Moving Tips
Moving to a new home can be an exciting adventure but comes with risks and uncertainties. Picture this: you’ve carefully packed and loaded all your belongings with the best movers Frederick MD, only to discover that some of your favorite items have shattered.
It is not only budget-breaking but heart-breaking as well. Here the importance of availing of moving insurance becomes evident. Moving insurance from reliable moving companies provides peace of mind, protecting your possessions against potential accidents, theft, or damages. Simply put, it is a small initiative that can save you from significant financial losses in the long run.
What Is Valuation Coverage?
Although most Frederick Movers MD offer different ‘coverage’ options, moving insurance and valuation coverage are used interchangeably. And it is essential to note that both terms may sound similar but are significantly different.
A valuation coverage indicates the liability a moving company pays if your property gets damaged or lost. Every moving company in Frederick, MD, offers primarily three kinds of valuation coverage plans, released value, total value protection, and third party.
The released valuation coverage is included in your move without additional charges [1] but offers limited coverage. Although all valuation coverages are less flexible than actual moving insurance, the compensation is handy for instant repairs and replacements.
Released Value Coverage
All moving companies in Frederick, Maryland, offer this primary type of valuation coverage. It is a law-enforced protection plan based on the shipment’s weight and doesn’t offer complete coverage. The cost is usually petty, insufficient to compensate for the repairs fully. Although, the released value coverage requires no additional charges. But the liability premium is only 60 cents per pound coverage [2].
Let’s try to understand it with an example. Suppose you are moving an item worth 1000$ and weighs about 40 pounds. Doing the math, the coverage amount is 40*0.60 = 24$. That doesn’t sound attractive, right?
Consider another example; you are moving 1400 dollars worth of refrigerator that weighs about 360 pounds, then the total compensation amounts to around 216 dollars.
Remember that this coverage option compensates you according to the weight of the damaged item. If you don’t specify the coverage option as released value coverage, Frederick Movers MD moves your full value coverage, and the charges increase accordingly.
Full-Value Coverage
.The second type of coverage is full value coverage and is governed by the Surface Transportation Board of the U.S. Department of Transportation. Although, the charges are more. But it makes a Frederick moving company liable to provide a considerate amount for the damaged or lost items.
Although the full value coverage varies from mover to mover, the compensation premium is commonly calculated according to the item’s valuation [3]. For instance, if you have an item worth 30,000 dollars. Then, Frederick movers MD will pay you 300 dollars.
In the full value coverage, there are three options. The first option is that the moving company will get your item repaired. For instance, if you have a smashed washing machine, the moving company will deliver and provide means to repair it.
The second option is to replace the items with similar items. If you have a two-year-old broken washing machine, the moving company will replace it with a similarly dated model, not a new one. The last option is the moving company paying you the premium for repairs or replacements in cash.
Third-Party Moving Insurance
In addition to the two types explained above, a protection plan is known as third-party moving insurance. And some Frederick Movers MD may offer you third-party moving insurance if you stick to released value coverage. It is critical to note this coverage is not included in every move by default. You have to pay additional charges for it.
Furthermore, third-party moving insurance is governed by state rather than federal law. So it is essential to research and pick an authentic moving company for moving insurance.
If you don’t want to purchase moving insurance from a moving company, you can buy them from independent insurance companies. However, this leads to another confusion: should you buy independent insurance or purchase some via a moving company?
If you are tight on your budget, the ideal approach is to search and compare all the available options. However, buying moving insurance via a moving company. It will still pay the released coverage, but since you have purchased additional coverage, you’ll get a complete refund for the damage. [4]
What Things Limit the Liability of The Coverage Frederick Movers MD Offer?
Before getting tangled into the different coverage options moving companies in Frederick, MD, offer, it is essential to note that some things may limit liability.
Moving Perishable or Hazardous Items Secretly: This fact may seem underrated. But if you are moving dangerous or perishable items without notifying the moving company, no Frederick moving company will pay for the damage. It is because hazardous items are not permissible in the relocation policies of moving companies.
Not Hiring Packing Services from A Moving Company: Remember that your Frederick Movers MD will only refund the items they packed. If you have packed everything yourself and something gets damaged, the company’s liability gets limited.
Missing Notifying Precious Items: Relocating high-value items without notifying the movers will also authorize the company to pay less. Hence, pack everything carefully and inform the professionals about valuable or delicate items.
Waiting Too Long Before Filing a Claim: Most companies give you nine months to file a coverage claim. But the company may reject your claim if you fail to file a written claim within the allocated time frame. Hence, if you get some property damage, file a claim immediately after moving to Frederick, MD.
The Bottom Line
Most Frederick Movers MD offer valuation coverages for their customers. But selecting the correct type of coverage is critical because higher coverages are expensive. Commonly, there are two types of coverages: released and full-value. But now, most moving companies offer third-party moving insurance as well.
Although these liability percentages come in handy in case of property damages, there are some rules one must follow. Else, the liability of the moving company will be limited, resulting in insufficient coverage.
FAQs
1. Do federal authorities govern all coverages?
No, federal law doesn’t govern all the coverages of moving companies. Only the released value coverage is federally mandated.
2. How is a coverage liability different from moving insurance?
Valuation coverage is minimal and doesn’t compensate for damages outside the mover’s control, like weather damage. At the same time, moving insurance pays for a variety of damages.
3. What things does valuation coverage by a moving company in Frederick, MD, cover?
The valuation coverage covers everything permissible according to the relocation policies of the moving company.
4. Which coverage option is better for long-distance moving?
Usually, people opt for full-value coverage for long-distance moves. But it is essential to consider the weather, traffic conditions, etc., when choosing a coverage plan.
Links:
[1] https://www.marketwatch.com/guides/moving-services/do-i-need-moving-insurance/#:~:text=Whenyouhireaninterstate,deductiblebutoffersminimalcoverage.
[2] https://www.moving.com/tips/moving-insurance-coverage/
[3] https://www.fmcsa.dot.gov/consumer-protection/protect-your-move/are-you-moving/liability-protection
[4] https://www.mymovingreviews.com/move/moving-insurance-types-cost/
