Liability insurance, cargo insurance, valuation, bonded, in-house guarantee, and 60 cents per pound. ??Trying to understand moving insurance can drive you nearly crazy. ??It is complicated. ??People think that they are covered only to find out that the movers insurance does not cover this or that; or worse yet, that they only have protection at 60 cents per pound. ??There is much to consider before the first box is loaded onto the moving truck.
60 cents per pound is the industry standard that is mandated by government. ??Every licensed moving company has this basic coverage.
Cargo insurance covers your household goods while in transit, meaning, while your furniture is in the truck and on the road. ??Cargo insurance includes theft, accidents, fire, et cetera.
Liability insurance covers damage to your home and/or if someone got hurt by the actions of the movers. ??Example: ??the moving truck backed into your house. ??This does not cover flooding by faulty plumbing in your laundry room. ??That would be your homeowners insurance. ??The condition of a house???s plumbing is always the responsibility of the home owner.
???Bonded??? covers any property that was stolen by the crew. ??Most service companies are bonded. ??This is the same kind of bonded that cable guys, maids, and movers have. ??The bond will only pay if there is an actual conviction. ??It is much better to use a mover that has quality crews in the first place. ??Ask if the company does a thorough background check and drug screenings.
Valuation is like insurance, but without the underwriter. ??You pay the mover a premium, and if there is a damaged item, you pay a deductible before the movers repair or replace the damaged item. ??This is a common additional service with the national van lines. ??Valuations can be a good deal under the right circumstance.
Actual furniture insurance is rare in the moving business, but it is available; normally through a third party. ??You buy a policy, pay a premium, and if something gets damaged, you make a claim and pay the deductible. ??The adjuster is sent to your house to handle the repairs or offer you a settlement.
If you own anything of extraordinary value, you should buy supplemental insurance on a per item basis. ??People with art or antiques valued over $10,000 normally buy or already have this type of per appraised item insurance.
The in-house policy or guarantee is a company policy not backed by an insurance company. ??Some reputable moving companies offer to repair or replace anything that their movers happen to damage. ??Moving companies with poor or inexperienced crews simply cannot offer this kind of guarantee, and hide behind the 60 cents per pound industry standard. ??The movers that repair or replace anything that their movers damage typically do itemized moves. ??Crews with the skill that comes from experience, and have a record of minimal or no damages, prefer to work for a moving company that charges for what is actually done. ??Not how long the move takes. ??In the moving industry, hourly movers and 60 cents per pound insurance go hand-in-hand.
In review, make sure that the moving company that you hire is licensed, bonded, and has both cargo and liability insurance. ??For small damages that are typical of a household move, get a moving company that has an in-house guarantee to repair or replace anything that their crew happens to damage. ??Not only will it be easier to settle a claim, the crew will be of much better quality, so you probably won???t have any damages to worry about.