It’s always a good idea to take extra steps to protect your property during packing, loading, and unloading. So when planning a move, many people get stuck on one decision: is moving insurance worth the extra expense? Depending on the company, the job for which you hire them, and your existing home insurance, your coverage could be fine!
What Is Moving Insurance?
A combination of your household insurance and the mover’s insurance may cover your belongings should they be lost or damaged. First, talk to your home insurance provider to see if you can transfer your current policy to your new home. In doing so, your personal belongings will get coverage while in transit. If the movers drop and break a TV, for instance, then your home insurance policy would cover the replacement costs.
Without full coverage and proper preparation, you might not get the compensation you deserve. According to Canada’s Office of Consumer Affairs, moving companies are not responsible for carrying what they call “goods of extraordinary value,” which are items that have a value greater than $100 per pound, per article, unless you have declared the value of the item. If you include items of extraordinary value in your shipment, you should confirm it with the movers, complete an inventory sheet, and sign it before your move.
Some items have “inherent vice,” meaning the manufacturers intend them to be in one place as long as they are useful. These types of objects are made of a material like fiberboard, and they break down because of the weaknesses rather than an external force. If movers see items like this in your home, they may ask for a waiver of liability before they handle these fragile items.
Many financial institutions offer coverage, so consult yours for a fuller picture. If you don’t buy replacement value protection, confirm how much the moving company is liable for if there is a loss of or damage to your stuff. Usually, the mover’s liability is about $0.60 per pound per item.
What Is Full-Value Protection For Moving?
For complete coverage, there is also “full-value protection.” In Canada, moving companies will offer this type of moving insurance to protect the full value of your items. If something is lost or damaged, you will get the exact amount of money as the real value of the lost or broken item.
This is something the moving companies often offer using a base of around 1 percent of the valuation. If you confirm that the belongings are worth $25,000, for instance, you would pay about $250 for full-value protection.
Compared to extra moving insurance and protection through your home insurance, full-value protection can be costly. With the right company, though, you’ll get comprehensive coverage while getting extra useful services – this is how you get our Damage-Free Guarantee!
True North’s Coverage
When you hire True North Movers to do the packing and loading, you get coverage through our Damage-Free Guarantee! This is more than the minimum of other basic plans, as we will cover the full cost of anything damaged. However, you must hire our team for the packing part as well as the moving for coverage. It’s the best way to ensure that all your items get the professional handling and protection they deserve!