When moving, there are so many different things to think about that it can be easy to overlook some important details which are crucial during the moving process.
Between finding an ideal house and evaluating movers and scheduling your move date, to packing the entire house and disposing of what you need to be rid of, there are many bases to cover when planning a move.
If you have a move in the offing sometime not too far off, odds are you might have thought about the possibility of something getting damaged or lost during the process.
It’s true that most moves go on without any hiccups. However, there is always the chance of an unexpected incident which makes moving insurance a good idea.
In that regard, we put together five tips revolving around moving insurance that you need to keep in mind when preparing for your next move.
1. Understand the different types of coverage
You cannot make a sound decision on insurance if you do not understand the coverage options moving companies have on offer.
First off, it’s good to underline the fact that moving companies do not provide insurance coverage per se. In essence, what they do is provide “valuation” for your belongings such that in the event of damage or loss of an item, they agree to pay a predetermined limit of liability.
This valuation is embedded in the moving contract automatically and you don’t have to pay extra for it.
However, also worth noting is that it does not reflect the actual value of your goods – for that, you need to get third-party insurance coverage (actual insurance) from an insurance agent or company.
Movers provide three type of coverage options namely:
- Complete value protection
- Assessed value protection
- Declared value protection (based on weight)
a). Understand what each means before you enter into a contract.
b). If you are considering moving valuable items (think antiques, fine art, jewellery etc.) you might want to purchase actual insurance from the agent or company as we just mentioned.
2. Determine the value of your items
Before you start packing, you need to prepare an inventory of all the items you will be moving.
Start with the larger, more valuable items such as furniture, electronics, and appliances like refrigerators and cookers. From there, you can move on to smaller items like dishes and clothing.
Yes, it’s not easy detailing all the possessions, so be at liberty to walk around the house noting the items down.
Once you have your list, go ahead and jot down their market value. This will usually be lower than the original price you shelled out for them, particularly if you’ve had them for a good couple of years.
Estimate how much they would go for if you were to sell them presently. While you’re coming up with your figures, write down each item’s weight too.
3. Provide extensive details
For each item you are listing in your inventory, include the name, quantity, price and as pointed out above, weight.
This way, the inventory can prove useful in more ways than one. For one, the mover cross-checks this when they are insuring your items.
Second, it helps keep track of all belongings so a). you know what items are missing and how much it would cost to replace them (and plan accordingly) and b). you always know where your things are, so you’re aware of where to find what item when it comes down to unpacking.
4. DON’T undervalue your things
Ask yourself why anyone would undervalue their items in the first place. Sometimes, when you approach movers (or insurers) you might find they wrongly advise you to undervalue your goods, the idea being to – as they will say – reduce the cost of your payment.
Obviously, any idea that allows us to save a buck or two is tempting; but in the event of a calamity, you will be left holding the wrong end of the carrot as you will receive insufficient compensation.
5. Declare your valuables
When moving expensive items, it is a good idea to provide as much details (written) as possible about each item.
Take plenty of photos of the item, print these out in colour, sign on them and include a date, before attaching them to your inventory.
This will come in handy when the mover’s underwriter requests proof of ownership.
