If you are moving soon then you might be curious about the optional movers insurance they offer.
It is scary to think of someone else DROPPING your stuff.
Can your home owners insurance company help you with a move?
Your personal property is protected under something called a “named perils” basis. What does this mean? Simply that only the specifically named perils in your particular policy will be covered for a loss. An example of this would be a loss due to fire or theft.
Jim Lloyd of Lloyd Pro Group tells us that once the movers close the door of the moving truck and take possession of your things your standard home insurance policy isn’t going to help you any more.
So what should you do?
You need to get some moving insurance coverage from the movers.
There are two types so pay close attention so you know what you are getting.
Full-value protection- You will have to pay for this.
The mover is liable for the value of replacing anything that’s lost or damaged. If an item goes missing or is harmed or destroyed, the mover can choose one of three options to compensate you:
- Repair the item.
- Replace the item with something similar.
- Offer you a cash settlement for the cost of the repair or the current replacement value.
You can lower your costs by choosing a higher deductible like you would with your automobile insurance coverage.
Get everything in writing!
Released-value protection – This is FREE
- it provides only minimal protection
- You get paid 60 cents per pound per item damaged so a thousand dollar flat screen TV that weighs a hundred pounds would get you a $60 reimbursement check. OUCH! source
Finally Talk to your favorite insurance agent before moving.
They might have a few suggestions and tips for you that might surprise you.
Be sure to ask about additional coverage such as a special-perils contents riders and fine arts riders to protect your valuables from the clumsiest of moving companies.
Lloyd Pro Group | Nationwide Insurance
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