International Moving Insurance

International Moving Insurance - Everything you need to know?

Seeing all your worldly belongings stuffed into a truck is never a pleasant moment. And although you assume everything will arrive safely, a small part of you wonders if you’ll ever see your possessions again. And even if you do, what shape they’ll be in. The reasons to get international moving insurance are basically the same reasons for which you get health insurance. You hope you won’t need it, but you obtain it just to be on the safe side. The same way, moving insurance will help you sleep at night until everything is safely delivered to your new home. Keep in mind that accidents happen, even to the most careful of people or moving companies. Hence, it’s much better to be safe than sorry.

Why do you need international moving insurance?

It is always a good idea to get your cargo insured when you move. Just think how you would feel if something happened to your belongings. And it happens. Sometimes electronics break or furniture gets scuffed or boxes get lost. Of course, hiring a reputable moving company helps, but you still need insurance. You can see the moving services available and get a moving estimate at bigapplemoving.com. For successful relocation, you need both good movers and an insurance policy.

Unexpected perils

Motor vehicle accidents, fires, marine accidents, warehouse floods happen very rarely, but they do happen as well. And even the most reliable moving companies can’t guarantee that nothing will go wrong. International relocations bring even more risk. Let’s say you think about relocating to the Big Apple from England. Such a long distance and many stops add more opportunities for something to go wrong. International moving insurance is just essential because the risk is too big.

Antiques and art protection

If you are transporting antiques or art pieces, you just don’t have the luxury to skip international moving insurance. Because you can’t afford the risk of damaging such valuable possessions. Besides, you should also get specialist moving boxes, to pack them properly and make sure they are ready for transport.

4 types of international moving insurance

Total loss coverage

The total loss coverage option will keep you completely covered for the declared value of your belongings. Whether your shipment gets lost, destroyed, or damaged, you will have nothing to worry about. Of course, this type of insurance requires a detailed declaration of the value of your shipment. Which means you will need to do a lot of work up front, but you gain the peace of mind that you are covered in the case of tragedy. The only thing it typically doesn’t cover is partial loss. It can range in cost from 1%-5% of your cargo’s declared value.

All-Risk shipment insurance

As you can imagine, this is the most comprehensive of all the four options. Consequently, it is also the most expensive. It covers you in case of any loss or damage to your belongings during ocean transit. Typically, this includes fire, water damage, theft, and partial damage. It usually includes coverage in the case of non-delivery or improper storage on the part of the shipping company. This type of insurance is the best option for household goods and automobile shipments when you are moving abroad.

Named Perils

This type of moving insurance coverage provides more protection than total loss coverage, but not as much as all-risk coverage. Named Perils insurance policy only covers losses that are caused by the perils named in the policy terms and conditions. Common named perils include fire, vehicle accident, rollover accident, lightning, smoke, theft and some types of burglary. And if you purchase this type of policy, it’s important to know exactly which exposures you are insured against.

Legal Liability

This type of international insurance is a basic level of coverage. It is maintained under a legal liability standard set by the transportation industry. This means that it should be included in your quote as a standard part of your international move. It establishes a base monetary value for which the ocean carrier is responsible on a per-package basis. The biggest problem is that it doesn’t cover partial loss. Meaning, if something gets damaged but not completely destroyed, it won’t be covered.

Where can you obtain it?

1. Obtain it from your moving company. Beside moving and packing services, the moving company may offer you insurance as well. Ask them to provide you with the policy in writing, and make sure you’re satisfied with the coverage limits.
2. Getting third-party moving insurance is a smart way to find yourself a good deal. You get to choose between Total Loss, Named Perils or All-Risk insurance coverage. Most noteworthy, when you purchase insurance from a third-party moving insurance provider, you will be dealing with a professional insurance company.

How much coverage do you need?

You will probably find it hard to decide which coverage suits you best. What you need is enough coverage to replace all your belongings in case they are damaged or lost in today’s market value. You will also need to supply an inventory of your belongings including the items’ value. As an alternative, you can always consider renting storage for the valuable belongings, instead of moving them.

Most importantly, when listing the value, make sure you list the replacement cost in your destination country. Because if the item is lost or destroyed, you will need to replace it at your new location.

The best way to decide which international moving insurance you need is to ask for professional advice. Whether that is a reliable moving or insurance company, they will know how to help you decide. We wish you safe and happy moving!