Moving Coverage Guide

When deciding to make a move, whether it is a residential move to a new neighborhood or an office move to a new market, there are many important decisions to make. But once you have selected your location, your dates and you moving company, it is important to make sure that in the event of loss or damage your belongings will be covered. Although at Exodus we have one of the lowest damage ratios in the country, this week’s moving tip is an easy to understand breakdown of your moving coverage options.

What Are Your Rights During a Move?

After your move, you have 9 months to officially unpack all of your boxes and to make a legal claim of damage from the date of the delivery of your shipment. Get a copy of Your Rights and Responsibilities When You Move. This publication created by the US Department of Transportation gives a comprehensive legal breakdown of what you need to know to protect your move.

What is Valuation Coverage?

Long story short, under Federal law, interstate movers are legally obligated to offer something called Valuation Coverage. This is a liability option offered that is designed to represent the agreed upon dollar value of the items you are moving from point A to point B. This should be automatically included in any legitimate estimate from any reputable moving company.

What Types of Moving Coverage Exist?

There are basically two types of Valuation Coverage offered by most moving companies: Full Value Protection and Released Value. Released Value is generally offered at no additional charge to the client and covers up to 60 cents per pound per article. Full Value Protection is a more comprehensive and generally more expensive moving coverage option that obligates a moving company to do one of three things in the event of loss or damage: replace the item, repair the item or pay for the item based on current market value. If opting for this coverage, remember to ask about High Value Items and to read the fine print as each moving company’s costs and coverage may vary.

What is the difference between Valuation Coverage and Moving Insurance?

The concept of Valuation is often confused with moving insurance but they are, in fact, totally separate things. Valuation is an option for basic (released value) or extended (Full value) damage coverage offered by your moving company. This coverage is based on US Department of Transportation Law and is a given when working with any reputable moving company. Moving Insurance on the other hand is a policy of coverage created between the person moving and an insurance company (not the mover) designed to cover a maximum dollar amount for loss in exchange for an insurance premium. In many cases, it is good to have both kinds of moving coverage.

What are the top tips for moving coverage?

Before signing any contract with any moving company we highly recommend doing the 5 following things to make sure your belonging will be covered in the event of loss or damage.

  • Make your own list of what you have and what it’s worth.
  • Ask your moving company what their valuation options are and select what’s right for you.
  • Look over the contract and make sure that their item values match up with your own.
  • Remember that your potential shipment settlement is subject to government regulations, taxes and fees. Pay close attention to whether or not it is enough and if not, explore your alternate insurance options.
  • Find out about the moving companies claim process and ask if they have any currently pending claims.