Insurance for Moving: The Basics on Rental Moving Truck Insurance

August 2, 2009 by  
Filed under Insurance

If you are planning and making preparations for a move, then you are probably considering on renting a moving truck rental. In essence, you are entrusting all your life’s treasures and possession to some company’s vehicle. And while you have probably made all the necessary considerations such us contracting the services of a reputable company, accidents and mishaps are always lurking nearby, just when you least expect it. So to be on the safe side, it is important to remember to discuss the provisions of moving truck insurance with your service provider. Insurance for moving is vital.

Keep in mind that no two companies are the same. This goes without saying all insurance for moving companies keep different standards that they follow especially when it comes to the nitty-gritty stuff on the details of the moving insurance. So before you sign along the dotted lines, it is advisable to do a little research. Take note that there are companies that specialize in short distance moving while there are also some that cater cross-country or cross-state moves.  And more often than not, these two companies offer different coverage on moving truck insurance. In most cases, short distance moves offer lesser insurance coverage.

Relocation truck insurance, in general offer protection for possible accidents, damage and even theft. One of the most common misconceptions that most of us share is the notion that your regular car insurance can amply cover the insurance that comes with relocation. This is entirely different and should not be confused.

There are two most common types of insurance for moving offered today: the Limited Damage Waiver insurance and the Supplemental Liability Insurance. The former offers protection on you as a client of not having to pay should there be any damage incurred on the rental truck, only up to a certain amount. The latter, on the other hand, providers coverage should there be any claim made against the rental company or you by a third party.

Now if you are concerned about the value of your possession, then you need to ask your service provider if they offer assessed value insurance. Such type of insurance will cover the declared cost of your items should it incur any damage or loss while in transit. This insurance is highly recommended when you plan on moving across countries, as its probably not necessary when the trip is relatively short. So how do you go about assessing the rental service? First ask for the rental rates for the suitable size of vehicle. You can ask for quotes via online forms or by phone and is usually based on a daily rate basis along with the total mileage. Once you have strike a reasonably deal with your service provider then make sure to make the necessary reservations.

Self Pack Moving Companies: Extra Time to Prepare Your Home

February 24, 2009 by  
Filed under Insurance, self pack moving companies

Moving or renting a truck rental is a fairly stressful time in anyone’s life. With so much going on, it is hard to keep up with all the little tasks that need to be completed. You need to remember little things, like cleaning up and repairing your home before you move, which can take even more time out of your life. Although it might seem impossible to you at the beginning, it is not. You can accomplish everything that you need to do for your move, save money, and make sure that they home you leave is in good condition. Self pack moving companies can help you.

Saving Time

Saving time is important when you are moving. There are plenty of things to spend your time on, and you need to conserve as much of it as possible. While you will have to spend time on cleaning and preparing your home for the move, you can save time by hiring self pack moving companies to handle the actual transport. This can save you from having to load a one way truck rental, or from having to hire expensive moving companies that handle all aspects of the move. At the same time, you will be able to pack yourself, giving you the chance to move things into a staging area and clean up as you go. By conserving time and efforts in this manner, you can really save quite a bit of time.

Saving Money

Moving is a pricey event, so every chance that you get to save some money you should jump on. Self pack moving companies save you lots of cash over hiring a professional company. Because they are only providing limited services to you and your move, they will only be charging for the services rendered. You can find other ways to further save cash by using boxes that you get at your local grocery store or by padding delicate items with your linens. No matter how you do it, saving money should be one of the things that you strive for when you are moving.

Leaving it Nice

No matter why you plan on moving out of your home now, or where you plan on moving to, you should always try to save money and time, but leave your home in good condition for the new people who will be moving in. Make sure to clean up each room as best as you can as well as repairing any damage that may have been created as you live in the home. Doing this will not only provide a positive impression on the buyers, but it will ensure that dirt and grime are not a deal breaker for your home’s sale.

The Importance of Moving Insurance

September 16, 2008 by  
Filed under Insurance

Moving can quickly turn into a nightmare if you do not have enough insurance coverage to make sure that you do not lose more money than you have already spent on the move itself. There are so many different things going on at this point in time, things are easily broken, lost, or even stolen. In order to make sure that you and your things all arrive at your destination in one piece, you need to obtain sufficient insurance coverage to cover anything that might happen, even a total loss. It is not unheard of for moving trucks to get into accidents, or for truck rentals to break down, so give yourself the peace of mind by purchasing enough insurance when you move.

Where to Find It

There are many different places to get insurance coverage for your move. The first place to look is with the company that you have chosen to handle your relocation. By law, all moving companies need to have certain liabilities that they pay for, but these liabilities are rarely enough to cover your things. Truck rental companies have different levels of liabilities, as they will not be driving the vehicle, but they are still bound by law to carry some type of insurance. Because of this, most moving companies offer optional add on insurance that you can purchase when you decide to move with them. Most of these extra policies are based on a charge per pound that your belongings weigh.

