Moving Insurance - Do You Really Need It
Moving Insurance – Do You Really Need It?
Naturally, the first thing you would expect to hear from an agent or from your South Charlotte movers is the quick and easy answer, “yes.” But it’s not quite that simple. There are a few different types of coverage you can get through most movers. It’s important to note that not all moving companies automatically insure your belongings. So, in the unfortunate case that your items are damaged or lost, the expense will be all yours, instead of your movers. What are the types of coverage?
Complete Value Protection
Also known as full-value protection, this valuation will cover all damages, any losses, and will pay for any repairs or replacements for your belongings which may have been damaged or lost. In the case that you are having a few thousand pounds of items transported from house to house, this may be the best coverage for you. If something were to happen, causing something to become broken or damaged, this is protection will offer you the most for any damage or losses otherwise.
Assessed Value Protection
This valuation for insurance is the best for items that don’t weigh very much, but still are of higher value. For example, your large flat screen TV may weigh only a few pounds, but it may also be valued at $2000. In cases like these, assessed value protection can allow you to purchase specific coverage for a specific amount per $1,000 of value of the item. An important note is that the bill of lading should state this particular coverage, otherwise your South Charlotte mover may not honor it.
Declared Value Protection
This type of coverage is normally based on the bulk weight of the items you’re moving. Typically, this is the standard insurance that movers offer, but it is practically very minimal. The maximum liability per pound is usually 60 cents. If your move totals a weight of 3,000 lbs., the maximum liability, regardless of the actual value of your items, is $1,800. If you have your $2,000 TV in the truck for the move and it happens to become damaged, you may only get roughly $15 for it.
It may seem that neither valuation or coverage will guarantee the true full value of your items, and certainly does not offer coverage for sentimental value, but at the very least, it is something. For most people, it would be best to pay for the complete value protection, as it offers the best protection for your belongings. If you happen to also have renters’ insurance or homeowners’ insurance, your existing coverage may also help in the case of losses, damages, repairs, and replacements. Quite frankly, something is absolutely better than nothing, so you certainly should consider adding insurance coverage to your residential move to South Charlotte.
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