Moving in Princeton NJ

One big mistake that many people make when moving is assuming that moving companies or home owners insurance will cover any damage to their personal items during a relocation. Unfortunately, this is not always true. To ensure that your belongings are properly protected against loss or damage while moving, it is essential that you clarify what movers coverage is offered by the company you choose and what limitations apply. You may find that supplementing this coverage or even purchasing separate relocation insurance is warranted.

Doesn’t the Mover Insure My Property?

Moving companies do not sell insurance to their customers. They hold liability coverage to protect your items against damage or loss during your relocation. Although they are legally required to offer you two types of coverage as referenced below, these options may not be as protective as they may outwardly appear:

  • Released Value Protection - This basic coverage is usually included in the moving fee and covers your property at a rate of .60 per pound of weight. If you add this up, in most cases this does not even come close to the actual value of your belongings.
  • Full Value Protection - This coverage is typically charged by most movers at a fee of 1% of the value of your items and covers either repairing or replacing your items. The caveat is that the moving services choose whether your items will be repaired or replaced with an item of equivalent value. Additionally, since movers are not required to reimburse for anything weighing more than $100 per pound unless it is individually listed on the shipping document, you will need to make an extensive inventory of your belongings.

Options for More Complete Coverage

If basic coverage offered by moving companies seems insufficient, you do have a few options. Homeowners or renters insurance may provide some coverage; however, the amount is usually minimal with often only about 10% of the value of your personal items covered outside of your home.

The two options mentioned above are what movers are required to offer you by law, Some services also offer expanded valuation options that provide better coverage based on the actual value of your items. You may want to consider one of the following options to more thoroughly protect your property:  

  • Declared Value by Weight - This coverage allows you to set the per-pound value of your property.
  • Assessed Value - This coverage is set according to the actual value of your items, as opposed to their weight.

Both of these options cost extra; however, they do provide better overall coverage, especially when choosing Assessed Valuation if you have many smaller, yet more valuable items.

The most important thing to understand about valuation coverage is that it only applies to items that have been packed by the moving companies themselves. Any boxes you pack are exempt from this coverage. Based on this significant limitation, it makes the most sense if you plan to hire movers to pack your belongings as well as move them.

Relocation Insurance

Relocation insurance is another option you may want to consider. It is purchased separately from an actual insurance company and is usually a lump sum type of policy similar to valuation coverage offered by moving services. The cost will differ according to what type of policy you choose; however, you may have a few more options for getting better coverage on your individual items. Deductibles usually apply, but you are not limited in case you prefer to pack your things yourself.

Before you finalize your move, be sure to research the various coverage options available from your movers and determine whether they offer you enough protection. If the basic coverage is not enough, most moving companies do offer expanded moving coverage options at an additional fee. You can also simply purchase a relocation policy from an insurance company.

Be sure that you understand policies on deductibles, exclusions, and other limitations that may apply so you can make sure all of your valuable possessions are properly covered!

Moving In Princeton NJ?

Transtar Moving Can Make Your Move A Smooth One!

Call (855) 720-7833!