What You Need to Know about Moving Coverage and Insurance for Your Goods
There are some risks involved when you relocate your belongings while planning your move. Unfavorable weather conditions, vehicle accidents and human errors are some of the situations that can possibly damage your household goods. However much experienced and professional the movers are, accidents are common. For such reasons, it is essential to consider the options that are available in moving coverage while planning your relocation with us.
The most common types of moves are:
- Intrastate ( moving from a place to another place within a state)
- Interstate ( moving from one state to another within the country) and
- International (moving from country to another country)
Coverage for In-State (Intrastate) Moves Including Local Moves
Moving within the state? Since there is no border crossing included, the coverage regulations and rules governing intrastate moves are analyzed by each state that might vary from federal regulations.
30 cents per pound per article estimation. Based on the NYS department of transportation regulations, charged for hourly moves and a “valuation” bill will be provided by us, free of cost. Two Thousand Five Hundren dollars ($2500) for the entire shipment is charged for more than thirty cents per pound per article.
60 cents per pound per article estimation. On moves based on the NYS department of transportation regulations fixed price. A landing bill is provided free of cost. For more than 60 cents per pound per article, Five Thousand dollars ($5000) is charged for the entire shipment.
For customers who are looking for full protection of their goods, full replacement value insurance is the right option for you.
Coverage for Long-Distance (Interstate) Moves
If you are moving across the state line, an interstate move is regulated by the federal government. 2 coverage options are provided; full value protection and released value.
Full value protection
This coverage can protect your whole shipment. The company is responsible for any damage or lost item up to the declared value. The company can decide to replace the damaged item or provide refund for the damage. It can either replace with a similar item or a refund will be made. Any goods that are valued at more than $100 per pound such as antiques and jewellery, will be considered to have extra value and might not be covered completely.
This coverage has no additional charges included and is more economical of the two but has only minimal protection.
Moving insurance from a third party provider
Another coverage option for both intrastate, interstate and international moves is insurance from an outside company. Federal law does not regulate this insurance; it is optional insurance that is governed by state law. It is also not included in basic moving company-provided coverage and must be purchased separately by you, or in some cases (international moves) by your moving company on your behalf.
For example, if you agree to the released value coverage for your interstate move, you can obtain additional protection from a third party such as www.movinginsurance.com. If your belongings are damaged, and the insurance company will cover your claim, according to the policy terms.
The types of insurance available for each are as follows:
- All risk: This is the most comprehensive insurance that covers the full repair or replacement value of damaged or lost items, with no depreciation. Before the move, a list of all your belongings with their replacement values must be submitted.
- Named Perils: covers only losses which result from catastrophic causes explicitly listed in the Terms and Conditions. Coverage is available for both the transit period as well as the storage.
- Total loss: As a low-cost alternative, coverage is only provided if 100 percent of your belongings are lost or damaged in a catastrophic event, such as fire, flood, stolen truck, sunk vessel, etc. It does not cover any individual items that have been injured during the move.
Insurance for International Moves
This is also called as marine insurance, marine cargo insurance and marine transit insurance. Coverage for all overseas and across the country border is included. To obtain international insurance, you must ask from the moving company directly, through a third party or by a marine insurance agent or prefer an insurance company your employer has chosen.
Your company must offer door – to – door policy, if you are opting for international insurance.
For more information on your moving coverage options, talk to your moving company or visit www.movinginsurance.com.