Accidents happen. They happen every day, and we rarely see them coming! Unfortunately, just like in everyday life, accidents can occur during your move. We cannot predict when accidents will occur, but we can prepare for them. That is why we want to make sure you are prepared if you encounter an accident during your move, and that you understand your options for valuation.
“Do you offer insurance?” is a common question moving companies receive from their customers every day. Moving companies do not offer insurance; instead, we offer something called valuation. Valuation is defined as the customer’s declaration of the value of his or her household goods in the event of loss or damage during the move process. Valuation is often confusing to those who are not familiar with the process, that is why we have put together a helpful guide to help you better understand how valuation works.
Valuation Vs. Insurance:
See the infographic below to learn more about the difference between valuation and insurance.
Basic Coverage – This valuation option is offered to every customer for free. It is the minimum liability coverage for any move. If damage were to occur to one of your items, you would be refunded $.60 per pound per article, if deemed transit damage.
For example: If you own a table that weighs 100 pounds and it is damaged during the move, you will be refunded $60 to fix that damage (100 pounds x $.60).
Full Value Protection – If any item is lost, destroyed or damaged during the move process, your moving company will have the option to either repair, replace with articles of like, kind, and quality or offer a cash settlement for repairs or replacement of the articles at their current market value, as long as it is deemed transit damage.
How to Select your Valuation Option:
Once you receive your Bill of Lading for you move, it is important to indicate which valuation option you would like to use. Be sure the value of your shipment is correct as calculated above. If you have questions about the value of your shipment, please reach out to either your Move Coordinator or Estimator for clarification.
Valuation is a very important part of your move, and it is extremely important to understand exactly how the valuation process works to eliminate any frustration or confusion throughout your move. For more questions on valuation or the move process reach out to your friends at Fry-Wagner today!