Under total value protection, the moving company is responsible for the replacement value of lost or damaged products throughout the shipment. In general, a moving company is responsible if they lose or damage a customer's household belongings during the move. In this situation, the customer can file a claim with the moving company to seek financial compensation for the loss or damage. If the moving company denies the claim, in whole or in part, the customer may need to file a lawsuit or initiate arbitration to obtain compensation. In addition, in this situation, it may be necessary for the client to hire an attorney.
Moving companies must apply comprehensive protection to the transportation of the customer's goods, unless the customer expressly waives their right to such protection. In addition, the moving company must offer transportation rates that include full value protection. Interstate moving companies must offer customers a full protection rate with no deductible. Moving companies may also offer a full-value rate that gives the customer the option of selecting a deductible (but moving companies cannot apply deductibles if the customer opts for limited liability). In general, selecting a deductible will lower the rate paid for the move.
A customer may want to consider obtaining private insurance coverage to cover losses that may arise during a move. Choosing a moving company's rate for full protection isn't the same as buying an independent liability policy from a private insurance company. Consider the size and distance of your move, the value of your items and the risk of damage or theft when deciding if you need moving insurance. Check with your homeowners or renters insurance provider to see if they can offer you coverage or help you get a separate policy.
If you need more help planning your move, check out our Infallible Guide to Moving. Renters insurance when they move generally covers damage to their personal property during the the move itself. If your belongings are damaged or lost while in transit, renters insurance can help cover the cost of repairing or replacing them. Whether it's due to an accident with a moving truck or a theft while moving, renters insurance can provide you with peace of mind during the often stressful moving process.
With full value protection, the moving company can be responsible for the full replacement value of any damaged or lost item. With full protection, the moving company can repair your item, replace it with an item of comparable value, or provide you with the funds to repair or replace it. This means that if your furniture or other items are damaged while loading them into a moving truck or while in transit, your renters insurance may not cover these damages. If you decide to move yourself, you won't have the benefits of moving company coverage if your belongings are damaged or broken.
You must identify all the items of extraordinary value in your moving shipment and provide the list in writing to the moving company. Documenting the condition of your items before the move and carefully packing and labeling your belongings can help minimize the risk of damage during the moving process. You can also provide a full inventory of your items with their approximate market values and agree on a total value with your moving company. Renters insurance generally doesn't cover the cost of hiring moving professionals or any damage that occurs as a result of your actions.
People who move on their own can opt for transportation insurance in case something goes wrong during the move, such as a fire or a vehicle theft. Renters insurance may not cover damage caused by the moving company or by the improper handling of your belongings. Photograph the items before the move for proof of their pre-move condition and document the belongings by creating an inventory of the move. It's important that you understand the different types and levels of protection available and the fees charged for each option, so always ask the moving company to provide you with the specific terms of the policy in writing.
