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Insuring Your Move
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Moving is a stressful process. With all the planning to do, the packing to be finished, and the new house to unload, the last thing you want to worry about is whether your possessions will make it to their intended destination unharmed, or if they’ll make it there at all. To ease your mind at least a little, you should consider carefully what kind of insurance you need to cover your personal effects between point A and point B. Here are some steps you can take to determine what kind of insurance you should look for.
Inventory
The first step in calculating the amount of insurance you need is to create an inventory of all the possessions you’ll be moving. To do this, go from room to room and figure:
- WHAT you are moving – make a list of each item and total the number of items you have.
- The estimated WEIGHT of each item with a total weight of all the items.
- The VALUE of each item with a total value of all the items.
It’s a good idea to take photos of all the items you are moving. This will become proof of ownership should anything happen during transit.
Insurance through your Moving Company
Now that you have the list of items, as well as the weight and value of your items, you can head to your moving company to figure out which insurance is most appropriate for you. Most moving companies offer three levels of insurance:
- Declared Value/Basic Liability Protection: These are the most basic kinds of insurance (and will generally get you the least money). If you’re moving your old college furniture, this may be the insurance for you. If, however, you’re moving family heirlooms or costly items, you may want more coverage (see below). Declared value insurance is based on a specific monetary amount per pound. For example, your mover may offer you $.60 cents per pound on your items. So, if you declare that you have 7,500 pounds of goods, the moving company would be liable for $4,500, minus depreciation.
- Lump Sum Value Protection: This is for those of you who wish to have insurance based on value rather than weight. You must make a declaration of value at the time you request this insurance. In the case of damage, the insurer will pay you the value of your items, minus depreciation.
- Full Value Protection: This insurance will cover any property that is lost, damaged or destroyed, regardless of depreciation.
Supplemental Insurance
If you’ve purchased insurance through your moving company but aren’t feeling fully confident, you may consider a couple of alternatives for supplementing the insurance you already have. First, if you have homeowner’s insurance, contact your representative to find out what, if anything, is covered during the transit of your household goods. Second, you may consider finding out from your homeowner’s insurance representative or your moving company representative, if transit insurance is offered. This may cover any holes left by your other policies.
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