Home Buying Tip....Day 7

Insure Yourself!

Regardless of the type of insurance, settlement payments will be based on the current value of the damaged or lost item.
For antiques and artwork this means getting a written appraisal before the move.
For appliances, audio and computer equipment, you need the original sales receipt.
If you don't have receipts, any documentation is better than no documentation. Make a list of your valuables, write down estimated date of purchase and estimated purchase price. Give the list to your mover.

The following types of liability insurance is offered by most movers.
Release Value Insurance:
Coverage: Up to 60 cents per pound for each item. Under this coverage an antique desk weighing 100 pounds is insured for $60 regardless of its value.
Cost: Zero.
Free but not worth much. Avoid this type of insurance.
Minimal Value Insurance:
Coverage: $1.25 for each pound of your shipment. In the case of a 4000 pound shipment the mover is liable for $6000 ($1.25 x 4000), or more than enough to cover a $4000 antique desk damaged during the move
Cost: $7 per thousand dollars of coverage, or $42 in our example of a 4000 pound shipment ($7 x 6).
Extended Insurance:

An extension of the Minimal Value Insurance where the mover provides additional insurance at $7 per $1000 of coverage.
Cost: $7 per thousand dollars of coverage.
Homeowners Insurance: Your household insurance agent can sell you additional insurance for your move.

Problem Resolution. If something is damaged or missing:
Complain to the mover: Contact the mover's agent as soon you discover the damage. When you call, make sure you have:
The Bill of Laden and a copy of the movers inventory sheet.
An estimated value for the damaged item.
If not satisfied, and yours was an interstate move, contact the local Interstate Commerce Commission office. The ICC does not settle disputes but will refer you to arbitration.