Understanding Moving Valuation Coverage
Are you and your family relocating? Whether you’re moving locally or across the country, safeguard your household goods with Full Value Protection. From a catastrophic accident to a minor scratch, ensure that you are covered.
Moving companies are required to offer at least two coverage options to their customers. Olympia Moving & Storage, a partner of Long & Foster’s Home Service Connections, offers the following.
Option 1: Full Replacement Value Protection
The moving company will repair, replace or provide the appropriate cash settlement if loss or damage occurs while in their care, up to the dollar amount of valuation selected. A deductible may be required.
Option 2: 60 Cents Per Pound Per Article
This is a minimum coverage plan required by the government and is provided free of charge. If any of your personal belongings are damaged or lost, the moving company will be liable for 60 cents per pound per article. You will be entitled to recover the depreciated value of the damaged item, or 60 cents multiplied by the weight of the damaged article – whichever is less.
You might try to avoid the additional costs by opting out of moving valuation coverage entirely, but it’s probably not worth the risk. “Accidents happen,” said Piet Gauchat, president of Olympia Moving & Storage. “The coverage gives our customers peace of mind and minimizes additional anxiety around the moving process.”
Don’t assume your belongings are covered by your insurance company during your move. “All insurance companies have different policies,” explains Bryan Baker, Long & Foster Insurance regional manager of the Baltimore region. “It is essential to reach out directly to your insurance provider and ask if your personal property is covered in transit.” Your coverage might also vary if it’s a self-move versus a professional move.
“The majority of damage occurs while your belongings are being loaded and unloaded on and off the moving truck,” explains Gauchat. “Whether it’s a short move or a long-distance move, the damage risk is fairly comparable. Fortunately, we exclusively offer clients and employees of Long & Foster free Full Value Protection.” If you’re planning to relocate, moving valuation coverage will protect you and all your worthy possessions.