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Take a quick survey of your friends, and chances are that many of them can share horror stories about moving companies that damaged their property during a move. This isn’t surprising because lots of things can go wrong. Delicate items can be bumped and broken, boxes can be lost, and both your new and old apartments can be damaged during the moving process.
Many people assume that a moving company has insurance to cover loss and damage. The truth is a little more complicated. Because companies that offer insurance are regulated by the state, most moving companies do not actually offer insurance. However, many moving companies do offer some protection to clients in the form of mover’s valuation.
Moving companies offer different valuation options that assess the value of your items in different ways … and for different prices. Here are a few of the options typically offered by moving companies:
You’ll have to read the fine print on your policy, but here are some things that your valuation policy probably will not cover:
Is it worth purchasing extra protection from the moving company if you already have homeowners or renters insurance? The answer depends on your policy; however, you may be surprised by what isn’t covered. Many policies offer coverage only up to 10 percent of the value of your belongings. Despite your insurance, moving-related damages may not be covered. Many policies only protect your belongings when they are physically in the house. Damage incurred in the hallway, lobby, moving truck, or new apartment will probably not be covered. Some homeowners or renters insurance policies may provide extra coverage. Check with your insurance company instead of making assumptions about what is covered.
If you own very valuable items and feel that the options offered by your movers are not adequate, you may consider purchasing additional protection. You can buy insurance for particular items, or purchase separate “Goods in Transit” or Relocation Insurance from your insurance company. Check whether you must meet a deductible before coverage starts.
All the insurance coverage in the world won’t do you much good if you’re dealing with a corrupt moving company. Unfortunately, a lot of bad apples are out there. Before selecting a company, ask family, friends and coworkers for advice. Look at the moving scam “blacklist” to see if your company is listed.
Also, do a Google search on your moving company and see if it turns up any negative hits. People who have been scammed or otherwise treated badly by a moving company are turning to the Internet to warn others. It’s worth the time and effort to do a little research to ensure that your belongings are in the hands of a trustworthy company.
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