Moving Insurance
Many moving companies provide some kind of moving insurance. Unfortunately, it is usually grossly insufficient. The Limited Liability insurance that they provide is not enough to cover very much at all, but a higher level of coverage is available if you are willing to pay for it. This coverage is called “full value replacement protection”. The option of third party insurance is also available and highly suggested, but one should check if their existing homeowner’s policy also offers any coverage that may already be in effect.
Moving companies offer valuation protection which is governed by federal guidelines as opposed to insurance companies which provide insurance which is state governed. Before making a move one should assess their personal need for the different kinds of protection and balance that against what one already has in place and then see what is readily available at a reasonable price.
As can be seen from the brief description, Limited Liability or also known as “basic carrier liability-release value” is of little value and usually amounts to $.25-$.60 per pound of coverage. This is offered by local and long distance moving companies as well as piano movers and specialty movers.
Full value replacement protection is a more comprehensive insurance while your gods are in transit and a more intelligent choice over Limited Liability. Make sure your most valuable items are listed in the shipping document’s Extra Ordinary Value Items” section to be sure they are covered.
Third party insurance is often offered by the mover themselves, but you are best checking with other insurance carriers for the best deals. the premium often amounts to 1% of the value of the goods being shipped.
The last option is to simply see if you have existing coverage on your existing homeowner’s policy. As is often true, the devil is in the details, so check the fine print and make sure that there are no exceptions or disclaimers concerning when and how much is covered.
Other details should be checked and verified such as: coverage of within vs. between state moves, exceptional value item coverage, in transit vs. loading and unloading, and do it yourself moving. If one spends the time verifying that they are properly covered in all eventualities, then your goods will be protected and you will rest easy when your goods are shipped by the moving company.
In the event that you do have a claim, you generally have nine months to register the claim on interstate moves. Intrastate claims may have a different time period. Either way, it is suggested that you check this information for your individual case, in your individual state, with your individual insurance company. There are guidelines for the claim itself as well as for the resolution of the claim. If these guidelines do not satisfy you then you can request arbitration. If this still does not satisfy your claim you always have the option of legal action and contacting the Better Business Bureau.