When hiring a professional moving company , it is important to consider the cost and options for protecting and possibly replacing one’s possessions in the event of damage, theft or loss. Tulsa movers are required by federal law to provide coverage for goods that become damaged if moving is between states and by the Oklahoma Corporation Commission if moving is within the state. The bill of lading describes the level of the liability of the moving company but is not insurance; it is an agreement between customers and the mover of the household goods.
Insurance Options Offered by Tulsa Movers
Movers typically provide two types of insurance—full replacement value protection and released value.
The former, also called full valuation, requires movers to repair damaged goods, replace them with items of like kind and quality or pay for the cost of replacing the items. The price of an estimate for moving should reflect this full value replacement. It is typically more expensive than the other option but offers the most protection. Waiving of the level of coverage reduces the level of protection.
With released value the liability on the part of the mover is to replace, repair, or settle in cash any article in the amount of 60 cents per pound of the weight of that article. This means that the value of household goods and possessions is based solely on weight and not on what it actually costs to replace an item.
Third-party Insurance Coverage
Regardless of the type of insurance that is selected, the coverage is in reality administered and provided by third parties, meaning insurance companies, and not by Tulsa movers. This insurance is regulated at the state level by insurance commissioners which enables moving companies to offer the two levels of valuation.
Therefore, before making a decision about which type of insurance to select, customers should contact their insurance agent. They can more closely examine the caveats of their existing insurance policy and the value of their property and then make an informed decision about insurance for their household items and possessions. Choosing either full valuation or purchasing some form of moving insurance from a third party would be a smart decision for most customers to think about in order that their possessions can be best protected.
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