Getting the Right Valuation Coverage
After you’ve hired your professional moving company to help your family move, you should take the time to determine how well you would be covered if something were to happen to your items during the move. Getting the right valuation coverage is a personal preference that will take some research and possibly some extra fees on your end, depending on what you decide.
Speaking to your moving service representative about getting the right valuation coverage for your items is the best place to start. They will be able to explain each option, so you understand what you’ll be receiving and what is covered. There is always the feasibility of unforeseen circumstance, but for most people, there is no need to worry.
The Basics of Getting the Right Valuation Coverage
Before you make your move, it might be in your best interest to contact your homeowner’s insurance agent to let them know you’ll be making a move and to find out if you have any coverage protecting you against any potential loss or damage. From there, speak to your moving service representative about the affordable options the moving company has to offer.
The first option is referred to as “Basic Valuation.” Everyone who uses a licensed moving company has this coverage. This level of goods valuation is free of charge and covers your possessions at a rate of 60 cents per pound, per item—even if the actual value is lower. The only disadvantage of this level of goods valuation is what if the value is actually higher? That’s the risk you take with basic liability.
The second option of coverage is “Maximum Value Protection." This type of valuation ensures that if an item is lost or damaged beyond repair, you will receive replacement of the full cost or value-regardless of any depreciation. There are two ways to implement this option either with full value or with a deductible option. You will have to declare the full value of your items and the levels of protection you want. This will determine the actual cost of the policy.
Choosing the Right Option for You
So where do you go from here? How do you know which option is right for you? First, determine what you’re moving. If you have a house full of valuable antiques, you may want to opt for the maximum valuation. On the flip-side, if you have generally replaceable household goods that can be covered between your homeowner’s insurance and the basic liability coverage, you may be able to eliminate the additional fee.
Another thing to consider is how far your move is from one point to the next. If you’re moving across town vs. across the country, you may be able to gamble with less coverage. Chances are the farther the trip, the more chance of hitting inclement weather or slippery roads. However, nothing is certain, so you will be taking a gamble.
However, it’s not just the distance that makes a difference in the protection you choose. It can be damaging an item moving it from the bedroom to the truck. Keep in mind, if you own a 100-year-old antique armoire, even moving it down a flight of stairs can be a liability.
Getting the right valuation coverage is really a personal choice, but your moving service representative may be able to give you some advice on what to choose. The bottom line is that you want to be comfortable in your choice and know that your items are protected and safe. Peace of mind is sometimes worth the additional cost of a high goods valuation plan.