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Insurance

Moving companies are required to provide some level of insurance for your move, but you may need to buy more. The three most common forms are:

• Basic liability;
• Declared value protection or actual cash value; and
• Replacement value coverage.

TIP: Keep in mind that even though it may be for very small amounts, almost one in three moves results in the filing of a claim.

With basic liability insurance, the standard is about $.30 to $.60 per pound per item. For example, Item #1 weighs 100 pounds making the mover’s liability on that item $60.

With declared value protection or actual cash value insurance, you decide the value of your goods. The mover is liable for your "declared value," or the purchase price less depreciation. If all your items are lost or stolen, both you and the mover will rely on the pre-determined "lump sum" worth of your articles stated previously in the agreement.

With replacement value coverage, if your item breaks or is stolen, the mover is liable for a replacement, plain and simple. For example, if your computer is mishandled and breaks, replacement value coverage means you receive a brand new computer. In comparison, actual cash value coverage would give you the cash value of your three-year-old machine.

TIP: You should carefully check the accuracy of the inventory sheet regarding the number and condition before the move and once you arrive at your destination.

If you discover broken or missing items on the day of delivery, while the movers are still there, you should do the following:

• Leave any broken items in their original packaging;
• Create a list of damages and losses with the onsite delivery person in charge;
• File the list with both signatures with your driver; and
• Call the moving company the next day to make sure the driver filed your claim.

If you notice damage or missing items after the movers have gone, report it to the company in writing immediately. Moving companies have 120 days after receipt of your letter to render a decision regarding your claim.

TIP: Read all paperwork, including the bill of lading (the receipt for your belongings and contract for their transportation) and inventory sheet carefully before you sign them. Keep these, and all related paperwork, in a safe location until all charges have been paid and all claims, if any, have been settled.

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