When moving, all we think about are the moving company to contact and how are we going to manage to pack all our life in several boxes. Well, that’s why we trust moving companies to help us out and they do it better than anyone else. It is important that we think of moving quotes and other things that a moving company offers. Today, we are going to talk about moving insurance and everything about you need to know before you take any moving. I will also share which moving company to contact when you are ready to relocate. Insurance is an essential purchase when moving home; whether you are moving within the same country or overseas, accidents can and do happen. During shipment there is always the chance of a container being dropped or something breaking, no matter how well the items are packed there is no guarantee they will not be broken. What is important is how that damage is dealt with, how the removals business handle the claim and that the item is covered. Replacing the article, or giving you the money to replace it, Insurance compensation gives you the peace of mind should an accident occur.
Different Types of Insurance
Each removals business, by law, must provide a basic insurance cover to the consumer without cost, the insurance against accidents. When you look at the scheme itself you will observe that the amount covered in nothing like the real cost of replacing the items. Some movers may compensate you for the total weight of the container in which the damaged article was in. If the removals business does not pack the item themselves, then it is unlikely the item will be covered under their insurance agreement. As we can see, this sort of insurance is quite often not enough to cover the losses.
Added Value Protection Cover. This is extra coverage supplied by the movers business and just raises the amount of money you get per pound per article. This policy differs between each firm but normally it is about $2. You can clarify the coverage with your removals firm. Bits and pieces that are expensive to replace but are light are not really covered in this type of scheme as the cover arranged by the company is still paid out on weight.
For a policy that pays out the cost the specific item when you bought it or pays the depreciated value of the item lost or broken you can get Market Value or Depreciated Value policies. There is still a disadvantage to this type of scheme as you would need to go through every item you possess, find the price of each item, then declare it to the removal business and/or insurer before you move. Today most people use a Replacement Value scheme rather than must do go through the inconvenience of the other type of schemes.
Replacement Value schemes are usually called the ‘Like for Like’ or even the ‘New for Old’ insurance. Higher premiums are the downside of this scheme, but the upside of it is, your items are replaced, or you are paid out the market value of your belongings as they are priced today.
Items that you can’t Insure
It doesn’t matter how hard you search, there is always going to be a few of your belongings that are not covered. Keep these items with you, rather than put them in the removals vehicle. Belongings not covered under the plan agreement include such items as cash, photographs, personal papers, and jewellery. Objects that show no outward sign of damage such as TVs and computers would not be covered unless you can show carelessness by the removal firm. If you are moving fine art, valuable musical instruments or antiques, you should think about special measures to assure their safety and protect against their loss or damage such as having the piece wrapped and crated for maximum care.
As with all aspects of moving, make a list! – This time an Inventory File
A list of your items is a must and should be completed before the removals firm turn up. This list should have all objects that are being moved, their value, replacement price and type of condition they are in. Pictures of your items, at least the valuable ones, are a good idea and should be kept with the inventory list. If the objects are smashed or lost, then you will grateful for the work it took to do them. When moving abroad, this list will be very advantageous because many customs and inspections will need it.
Some Further Helpful Information
Before signing any contract for insurance, look for any exclusions that the policy may have and read before signing.
Ask questions about the policy if you are unsure about anything in it.
When moving abroad, find out if you are covered in that country as well as the country you are leaving.
Keep hold of a copy of your photographs and inventory until they are safely put in your new home.
Whilst every care will be taken by the removals firm, check to see if your insurance covers any damages done to your property.
Types of Moving Insurance
An overview of various types of insurance coverage is given here for general understanding.
Full Replacement Value Coverage: This insurance coverage protects your household goods for their full replacement value. Full replacement value means the amount which is the exact cost needed to purchase a replacement for the damaged item regardless of the damaged item’s age. Sometimes a deductible is applied here. However, any money can be deducted only if it is stated in the contract signed with the moving company. Most of the policies require the entire load be covered and not just specific items.
Standard Coverage: Moving companies are abide by law to provide a minimum amount of free coverage. It is the amount that the client receives per unit of measurement (pound/kg as mentioned in the contract) of damaged goods. It is the bare minimum coverage and doesn’t pay much if something is significantly damaged.
Storage Extension Coverage: If a client’s belongings must be kept in storage, there arises the need to purchase extra insurance. However, if someone already has a moving insurance, this can generally be extended. it is termed as storage extension coverage.
Transit Insurance: This type of insurance covers the household belongings while they are in transit- on the way from the old location to the new destination.
Total Loss: It is a restricted insurance for the household goods based on complete loss of belongings.
One should always check the details of the insurance policy. Purchasing insurance is not enough, one should always know how to file a moving insurance claim to be able to recover from damage if one happens during the moving process.
Which Company to Contact?
Vic Leahy Removals & Storage is the company to contact for all your moving procedure and insurance. They serve all clients throughout Melbourne South Eastern and Eastern Suburbs as well as the Bayside areas.