Moving Insurance – Do You Need It?
In a perfect world, whether you’re moving just a few miles from Mississauga to another part of the Greater Toronto Area (GTA) or from Ontario all the way to Florida, you wouldn’t need moving insurance. Your belongings would always be perfectly packed, and they would always arrive on time and in the same condition as when they left your old home.
When you hire a qualified professional moving company that you can trust, you’ll know that you’re putting your belongings in good hands. You’ll have the option to employ their packing services, performed by experts who know how to keep your items safe and how to pack them in the most efficient way possible.
You’ll also be able to walk through your home with them, pointing out particularly valuable and/or fragile items. You’ll be informed on your move’s progress as your belongings make it to your new home, and you’ll feel completely comfortable and in control the whole time. All that said, accidents do happen, and even the best packing, preparation, and moving services can’t always prevent them.
What Kinds of Insurance Are Available?
First of all, whether you purchase insurance or not, you should be provided with valuation. You and your mover will agree on a predetermined liability limit should any accidents or damage occur during your move. This will be included in your moving contract at no extra cost to you, though it is not necessarily based on the value of your possessions. Valuation and/or cost of insurance for your move are determined in one of three ways:
Declared Value – In this case, the overall value of your possessions is determined by multiplying the total weight of the load you’re moving by a certain dollar amount. For example, your valuation might be $1.25 per pound. If everything you’re moving weighs 20,000 pounds, your total valuation will be $25,000. Liability will be determined based on devaluation of any damaged materials during the move.
Lump Sum Value (or Assessed Value) – This is a good option if your household items are not very heavy but are of great value. In this case, you’ll evaluate how much you believe your belongings to be worth, and you can purchase insurance at a predetermined rate per $1000 of value. You’ll need to make sure that this is declared in your moving contract if you choose this option.
Full Value Protection – With this type of plan, you’ll pay a certain amount of insurance money to ensure that all lost, damaged, or destroyed items are repaired or replaced.
To Purchase or Not to Purchase?
With the right moving company, people moving to or from Mississauga or anywhere else in Ontario can rest assured that their possessions will arrive on time and unharmed. That said, even with the best moving services in the world, we have to admit that moving can be hard on your belongings and that accidents do happen that are completely outside of your movers’ control. Moving insurance is always a good idea, and with this information on the different types of valuations, you’ll be able to choose the best insurance type and the best level of coverage for you.