Generally, your belongings are protected by the insurance policy. However, there are some items you cannot insure. Fortunately, there are many ways to reduce the chances of losing or damaging them, and there are many options available to you in rave reviews. Declared value protection can protect your belongings up to a certain per-pound amount, and it may be worth considering before you move.
Declared value allows you to set a per-pound amount for your belongings
Declared value is a type of insurance in which you can set a minimum value for the items that you want to be covered. The minimum value must be at least $4.00 per pound. You can set the amount yourself, but you can't change it after the move. It is based on the signature on the bill of lading and the option you select under the Declaration of Value. It also covers items that are in storage. To get the best coverage, your mover should provide you with a copy of the bill of lading and an inventory.
Declared value is an option that many moving companies offer. This option allows you to set a per-pound value for your belongings and to limit the liability of the company in the event of a loss or breakage. Some moving companies also offer expanded valuations. If you have ten thousand pounds of belongings, the maximum payout would be $60,000, and you would receive like-kind replacements for individual items. However, you should be aware that the amount of money you receive can be low for used clothing, which has little to no cash value.
Aside from declaring the value of your possessions, you can also ask your moving company for insurance coverage. These plans are different depending on the state and the moving company. Make sure to read the details carefully. It is always better to have insurance for your valuables than to take a risk with your possessions.
Released value protection
Released value protection for general insurable goods on house moving is a minimal coverage option that comes as part of the move at no additional cost. It compensates you for 60 cents per pound for lost or damaged items. That means that a ten-pound stereo component would only receive $120 in compensation if it were damaged during the move. Therefore, it is a good idea to consider purchasing other types of protection for expensive items.
In addition to released value protection, some movers offer separate liability coverage. This "fills in the gap" between released value protection and full value protection. Under this coverage, the mover is responsible for only 60 cents per pound per article, and can recoup the rest of the loss from the moving insurance company.
If your household goods are worth more than 60 cents per pound, you may want to opt for Released Value coverage. It may be hard to establish a claim against the mover if you do not receive the full value of your items. The cost of insurance coverage may be worth the peace of mind that comes with knowing you are covered.
A full value protection moving insurance policy is more comprehensive than released value protection. In addition to covering your personal belongings, it also covers your home from damage due to theft or vandalism. This coverage can provide you with peace of mind and help you avoid unnecessary expenses. Released value protection is limited, but it is essential to cover valuable items and easily damaged items.
High-value items not covered by insurance
If you're considering moving company, you might be wondering what items are covered and what isn't. High-value items are typically not covered by insurance on house moving. These items typically have an appraised value of more than $100 per pound, and are often considered "items of extraordinary value." Such items include antiques, valuable paintings, jewelry, and artwork. If you plan to move these items, you should be sure to list them in your contract with your mover.
Before moving, make an inventory of all the high-value items in your home and make an accurate estimate of their value. You can then decide whether or not to insure all of your possessions, or just select certain things. For example, you might choose to insure your new flat-screen television and high-end dining set, but not your 20-year-old couch. Keep in mind that the cost of moving can vary greatly depending on which items you insure, and the level of coverage you choose.
You should also consider whether your homeowners insurance covers breakage and theft. Most policies will cover theft, but may not cover any damage that occurs during a move. Your mover may accidentally drop a table or tear the canvas of an oil painting. Choosing an insurance policy with breakage protection may help you protect your high-value items. You should also consider whether you need to add scheduled personal property coverage to your homeowners insurance policy. This endorsement will increase the coverage limits for your high-value items.