- Lump Sum Value: If you need insurance that is based more on value than on weight you can get insurance for a specific amount (the amount is variable dependant on the insurance provider) per $1,000 of value. You must know the value of what you are shipping and make a declaration in writing on the bill of lading.
- Full Value Protection: This type of coverage includes lost, damaged, and destroyed property. The coverage will pay for the repair or replacement of the item(s). Usually there is a minimum coverage amount and applicable deductibles.
Calculate the Amount of Insurance You Require Calculating the amount of insurance you require begins with taking into consideration the total weight of what you are moving, the number of rooms you are moving, and the contents of your move. Create an inventory of all the items you are moving.- What you are moving (sofa, dining room set, refrigerator, etc.).
- The weight of each item you are moving (estimate the weight).
- The replacement value of each article you are moving.
Make sure to have totals that summarize your inventory. - Total number of items you are moving.
- Total weight of the items.
- Establish the total replacement value of all your property.
- Take pictures of what you are moving. This is important in establishing the condition of your possessions and it helps in confirming the inventory list.
Homeowners Insurance As A SupplementMost homeowner insurance policies (New York City) cover about 10 percent of the value of your personal property; including coverage for breakage and theft in transit, minus the usual deductible. This can be a good supplement to the insurance provided by the mover.Transit Insurance As A SupplementTransit insurance is another good supplement to the insurance provided by your mover. Read the policy and make sure it covers the gaps in insurance left by other policies. This coverage can save you thousands of dollars and is usually available through the mover, a move-it-yourself company, or through your homeowners insurance company. |
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