Homeowners Policies

Many homeowner’s policies also include a clause for moving and in transit items. This may be something that you did not purchase when you got the policy, but you can opt in for now. Make sure to call your agent in order to find out what the specifics of your own policy are, and if you can purchase anything extra to cover anything that you are moving. This can save you money on your move by reducing your insurance costs, especially if you are already covered.

Outside Companies

If you find that neither of these options works for you, then there are plenty of outside companies that would be happy to help you line up a policy to cover your goods while they are in transit. You can use one of these companies to cover everything, or you can use it to supplement any other policies that you might have already lined up. It is important to get estimates here, just as it is when choosing a moving company, because you want to find the best deal that still gets the job done.

Peace of Mind

Once you know that your things will be covered, you will no longer have the need to stress about things going wrong or getting broken in your move. Make sure to keep a meticulous inventory list, however, as this will make it simple to deal with the insurance companies that are going to cover your move. Don’t forget to take pictures of anything that has some damage on it already, and consider moving small valuables yourself. Taking all of these steps will make sure that you get through your move in one piece, without having to stress yourself out.

Valuation vs. insurance

July 23, 2008 by  
Filed under Insurance

It is a Federal Law that all interstate moving companies must offer a customer at least two liability options which are referred to as valuation coverage. The two different options are called (1) Full Value Protection and (2) Released Value.

(1) Full Value Protection

Unless you specifically ask for the other coverage option, the Released Value option, most moving companies will give you Full Value Protection. This is considered the more comprehensive option in which the moving company is responsible for the replacement value of any items that have been damaged, broken or lost. Should this happen, the movers will either simply repair the item, replace it with a similar item, or reimburse you for the cost to repair the item or the market value cost to replace it.

The Full Value Protection plan allows the moving company to adjust their liability for items of exceptionally high value unless the customer specifically lists these items on the shipping documents. Articles whose value is over $100 per pound are considered high value items. Some examples of these items are jewelry, antiques, china, furs, etc. It is recommended that you always ask for a written copy of the movers’ policy regarding high value items before hiring them.

Full Value Protection plans’ costs can vary depending on whether or not the mover offers different levels of deductibles. Again, ask your movers for written details on the cost for this particular plan.

(2) Released Value

Because it is offered at no additional cost, it may be tempting to choose this plan. But, keep in mind that this really provides no real coverage should something happen to your item(s). The way the Released Value plan works is this: the mover will not reimburse you for more than $0.60 per pound per item. So, for example, if you had a 10-pound antique statue worth $1,000.00 that was damaged by the movers, they would only have to give you $6.00 as compensation.

Keep in mind that with this plan, you are essentially insuring your items by their weight, not their value. There is no fee for the Release Value plan, but you will need to sign the contract or shipping documentation to confirm this as your plan choice, otherwise the moving company will default to the Full Protection Plan and you will be charged accordingly.

Remember that neither of these insurance options are controlled by State insurance laws. They are Federal contractual tariff plans authorized under Release Rates Orders of the Surface Transportation Board of the U.S. Department of Transportation.

Third Party Insurance

If you choose the Released Value protection plan, the moving company may offer to sell you or help you obtain additional insurance through a third party. This insurance is not included in the basic plan and you would be responsible to purchase it separately. Third party insurances are governed by State law, not Federal law like the above mentioned valuation options. If you opt to purchase separate coverage from a third party, you are still entitled to receive the $0.60 per pound per item under the Release Value plan, but you would receive the rest of your reimbursement from the third party insurance company for up to the amount of insurance you purchased. If you hire a third party insurance policy through the moving company, they legally must provide you with a receipt or confirmation at the time of purchase.

You are also entitled to purchase additional insurance on your own. Before doing so, you may want to check into your homeowner’s policy as you may be covered during a move.

Always check with your state, county or local consumers affairs agencies or state moving association if you are moving within your current state as rules and regulations regarding moves aren’t always the same in every jurisdiction.

Another thing to note is that there are some things you can do to make sure any claims won’t be denied in the unfortunate event of a loss or breakage of any of your possessions:

-Do not pack perishables or hazardous materials without the movers’ consent.

-If you decide to do your own packing to save money, keep in mind that if something breaks, you may not be able to prove that the mover caused the damage. They may turn down your claim saying the items weren’t packaged correctly.

-Do not choose the Released Value protection plan if your possessions are valued at more than $0.60 per pound.

-Do not forget to notify the movers, or indicate on the bill of lading, any items of high value.

Read Additional information related to this topic:

Moving Insurance Into the 21st Century: NAIFA Launches New … – NAIFA supports insurance regulatory reform and modernization that helps American families and businesses achieve financial security.

NCOIL recoils from insurance bill moving through Congress – The National Conference of Insurance Legislators is pleading for help from governors and state attorneys general to defeat insurance legislation that is moving through Congress that would pre-empt some state insurance powers.