When hiring movers in Chicago, IL, you will make several decisions, including picking the best insurance protection. Now, if you go with a reputable company, the risk of your goods getting damaged decreases significantly. However, even with the best companies, unexpected things can happen.
Before locking yourself into a contract, educate yourself about the different options for insurance. Typically, a moving company offers various levels of liability, referred to as “valuation coverage,” which is not insurance but the amount it would cover if damage to your belongings should occur.
With valuation protection, not everything gets covered. For instance, let’s say you pack boxes instead of having trained moving personnel do the work. If while loading one of the boxes onto the truck it gets dropped and the contents inside are damaged, you would likely have a hard time getting financial reimbursement. For this reason, it is always best to contact local movers in Chicago, IL and explore any packaging options they may offer. Also, any damaged goods due to an “act of God” are not usually covered.
Types of Valuations Options
When using interstate movers in Chicago, IL, under Federal law, the company has to offer either released value or full value protection.
Released Value
For an interstate move, this protection automatically gets included in the cost of your move. What it equates to is $0.60 per every pound. Therefore, if you have a 100-pound item damaged or destroyed, the company will only cover $60 even if you paid $500 for it. If you’re moving locally, released value protection is part of the flat or hourly rate. The minimum amount is also $.60 per pound in the state of Illinois.
Full Value
Full value protection also gets included in the cost of hiring interstate or local movers in Chicago, IL. However, you would get reimbursed for either the current or a depreciated value of any goods that get damaged or destroyed. That means if you paid $1,200 for a television seven years ago but could replace it for $700 today, you would get reimbursed for the lower dollar amount.
Based on FMCSA regulations, your moving company can do one of three things: replace the item, have it repaired, or provide you with a cash settlement based on the repair or current market value. Also, not everything has protection, including fine china, jewelry, antiques, expensive artwork, and so on.
The Bottom Line
Full value protection is a much better option. However, especially if your movers in Chicago, IL, are moving high-dollar items, you can always take out an individual policy from your private insurance provider.