Moving - Would You Buy Insurance?

Whether you're setting out to move domestically or internationally and you're speculating about insurance before moving, remember that no matter how choosy you are in choosing movers, accidents can happen. During shipment there is always the chance of a carton being dropped or something breaking, no matter how well the items are packed there is no guarantee they will not be broken. What can be sorted is how competent your moving company is at resolving claims and making sure you're adequately covered should an accident occur. Replacing the item, or giving you the money to replace it, Insurance compensation gives you the piece of mind should an accident happen.

What Choices of Insurance are on Offer?

1. Each removals company, by law, has to include a basic insurance cover to the client without cost, the insurance against accidents. Still, in most cases this basic coverage has no relationship to the actual value of your goods. Under normal circumstances only 60% of the value of the article is covered with this kind of insurance. There are some firms which will pay you for the whole carton weight in which the item damaged was in. Items that are packed yourself are usually not covered as the insurance only covers items packed by the removals company themselves. So taking all the points together, this kind of insurance usually falls down when you need to make a claim.
2. Added Value Protection Coverage. This is extra coverage supplied by the movers company and just raises the amount of money you get per pound per article. This can be a alterable amount but is often set at $2. When you want insurance cover you can clarify the amounts direct with your removals company. Although this plan is better, the payments are still made on the weight of your things, which doesn't help if you have light but expensive articles.
3. For a policy that pays out the cost the object when you bought it, or pays the depreciated value of the item lost or broken you can get Market Value or Depreciated Value policies. There is still a disadvantage to this type of scheme as you would need to go through every item you own, find the price of each item, then declare it to the removal company and/or insurer before you move. Not many people use this type of scheme nowadays and instead have opted for the more popular Replacement Value Plan.
4. 'Like for Like' insurance or 'New for Old' insurance is named a Replacement Value Plan. This type of coverage will compensate you for the unrestricted value of your lost or damaged objects according to the new market prices but you will be paying a higher premium for this type of protection.

Non-insurable Items

It doesn't matter how hard you look, there is always going to be some of your possessions that are not covered. Keep these objects with you, rather than place them in the removals truck. Possessions not covered under the policy agreement include such items as currency, photographs, personal papers and jewelry. Other possessions not regularly covered unless you can prove visible damage or the removals firm didn't handle the goods properly are TVs, Stereos and computers. Professional wrapping and boxing for special items, such as antiques, expensive paintings and musical instruments, may be the best way to deal with these items.

Write an Inventory File

Before the removals company come in, make sure you write a complete inventory of all your possessions. This list should have all of your possessions that are being transported, their value, replacement price and type of condition they are in. Photos of your possessions, at least the valuable ones, are a good idea and should be kept with the inventory list. If the objects are damaged or lost then you will grateful for the work it took to do them. When moving abroad, this list will be very advantageous because many customs and inspections will need it.

To Finish, Here are Some Additional Helpful Suggestions

1. Always read the fine print in your contract, it may include loopholes and exclusions which can give you a great deal of trouble should your possessions be damaged or lost.
2. Make sure you accept the agreement before signing, if required ask as many questions as you need to.
3. Check the policy details when you are moving abroad to make sure your possessions are covered until they reach your new home.
4. Although you may have given the inventory records to your removals company, keep a copy for yourself and carry it with you.
5. Your removals company may damage your property when taking out or putting in your items, so check to see if this damage is covered.

Presented by Jay Banks, Condos Vancouver professional.