Do You Need Moving Insurance?
Moving is like an exciting new chapter in life—what possibilities it will bring, you don’t know—but the literal notion of moving all your valuables and furniture is a nuisance at best.
Be responsible and take precautions beforehand. Understand that Homeowner or Renter’s insurance may not be enough to cover potential damages or misplacements of your valuables. In fact, you should check if your homeowner’s insurance even covers damages of goods while in transit.
You’ll also want to understand the three types of valuation options moving companies are required to offer in state of North Carolina. But please do not confuse valuation with insurance; they are estimates used to determine how much the movers will reimburse customers, in the case of lost or damaged goods.
Basic Value Protection (free!)
This is the lowest reimbursement valuation. It is, lucky for you, free. You are reimbursed for the lost of damaged item—not on the original price of the item—but by its weight in pounds. For every pound weighed, you get reimbursed sixty cents.
Depreciation Value Protection ($.50 per $100 value)
This valuation reimburses you $1.25 times the weight in pounds of the damaged or lost item. However, the customer can claim higher value on the item by providing the replacement cost plus how old the item is. How old the item helps determine its depreciation value. The moving company then has the option to pay you this depreciated value, repair the item or replace the item whole.
Full Value Protection ($.75 per $100 value)
With this valuation covering your back, the minimal reimbursement will be $4.00 per weight of item in pounds. Or you can opt out and have the movers replace or repair the item, or pay you the current market price. Under this type of valuation, for example, if the total weight of your shipment is 1000 pounds, then the total value of your shipment is $4,000 and the charge for that full value protection would be $30. However, if you decided that your shipment has a greater value, maybe $10,000 rather than the calculated minimum of $4,000, you could establish that your shipment value is $10,000 and the charge for that level of protection would be $75.00.
Final Say
It’s always better safe than sorry. Go for the Full Value Protection, especially if you have pricy belongings. In the case where you desire more coverage, insure them with Mover’s Insurance from a reputable insurance company.
For business and home moves across town or across the Country, contact Few Moves for a FREE CUSTOM QUOTE. Our licensed and insured moving company operates in Raleigh, NC (919) 999-6201 and Wilmington, NC (910) 512-6999.
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