What does your home, car, and pet all have in common? Probably that they are covered under some form of insurance– everyone’s favourite thing they hope they never have to use. Moving is no different, and there’s a few types of insurance you should know about, which we’ll go over in-depth in this blog.
Released Value Protection
This is your basic moving insurance (think PLPD for your car). You have to have it, and there is no “opt out” when hiring a moving company.
Released value protection limits the movers liability to $0.60/ pound. For example, if a 10-pound clock is damaged beyond repair, your cash settlement would be equal to $0.60 X 10 = $6.00, regardless of the true value of the clock.
This means that the maximum released liability of your mover is capped at $0.60 X the weight of your move (so a 2000-pound move, fully damaged, would result in a $1200.00 settlement).
Our Edmonton movers will rarely recommend relying on released value protection, especially if you have large items, lots of expensive items, or just can’t afford to replace your belongings largely out of pocket. This basic coverage is just that, basic, and your goods deserve more protection. If you don’t purchase additional protection, this is what your policy will default to.
Replacement Value Protection
This is where your goods gain more protection and security. Replacement value protection means that if your items are damaged beyond repair, they will be replaced at today’s market price (so your $300.00 clock will be replaced at the same value).
The requirement here is that your goods must be protected to a minimum of $10.00/ pound. For example, if you have 3000 pounds of weight, your minimum replacement coverage can’t be for less than $10.00 X 3000 = $30,000.00. Your replacement value is established depending on a realistic replacement value of all your possessions, so go higher if you have lots of expensive pieces with high replacement values.
Not all household goods are treated equally. Items of exceptionally high value (usually over $5000.00) will require their own coverage, especially when they are priceless or incredibly fragile.
Limited protection applies to motor vehicles, boats, trailers, campers, snowmobiles, or other off-road vehicles. Protection here is usually limited to the current market value of that specific year, model, and condition. These items must also be shown separately on your Bill of Lading.
A limited protection coverage applies to motor vehicles, trailers, campers, snowmobiles, motorcycles, boats or motors. These items must be shown separately on the Bill of Lading (the legal document that allows the mover to transport your goods). Protection is limited to the current market value of the year, model and condition.
Also note that movers typically cannot be held liable for owner-packed items, including boxes and bins. Different movers may have different policies, and it’s best to ask your Edmonton movers what their specific rules are.
Am I Covered By My Home Insurance?
This is a tricky question that is impacted by a number of factors, but the short answer is “sometimes”. Depending on your specific policy, you will usually be covered while in transit to and at the new property, within a certain period of time and up to a certain value. Reach out to your home insurance provider for specific details, and ensure you acquire adequate insurance in the instance you are not covered.
Looking For an Edmonton Moving and Storage Service Company?
Matco Moving Solutions can help you with your local, long-distance or international move. We are a full-service moving company that is dedicated to delivering a stress-free and positive moving experience. We have locations in Toronto, Kitchener, Calgary, Edmonton, Yellowknife, Whitehorse and Inuvik and over 55 years of moving experience and expertise.
Contact us today for a free moving quote and to learn how Matco can help you with your next move.