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One of the most important aspects of relocation is insurance of your goods which are being transported. This is a vast subject but this article aims to familiarize you with the different coverage options which you can opt for so that you have one of the safest and most insured relocation possible. There are a few terminologies with which you have to get familiar with, but in the long run this knowledge will come to your benefit:

Released Value: This is considered to be one of the most economically viable protection options when it comes to insuring your relocation goods. With this option the moving service provider assumes liability at the rate which is no more than 60 cents per pound, which works out at $1.32 per kg. For example if you have a stereo which weighs 4.54 kg and is lost or damaged during transit, the moving company will not pay you anything more than $6.00. Incidentally, the stereo could have cost approx. $1000! You do not have to pay anything extra for this minimal insurance protection.

Declared Value: Under this insurance option, the total value of your goods is based on the total weight multiplied by $2.75 per kg. Under this option, the same stereo if damaged or broken during transit, the moving company will have to pay up to $1000, based on the depreciated value of the item. Under this scheme, the mover can charge you $7 per $1000 as liability which the company assumes for any consignment shipped in this coverage system. Thus your shipment is valued at depreciated value for each item.

Lump Sum Value : This coverage is very similar to the coverage which you get under Declared Value. If you want the mover to take additional liability you might have to declare a value more than $1.25 per pound times the weight of the consignment. For instance, if you declare that a 4000 pound shipment is valued at $10,000, the moving company will charge $7 per each of the $1000 of the declared value or $70 for this increased liability which they are carrying. This amount must be declared by you in writing on the bill of lading.

Full Value Protection: This is a very value-added protection offered by many reputed moving services provider. It is also known by another name: full replacement value. Under this coverage plan, all items which are lost, damaged or broke, etc., will be repaired, replaced or you have the option to opt for full cash settlement at the current market value rates irrespective of the date of purchase of the item. Full value protection rates vary according to the moving company and there are various deductibles to which it is subjected to, which reduce the overall cost. The valuation of your consignment will depend on the amount you declare against each item. To avail of this insurance coverage plan, you must check with the moving companies regarding their policies or reimbursement, etc.
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