From our point-of-view as part of the moving industry, it is extremely difficult to make a recommendation to a consumer as to whether they should get insurance or not. Keep in mind that the moving companies that are licensed and registered with the state do not benefit either way on your decision to purchase insurance, as we are forbidden by law to persuade you in either direction and will not do so for liability reasons. With that said, we will do our best to explain your options in order for you to make the most informed decision possible.
FIRST, CHECK EXISITNG POLICIES
First thing you should do as a consumer is to check with your home owner’s policy or renter’s insurance policy to see if your existing policies provide any coverage for moving – this is to ensure that you are not paying a premium for a coverage you may already have. If you are covered, please describe your exact moving scenario to your agent and get a recommendation from them on whether or not to purchase additional coverage.
ASSESS YOUR EXPOSURE TO RISK
Are you moving to your new home which happens to be around the corner, or are you moving many miles away and storing your items on the trailer for a night or two? Are there many stairs involved, and is the egress difficult to manage? Your exposure to risk should play a major role in your decision to get moving insurance. One thing we would definitely recommend is to check the ratings of the moving companies you’re consider hiring in order to see their history with moves, Brookline Moving Company just so happens to be one of the highest rated companies out there.
INSURANCE OPTIONS
The following very briefly, summarizes the options available to you from all licensed movers that are registered with the Mass Movers Association. Your mover should offer similar if not the very same coverage options:
Option A: 60 cents per pound per article (costs nothing extra)
Technically known as "basic carrier liability-release value," it's the minimum required by federal law. This is covered in your base move price, costing you nothing extra. Because of this, it's the most economical option, but your goods are covered for 60 cents per pound per article. This coverage is called "released value" or "Carrier's Liability."
Obviously this won't replace your expensive belongings, so think twice before agreeing to this coverage. If you agree to this, you will be asked to sign a statement of agreement on the Bill of Lading.
Option B: Declared Lump Sum Value (default insurance if nothing is chosen)
Under this option, you declare a lump sum value for your entire shipment, subject to a minimum of $1.25 per pound times the weight of your shipment (you may declare more, but not less). For example, if your shipment weighs 10,000 pounds, the lump sum value would be $12,500 (10,000 * 1.25). That amount will be the Mover's maximum liability to you. Ask the Mover about the charge for this coverage. If there is a claim, the Mover is not obligated to write out a check to you for the entire declared shipment value! Each damaged item will be repaired, replaced, or a cash settlement may be offered, according to its depreciated value, not to exceed the shipment's declared value (in this example the declared value is $12,500). The Mover will apply depreciation to any claim made under this option. Brookline Moving Company charges $7.00 per $1000 of valuation.
Option C: Full Replacement Value
Full "replacement" value protection is non-depreciated coverage. Not all Movers offer this option. This option provides for the repair or replacement of the item, whichever is less, to restore the piece to its condition immediately before the loss.
This option is based on a minimum declared value of $4.00 per pound (you may declare more but not less). The Mover will not apply depreciation under this option. Example: 4,000 pound shipment @ $4.00 per pound = $16,000 of liability coverage. Brookline Moving Company charges $12.00 per $1000 of valuation.
There you have it folks, we did our best to summarize the options for you. Please read the following PDF for more details. Upon reading this document, you will know as much as any mover about insurance options!