So you have made that huge decision to move. New Jersey is your desired location? Great, all you have to do now is to make a foolproof plan in order for everything to unravel perfectly. We know this is far from easy, actually moving is quite stressful. Paying attention to every single detail and maintaining your calm at the same time is a daunting task. One of the things to worry about are all those types of moving insurance and which one to choose. Stay with us as we will try to give you some idea of what is available to you. On top of that, we made a list of important factors to take into consideration when relocating.
- Choosing the right neighborhood
- Deciding between renting or buying property
- Costs of living
- Picking the right moving assistance
- Packing properly
- Choosing the necessary moving insurance
In this article, we will give our best to introduce you to different types of moving insurance in order to help you protect your valuables. This way you will relieve yourself for any unnecessary stress and keep your peace of mind. What if my TV accidentally gets broken? What if my grandma’s precious vases break during the truck loading stage? These are just some of the questions you could avoid if you decide to ensure your belongings. Besides, when you get that worry out of the way, you can concentrate on some more important aspects of your relocation. When moving to New Jersey take a look at some local movers Hudson County NJ has on offer.
The basic type of moving insurance
Aren’t all the movers obliged to provide some sort of insurance? Yes, in fact, they are. By the letter of the law, all the moving companies must provide their clients with basic transportation insurance equaling 0.30$ for relocation within state borders and 0.60$ for an interstate move. Officially, we call these types of moving insurance the Basic Limited Liability Protection or Released Value Protection. While it seems that your valuables are secured, in reality, this is not a case, and here is why: Imagine you have a state of the art TV or a premium sound system. Both devices are probably worth well over 5,000$ and together they weigh around 40 pounds. This means that if they somehow get damaged, you will be paid off only 12$.
Declared value as a medium option
This type of insurance requires you to declare the value of separate items of your shipment. Additionally, you will have to pay some sort of premium in advance. Typically the mover will be able to charge you an additional 7$ to 10$ for every item estimated to be worth more than 1,000$. If you have ten items that fall into that category, a further 100$ will be added to your bill. The moving company is then obliged to pay you 1.25$ times the weight of your shipment. For example, if you are transporting 10,000 pounds of items, the moving company is accountable for up to 12,500$. That is a significant improvement compared to the basic limited liability, and this way you will be able to compensate if something expensive gets broken.
Full value protection
If we would advise you to choose one of all these types of moving insurance, this would be the one. Only with full value protection, you will get realistic reimbursement for your damaged goods. Firstly you will need to evaluate the worth of your shipment. Then you will have to pay the premium which is typically around 1% of the total shipment value. For example, if you are moving 100,00$ worth of goods, you will have to pay additional 1,000$ in insurance fees. The moving company is then liable to pay you anywhere from 4$ to 6$ times the weight of shipment depending on the state regulations. This way you will pile some extra pressure on movers to look after your valuables. Yet, If something breaks on the road, the moving company has several options to compensate for your loss:
- Refunding the broken item in cash (based on market value)
- Repairing the broken item
- Offering you an item of similar value in return
It is a wise idea to photograph all your belongings ahead of the move, as evidence that the damage occurred during the transportation. None of these types of moving insurance will get you covered without the evidence. Also, keep in mind that the movers are not responsible for all the boxes you packed by yourself. So it is probably the best idea to leave the packing process to the experts. Professional movers NJ are a good place to get some basic info.
Complete loss only
Have you ever wondered what happens if the moving truck falls from the cliff or bursts into flames? Well, you can probably say goodbye to your belongings. In this wild, yet still possible scenario, you can save the day by getting the complete loss insurance. As the name suggests you will be compensated only in the case of total damage. This means all of your stuff is lost or damaged beyond repair.
Third party insurance
Another option available for you is to hire a third party insurance company. This is actually very similar to the full value protection. The only difference is that you will be able to choose whom to trust. The premium will vary depending on which insurance company you will choose. The insurance company will be also accountable for any damages you might experience. Keep in mind that you will also have to pay for the obligatory released value protection to the moving company.
So these are some of the possible ways to protect your valuables during the relocation process. All these different types of moving insurance have their pros and cons, and now it’s up to you to decide which one suits you the best. Be wise when calculating your insurance fees. Try not to overpay something that you don’t realistically need and read carefully what your insurance covers. You can get some idea of your expenses by using moving cost calculator.