One of the most stress-inducing aspects of moving is the idea of having your belongings get lost or damaged while they are being transported from your old place of residence to your brand new abode. While a good packing job can improve your chances of keeping your stuff all nice and protected, the reality is that accidents do happen, and sometimes even the most careful of movers can wind up mishandling an item of value.
The good news is that most moving companies are required to offer some form of built-in insurance as part of their general services. If you agree to hire any given company to transport your belongings, then you can rest assured that you will, to a limited extent, be covered for losses or damages. On the other hand, the “automatic” coverage that most moving companies offer generally maxes out at 60 cents per pound of property – an amount that isn’t likely to do you much good in the event that something light but valuable ends up getting broken.
Let’s take a television that cost you $800 at the store. If your TV is broken or damaged over the course of your move and all you have is the standard insurance, then you’re likely to find yourself in a predicament when the time comes to file a claim. After all, as expensive as your TV might’ve been, as far as its weight goes, you might only be looking at about 20 pounds – which means that according to the 60 cents per pound rule, you’ll be walking away with a whopping $12 from your moving company’s insurance policy to put towards a replacement model.
If this type of scenario doesn’t sound appealing to you, then you might want to consider purchasing additional insurance to protect yourself during your upcoming move. Bobby Hughes is the marketing coordinator at Philadelphia’s Hughes Relocation Services, Inc., and he agrees that the standard 60 cents per pound coverage is rarely enough to adequately compensate people whose belongings get damaged or mishandled. He therefore suggests that anyone who is moving look into additional insurance options to protect his possessions.
If the idea of paying for extra moving insurance sounds unnecessary or uneconomical to you, then consider what you might end up losing in the event of an accident or mishap. While added protection will come at a cost, for certain items, the extra coverage might come in handy. Remember, when it comes to added moving insurance, you do have the option of purchasing extra coverage only for items of particular value. Therefore, if you have some pricey electronics or a few pieces of fine art, then it makes sense to protect them accordingly, even if it means paying extra. On the other hand, there’s no need to insure those items that aren’t particularly valuable or fragile.
So where you can purchase additional moving insurance? According to Hughes, your moving company itself might be able to offer you extra coverage at an added cost. Some insurance agents may also offer coverage for situations like these. If you’re looking to make the most of your money, then spend some time shopping around to get the best value out of your policy.
While extra moving insurance can serve a nice source of comfort and financial protection, Hughes warns that it’s important to read the fine print before shelling out the money for added coverage. Some insurance policies will only cover the cost of damages for items that are professionally packed; so unless you’re planning to pay for packing services as well, your extra insurance might not do you much good. Therefore, it’s important to understand what your added coverage actually entails before deciding whether or not it’s worth your money.
Another thing to keep in mind is that if you’re a homeowner, then you might want to check with your homeowners insurance company to see if your coverage includes protection from moving-related damages. While some homeowners policies are better than others, it never hurts to see if yours happens to be generous. After all, if your homeowners insurance offers added protection for your belongings, then there’s no need for you to buy extra insurance through your moving company.
If you’re the type of person who values his belongings, then it’s natural to feel uneasy about the notion of move-related damages. While you can’t do much to control an unforeseen accident, you can protect yourself by having some type of extra insurance in place. Besides, the worst thing that will happen is that you spend the money on insurance and don’t end up using it – which is a far better option than skimping on insurance, having a mishap, and suffering the financial consequences.
