Coverage & Valuation

Coverage And Valuation
Coverage And Valuation

Life is Good. Move Safely.

Coverage And Valuation
Coverage And Valuation

Liability & Protection – Understanding Valuations & Insurance

One of the most frequently asked questions by our clients is when I hire a good, reputable moving company like Moving of America, why do I need Full Value Protection or Insurance? The answer is, for the same reason that excellent drivers still need to maintain car insurance. At Moving of America, we understand that your belongings are not just items but memories and milestones of your life, and that is one of the reasons we recruit the most skillful, responsible and professional movers.

 

At Moving of America, our masterful approach hinges on extensive care and protection for your belongings. Regardless of how good our moving teams are, we understand that uncertainty can be part and parcel of the moving journey. Caught in unpredictable situations like weather conditions or unforeseen accidents that may intervene with our equipment and your belongings, an extra shield is always recommended. Despite our incredibly low claims rate standing well below the national average, we encourage you to secure your possessions with Moving of America Full Value Protection, wrapping your move with an extra layer of confidence.

Understanding Standard Valuation (Limited Liability Coverage, Basic Coverage, Released Value)

If you choose not to select the other option and decline the Full Value Protection (FVP), Moving of America, as a licensed and insured moving company, will automatically enroll you in the Standard Valuation option which is the minimum required by law, at the rate of $0.60 per pound for interstate moves, or $1.00 per pound for New Jersey local moves.

This option provides you with basic compensation per the weight of your items in case they’re lost or damaged while moving or stored. Standard Valuation incurs no additional costs, and it is particularly suited and ideal for lower valued items. This coverage satisfies the minimal criteria set by the Department of Transportation and U.S. Federal Law or the State of New Jersey Department of Law & Public Safety. Accepting this option requires your signatory confirmation on the shipping documents. Please note, the weight of your belongings will be determined by either a cubic feet-to-poundage formula, where 1 cube feet equals 7 pounds, or by weighing your entire shipment on a certified scale weight.

Understanding Standard Valuation (Limited Liability Coverage, Basic Coverage, Released Value)

If you choose not to select the other option and decline the Full Value Protection (FVP), Moving of America, as a licensed and insured moving company, will automatically enroll you in the Standard Valuation option which is the minimum required by law, at the rate of $0.60 per pound for interstate moves, or $1.00 per pound for New Jersey local moves.

This option provides you with basic compensation per the weight of your items in case they’re lost or damaged while moving or stored. Standard Valuation incurs no additional costs, and it is particularly suited and ideal for lower valued items. This coverage satisfies the minimal criteria set by the Department of Transportation and U.S. Federal Law or the State of New Jersey Department of Law & Public Safety. Accepting this option requires your signatory confirmation on the shipping documents. Please note, the weight of your belongings will be determined by either a cubic feet-to-poundage formula, where 1 cube feet equals 7 pounds, or by weighing your entire shipment on a certified scale weight.

Understanding Full Value Protection (FVP)

Full Value Protection (FVP) is a higher coverage option offered by Moving of America. It is a commitment to ensure the safety of your belongings up to their declared value during moving or storage. FVP operates under a different set of terms and pricing structures which are determined by the weight of your possessions. With FVP, our commitment is to compensate you based on the weight of your goods and not on individual item replacement cost, or on proving negligence. The true significance of FVP lies in its provision of a higher level of protection. In cases of loss or damage during the move, we at Moving of America are held explicitly accountable for repair or replacement. Choosing FVP therefore reduces stress by providing enhanced safety of your belongings throughout the moving or storage process.

Full Value Protection Opposed to Insurance

FVP is a specific service designed to the moving industry with limitations that doesn’t require to purchase a separate policy. While it provides a level of financial protection similar to insurance, FVP approach to claims considerably differs. When relying solely on this level of protection, you may find it insufficient when comparing to the comprehensive coverage level as with a well-structured insurance provider. FVP offers compensation based on the weight of your shipment if lost or damaged during the move, rather than their actual replacement cost. You may find FVP to be insufficient to cover the full replacement value of your goods.

Cargo liability insurance from a third-party insurer like Baker Insurance, Moving Insurance.com or your insurer of choice, is designed to provide coverage for various risks and typically offers a level of financial protection only. The insurer will provide you with insurance policy or other documents at the time of purchase. Therefore, it is important that you carefully consider your specific needs and assess whether FVP or Insurance is necessary for your possessions during a move or storage. Please remember that it is your responsibility to update us in the event of purchasing insurance.

