Insurance is an important purchase when moving house;properties whether you are moving within the same country or internationally, accidents can and do happen. Boxes can be banged or dropped or shift during shipment and nothing can guarantee the safe arrival of your goods. What is important is how that damage is dealt with, how the removals business deal with the claim and that the item is covered. Insurance will not stop an accident from occurring, but it will pay out the needed compensation for your losses should they occur.
Kinds of Insurance
1. Each removals business, by law, has to give a basic insurance cover to the consumer without cost, the insurance against accidents. Still, in most predicaments this simple coverage has no relationship to the actual value of your goods. This equates to a compensation of 60 cents per pound per article meaning the removals firm would be liable for a maximum of $60 for a 100 pound item. There are some firms which will pay you for the whole container weight in which the item damaged was in. However, if you happened to pack the container yourself, you would get nothing as owner-packed boxes are commonly not insured. As we can see, this kind of insurance is normally not enough to actually cover the losses.
2. Added Value Protection Cover, is a little bit extra coverage offered by removal companies, which gives a slightly larger return on damages. This can be a alterable amount but is normally set at $2. When you require insurance cover you can arrange the amounts direct with your removals company. Goods that are expensive to replace but are light are not really covered in this type of plan as the cover arranged by the business is still paid out on weight.
3. Market Value or Depreciated Value Coverage, is the type of plan needed if you are wanting payment for the cost of replacing the objects lost or broken. However, it can be very difficult to guess the correct market value of your goods and usually you must declare the value of all your belongings to the mover or insurer beforehand. Not many customers use this type of plan nowadays and instead have opted for the more popular Replacement Value Policy.
4. ‘Like for Like’ insurance or ‘New for Old’ insurance is known as a Replacement Value Policy. Higher fees are the downside of this plan, but the upside of it is, your items are replaced or you are paid out the market value of your belongings as they are priced today.
Items that you can’t Insure
It doesn’t matter how hard you search, there is always going to be a couple of your belongings that are not covered. In these instances, you should take these items with you. An example of such an asset would be a bit of jewelry, coins, currency, bank or mortgage papers. Other belongings not regularly covered unless you can prove visible damage or the removals firm didn’t handle the goods correctly are TVs, Stereos and computers. Have delicate or expensive items such as paintings and antiques professionally packed for the best protection and even think about additional insurance just for those items.
As with all facets of moving, make a list! - This time an Inventory Catalogue.
Before the removals truck come in, make sure you type out a complete inventory of all your items. The market value of the item, the price to get a new one and condition the item is in are things that should also be included on the list. Photographs of your items, at least the pricey ones, are a good idea and should be kept with the inventory list. While this is time consuming you will be grateful you did it in the event of loss or damage to your items. Customs will need to see this list if you are moving internationally, not only to avoid having to pay tax on your items, but also to make sure you are not shipping any damaging or harmful items into your new country.
To End With, Here are a Couple Further Helpful Suggestions
1 Before agreeing to any agreement for insurance, check for any exclusions that the policy may have and read through before signing. 2 Make sure you understand the agreement before signing, if necessary ask as many questions as you need to. 3 Check the policy details when you are moving abroad to make sure your belongings are covered until they reach your new home. 4 Although you may have given the inventory records to your removals firm, keep a copy for yourself and carry it with you. 5 Find out if your insurance covers any breakages done to your house while moving.
Moving Guide Presented by Jay Banks, Condominiums Vancouver BC professional.