In the build up to moving, there is so much to do and organize that it only stands to reason that some things slip through the net. All too often, we overlook the aspects most taken for granted, sometimes even deciding to ignore them. A perfect example is moving insurance.
Outside of working with Viktoria Professional Movers, I moved four times, and I started to develop a system for myself. I spend weeks strategically packing things away (room-by-room), checking lists and colour-coding boxes, double checking vehicle availability to make sure the truck arrives on time, and triple checking things at my new abode.
Getting insurance was never high on my list of priorities, and for a few good reasons: it’s an extra expense; my moving company is insured; and, what are the chances anyway? Much like buying travel insurance when booking your flights for a vacation overseas, moving insurance seemed like an unnecessary expense.
It was not until an unexpected mishap caused damage to a family heirloom (a large living room mirror my grandmother bought in the 1950s) while in transit that the importance of getting proper insurance became apparent. Lesson learned, I looked into the subject area and discovered some interesting facts – and there are 3 in particular that you need to keep in mind.
So, what does this mean? And what options are available to you if you want to play it safe and maximize protection of your things while moving. Well, here’s what I found out.
Whether offering local or international residential moving services, your chosen moving company is obliged to be insured. But Valuation Coverage essentially means they provide a predetermined limit of liability based on the perceived value of the loan being transported, and is detailed in your contract via your Bill of Lading. There are 3 ways that this limit of liability is calculated:
What this means, of course, is that you should fully understand the conditions and scope of coverage before signing any contract with a moving company.
The quick answer to this question is: not much. It depends on your insurance company and the terms of the home insurance policy you have. The best thing to do, therefore, is to call your insurance company and ask them.
In many cases, there is no coverage for possessions while in transit, though there is 30-days coverage provided once they arrive in your new home. In some coverage is provided at only a very small percentage – perhaps as small as 10%.
If you are not satisfied with your moving company’s Valuation Coverage, and discover that your Homeowner Insurance policy offers completely inadequate protection then buying moving insurance may be the best thing to do.
But there are several issues to consider in that case too:
Most moving companies are more than happy to sell you additional insurance. It’s always a good idea to consult your insurance broker separately to get a good overall assessment of the options on offer. Coverage options can be quite extensive, but some of your policy should:
For the most part, the types of coverage that moving companies offer should be enough, but the Canadian Association of Movers (CAM) recommends that you check out the details of the coverage offered. CAM produced a brief overview on the matter, which is worth reading.
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