Protection & Valuation
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One of the most important decisions you will make when you are moving is what type of valuation to select. This establishes the total value of your shipment in case of catastrophic loss and governs how a moving company will resolve your claim for damage to individual items. The Best Of Utah Moving Company in Salt Lake City offers three types of valuation: released value, declared value, and full value protection. Let’s take a closer look at each option!
In addition to the value of your belongings being insured, if they are lost or damaged in transit, you may obtain coverage for both weight/distance and hourly-rated moves. There are two different methods to estimate the worth of your goods after they’ve been delivered: by weighing them or calculating their value based on distance traveled. However, because hourly shipments aren’t based on the weight or distance of your belongings, their valuation is a bit different.
Released value – No Charge: This is the default valuation option most moving companies offer. With this option, the mover assumes liability for no more than 60 cents per pound and article. So, if you have a sofa that weighs 100 pounds and it’s damaged in transit, the most you would receive from the moving company is $60. To get more coverage than this, you need to purchase additional insurance or select one of the other valuation options.
Full value protection – Up Front Charge With Deductible: This is the most comprehensive option, and it will also cost you more than released value or declared value. With full value protection, the moving company agrees to repair, replace, or reimburse you for any lost or damaged items (up to the full value of your shipment). So, if you have a sofa that’s damaged in transit, the company will either repair it, replace it, or give you a cash settlement for the current market value of the sofa.
Low Deductible Full Value Protection – $95 upfront w/ $50 deductible: The value of the shipment covered under full value protection will be $1,000 with an upfront cost of $95. In order to file a claim under this protection option, you must pay a $50 deductible.
High Deductible Full Value Protection – $150 upfront w/ $750 deductible: The minimum value of a shipment covered under full value protection is $15,000. You have the option to declare that your item has a higher value (up to $50,000) and pay for it at a rate of $1.00 per $100 in declared value, or in other words, $50 per $5,000 in declared value. For example, if the total worth of your entire shipment is set at $15,000, you would be charged 150 for that level of coverage. However, if you believe your goods have a higher value, such as $45,000 rather than the minimum of $15,000, you could claim that your shipment is worth $45,000 and the premium for that level of coverage is $450. To submit a claim under this insurance plan option, you must first pay a $750 deductible.
When selecting a valuation option, be sure to consider the cost and the level of coverage you need. Moving is expensive enough without having to worry about your belongings being lost or damaged in transit! The Best Of Utah Moving Company offers all three types of valuation so that you can choose the one that’s right for you. Get the best moving company in Salt Lake City and give The Best Of Utah Moving a call today and let us help you with all your moving needs!