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How many types of insurance coverage are available and which is the best option for goods in transit?

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Asked by Daniel

November 28, 2012 under Moving Companies

I have a lot of valuable items that I’m going to be moving, including several pieces of antique furniture, and Im nervous about these items possibly being damaged or even lost during the move. How can I protect myself, and which type of insurance coverage would be best?


Answered by Robert Moreschi

November 28, 2012

Valuable or not, your belongings are important to you, and so keeping them safe and making sure that they are covered by insurance is a priority for many people. The thing is that there are a bunch of different types of insurance that offer varying levels of coverage, so it's easy to get confused. Here are the most common types of insurance coverage offered by moving companies:

Declared Value – This type of insurance coverage sets a specific amount that your mover is liable for, based on the total weight of your shipment. For example, a moving company might have a declared value of $1 per pound of insurance coverage. If your moving shipment weighs a total of 10,000 pounds, then the maximum total that your moving company is liable for is $10,000.

Lump Sum Value – Also known as assessed value, this insurance coverage allows you to purchase coverage for a specific amount, per $1,000 of value. For example, this type of insurance would be best for people who do not have a large shipment of goods, but who have several very valuable items that they would like to be covered while in transit. In this case, they will purchase an insurance plan that covers a certain amount that they think their items are worth.
Full Value Protection – This type of insurance coverage is the most comprehensive coverage that is usually offered by moving companies. This insurance covers any lost, damaged or destroyed property and pays for any repairs or replacements of goods. This coverage, despite being a slightly more expensive option, is usually your best option when it comes to making sure that all of your belongings are thoroughly covered in the event of any mishaps or damages while in transit.

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