Moving Valuation Options and Third Party Moving Insurer Options
Homeowners or Renters Insurance
Seldom, if ever, will a homeowner insurance policy cover your household goods in transit. If a homeowner policy does provide coverage, it will be on a very limited basis. It may not compensate you for the many types of damage that typically occur in association with a household goods move. It is best to contact your home owner insurance agent to acquire the most accurate information regarding your policy.
You have two options when you purchase moving insurance:
Full Replacement Value - Valued Inventory
This option allows coverage for specific items. For proper coverage, you must list and declare a replacement value on all of the items that you wish to insure. Items may be grouped together, such as clothing and bedroom sets. Please remember in the event that a claim is filed for any of those sets, the settlement amount may reflect the average value of the declared items in that set.
Full Replacement Value - Lump Sum (Available on Interstate shipments only)
The total coverage amount is determined when you, the assured, place a lump sum value on all of your goods to be insured, reflecting a minimum of $6.00 times the total weight of the shipment. Any items individually valued at $500 or more need to be listed separately in order to be covered at their specific replacement value. Items under $500 do not need to be listed to be covered.
Both options utilize the same policy, refer to the same Terms and Conditions and are based on the same rates.
The main difference is that with Full Replacement Value - Valued Inventory, you need to list each and every item that you are moving and need coverage for, and declare the replacement value amount of each item. Items not listed under this option are not covered; however, to fully insure your shipment, you need to list all items being shipped.
With , you can simply declare a lump sum amount, reflecting the total coverage you desire for your shipment. With this option, you only list those items that are individually valued at $500 or higher. These items will be considered as part of the declared lump sum and not calculated as additional value, as long as their total value is not higher than the total Replacement Value declared.
With the Full Replacement Value - Lump Sum option, the declared value must be a value equal to at least $6.00 times the total weight of your shipment. This will prevent your goods from being underinsured.
Basic Liability is the minimum coverage under which your goods can be released and is provided by your mover at no additional cost. The maximum liability for your shipment is established by multiplying the weight by $0.60 per pound per article or $0.30 per pound per article – whichever is required by DOT regulations in your State.
Example: A dresser weighing 150 lbs:
- $0.60 per pound per article: $90.00
- $0.30 per pound per article: $45.00
Example: A stereo weighing 10 lbs:
- $0.60 per pound per article: $6.00
- $0.30 per pound per article: $3.00
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