Insurance for the Movement of Household Goods:
When moving your items with a moving company, the basic insurance covering your items during the move may depend on the whether you are moving in-state or across state lines. The rules related to insurance are typically overseen by the public utilities commission in the state where your are moving. If you are moving across state lines, the rules for insurance are governed by the Federal Motor Carrier Safety Administration. In a typical move, you may select standard insurance or you may purchase additional insurance.
Standard insurance is provided for household goods moves with a legal liability release value limitation of sixty cents ($.60) per pound, per article for interstate moves (local moves may cap coverage at three hundred dollars). What these terms means, is that if you are having your items moved or placed into storage and you have a 100 pound TV which is lost, stolen, broken, or damaged in any way, the maximum amount of recovery for this item would be sixty dollars ($60). In the event you had a one hundred (100) pound cement brick that broke, the coverage would be a maximum amount of recovery up to a value of sixty dollars ($60). In the event that your item was less than sixty dollars ($60) of value, the maximum limit would be the value of the item, not to exceed sixty cents per pound. This amount of sixty cents ($.60) a pound is certainly not very much and in the event something happens to an antique, a piece of technology equipment, or something with high sentimental value, standard coverage would not come close to replacing the actual or depreciated value of the item.
When moving in-state, either locally or over a long-distance in the same state (regardless of distance), the standard insurance coverage for your items may be a maximum insurance coverage policy limitation amount (i.e., for example, some states provide a ‘no-cost’ amount of insurance equaling a certain dollar amount (i.e., three hundred dollars). Unless the items are antiques, technology, or high value artwork, most people do not usually purchase insurance, because the items generally are picked up and transported by the same crew in the same vehicle and the risk of damage is minimal. However, when moving longer distances (i.e., greater than 300-500 miles), across state lines, or if your items are going into warehouse storage for a long time, insurance is recommended.
Alternatives to Standard Insurance:
An inexpensive method of obtaining insurance is by checking with any homeowners or renter’s policy you may have to see if your items are covered under this policy for moving or storage. If your items are not covered under a personal policy and the standard release value insurance of sixty cents ($.60) per pound (or a fixed amount for in-state moves) is not what you are looking for, additional insurance may be purchased and typically costs 1.25% – 1.8% of the value of the item for depreciated and actual value insurance respectively. For example, an insurance policy covering ten thousand dollars ($10,000) of household goods (with a $300 – $500 deducible) may have an additional insurance cost of one hundred thirty dollars ($130), for depreciated coverage and one hudred eighty dollars ($180) for replacement insurance coverage respectively.
Binding an Additional Policy to Cover High Value Items:
Actual policy costs and terms vary, so it is your responsibility to review the actual policy for complete information. When purchasing a policy for additional coverage, a valued inventory sheet needs to be completed and a coverage document page may need to be signed. Additionally, it is recommended that these documents are completed forty-eight hours prior to the beginning of the the movement of the items.
These documents may be requested by sending an email request to: firstname.lastname@example.org. You can bind an insurance policy covering items with a credit card up to the day of the move. Note: Customers may need to make their own additional arrangements to insure items placed in self-storage against loss, damage, or theft.
Please take care to review the actual coverage you have before any movement or storing your items.
Independently licensed Life, Sickness, Accident, Property and Casualty Agent. Appointed with numerous insurance companies providing assistance for individual and commercial insurance needs, including auto, home, renters, life, health and annuity products. Transportation and insurance specialists and also licensed and registered with the Center for Medicare & Medicaid Services to provide Health Insurance through HealthCare.gov and the Affordable Care Act. Also licensed in numerous states including Georgia, Maryland, South Carolina, Texas, Washington.sixty