What’s Not Included in Full Value Protection

While FVP covers most incidents, there are exclusions. FVP does not cover items in boxes or containers that are not packed by Moving of America, damage to compressed wood furniture, damage from natural disasters like fire, hurricanes, tornadoes, windstorms, hail, etc. doesn’t cover items stored outside Moving of America control and items that are not recorded with their declared value by you on the inventory form.

Goods Valued at More Than $100 per Pound

Moving of America, like all other licensed and insured movers, is not obligated to reimburse customers for items valued at more than $100 per pound, unless each item is approved by Moving of America in advance and clearly listed on the shipping documents. Items that are valued at more than $100 per pound as defined by law and/or declared by you, which may include irreplaceable articles such as, but not limited to banknotes, cashier’s checks, bank checks, official checks, personal checks, travelers’ checks, money orders, coins, jewelry, gemstones, precious metals, watches, stamps, collectibles, antiques, fine art, artworks, paintings, oriental rugs, furs, sports memorabilia, legal documents, private documents, personal documents, confidential documents, contracts deeds, medications, alcoholic beverages, cigars, cigarettes, laptops, tablets, computers, software, cellular phones and electronic games. Moving of America requires that these items be specifically declared prior to the move date and approved by Moving of America beforehand. This procedure ensures that they are adequately covered under the plan. If not declared and approved in advance, the liability for damage or loss to any high value item will be limited.

The Importance of Completing Your Inventory Form

Accurately completing your inventory form is a critical step when moving with Full Value Protection. This documentation must include all items valued at $100 or more per pound. By thoroughly listing these goods, you ensure that you are eligible for full compensation for these high-value items should loss or damage occur while moving.

Understanding Deductibles

In the context of Full Value Protection, a deductible is the amount you agree to pay out-of-pocket should any loss or damage occur. At Moving of America, choosing a deductible is at your discretion and impacts the overall cost of your FVP: a higher deductible means lower overall costs for your coverage.

Filing a Claim

At Moving of America, we instruct our movers to document any damage immediately, facilitating prompt damage control, be it repair or replacement. If you detect any damage or loss post-move, our Claims Department is just an email or call away. We will require copies of your shipping documents along with proof of damage as we spring into action to rectify and resolve the situation swiftly. Consider Moving of America FVP as your trusted companion for a worry-free move. We’ve got your back — every step of the way. 

VALUATION COVERAGE OPTIONS

When you choose Moving of America, you get complimentary Basic coverage included with all of our moving and storage plans. You also have the option to upgrade for greater protection.

BASIC COVERAGE (RELEASED VALUE)

Offered at no additional charges.

 Maximum coverage of $0.60 per lb.


This basic level of protection is included in our moving service rates, but keep in mind, it may offer a considerably lower coverage than the average value of your household goods.

FULL VALUE PROTECTION

Cost: $75 for $10,000 worth of coverage.

For a $500 deductible*, you receive $10,000 Full Value Protection Coverage.


This is our most comprehensive package, designed to ensure the full value of your belongings.
*Covers up to $100,000 for Local & Long Distance moves, with coverage extending up to $150,000 for our Elite White Glove Service.

THIRD-PARTY PROTECTION

Coverage up to a maximum of $150k.

If your coverage needs exceed the extent of our Full Value Protection, we collaborate with third-party providers to increase your coverage. For more information on this, please consult with your Moving of America Specialist.

Selecting the adequate protection for your items can make all the difference. Let us walk you through an example that showcases how our different coverage options perform in an actual moving situation:

Imagine a situation where you’re relocating with a shipment of items valued at $10,000. In a rare case of mishap, the items get damaged during the move.

BASIC COVERAGE (STANDARD LIABILITY)

With Moving of America’s Basic Coverage, you receive:

460 lbs * $0.60/lb = $276
This is our essential offering, included at no extra cost, providing a basic financial protection that reflects a standard level per pound per article.

FULL VALUE PROTECTION

Opting for Moving of America’s Enhanced Value Protection changes the outcome:

$10,000 declared value - $500 deductible = $9,500 in coverage
This premium plan safeguards the entire value of your belongings, less the deductible, providing extensive coverage for your peace of mind.

When comparing the two plans side-by-side, the Full Value Protection stands out as a robust safeguard. If any of your inventoried possessions are compromised, Moving of America will go the extra mile to ensure proper compensation for your loss.

The added value of the peace of mind you achieve with Full Value Protection is immeasurable, particularly during the often stressful times of moving. Knowing that we’re committed to the well-being of your treasured belongings is the Moving of America assurance.

Our excellence emanates from
exceeding customer expectations.

Our excellence emanates from
exceeding customer expectations.

Coverage And Valuation
Coverage And Valuation

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Coverage And Valuation
Coverage And Valuation

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Coverage And Valuation
Coverage And Valuation