Should you get Additional Liability Coverage?
Have you ever looked closely at the amount of coverage you have with your homeowners insurance? Most insurers divide the coverage between the house itself with a separate coverage assigned to the contents of your home. Contents refer not only to your furniture but also to: clothing, bedding, towels, dishes, small and large appliances, electronics including television sets, stereo systems, computers, tablets, cell phones and numerous other items. If you go back and look at these insurance documents from previous years you will see that each year, the coverage is increased. This is done automatically to compensate for the cost of replacing items at current market prices.
Similarly, when you are moving you should discuss the matter of moving liability coverage with the moving company helping you with the process. Many companies don’t like to talk about the possibility of claims for loss or damage, however when you consider that you are entrusting them with everything you own, it is important you have a conversation about it. Moving consultants from reputable companies like Premiere Van Lines will initiate the discussion with you as they know how critical it is for you and your possessions to be fully protected during your move. Once you decide which option is best for you, your Premiere representative will give you a “Transit Protection Certificate” that will clearly outline all of the liability coverages including any exceptions. This information will also appear on the back of your moving contract.
You’re Likely Not Accurately Covered
Many people are under the mistaken impression that they can claim for damages with their home insurance company. However not all homeowner’s policies include this option, and those that do may turn out to cost you more money than you would expect. Most homeowners' policies include a deductible of at least $500- $1000, and once you make a claim, your rates will increase for years going forward. As well, even those insurers who will accept a moving related claim have a long list of exceptions and restrictions.
Standard moving contracts by law carry minimum moving liability coverage of .60 cents per pound per article. This coverage is included in your transportation costs at no additional premium. However in the event of a claim, the amount paid out will not compensate you for the cost of replacing an item that was damaged beyond repair. For example, a 50” plasma television only weighs about 70 lbs. With only the basic minimum coverage, you would receive $42.00 in settlement. Obviously this payout would not be enough to replace the television.
The Premiere Van Lines Difference
Stop to consider how many thousands of other trucks and cars your moving van will be on the road with during its trip to your new home. Paired with weather conditions and other accident causing factors, you will quickly realize that your moving liability coverage isn’t just for a broken item but instead it should there be total loss. This certainly isn’t something that happens every day but sometimes there are situations outside of anyone’s control and need to be considered.
Choosing the right moving liability coverage through your mover is the best choice. Moving companies like Premiere Van Lines offer full replacement moving liability coverage for a very reasonable premium. On Canadian long distance moves, we use the insurance industry valuation of $10.00 per pound as the minimum to calculate full replacement coverage. This means if your shipment weighs 10,000 lb then you purchase $100,000 coverage. However it is important for you to personally determine if you require additional coverage. Many consumers have high-end possessions with an overall value well in excess of $10.00 per pound.
Contact us at Premiere Van Lines to receive your moving estimate, and learn more about moving liability coverage today!