Moving to a new home can be an exciting and stressful time. One of the things that can add to the stress is the risk of damage to your belongings during the move. While hiring professional packers and movers can help ensure a smooth and safe move, accidents can still happen. This is where insurance plays a crucial role.
Insurance is a way to protect your belongings against the risk of loss or damage during a move. It provides peace of mind and financial protection in case anything goes wrong. In this article, we will discuss the role of insurance in a move while shifting home.
Types of insurance offered by packers and movers
When someone hires packers and movers, there are two types of insurance that are commonly offered: transit insurance and comprehensive insurance.
Transit insurance: This type of insurance covers the damage or loss of your belongings during transit. It is offered by default by most packers and movers and is included in the overall cost of the move. However, the coverage is limited, and the amount you receive in case of damage or loss may be less than the actual value of the item.
Comprehensive insurance: This type of insurance provides full coverage for your belongings during the entire move, including loading, unloading, and transit. It covers all types of damage or loss, including theft, fire, and natural disasters. The cost of comprehensive insurance is higher than transit insurance, but it provides greater peace of mind.
Understanding packers and movers insurance charges
The cost of insurance is usually calculated as a percentage of the declared value of your belongings. The declared value is the estimated value of your belongings that you provide to the packers and movers before the move while preparing packers and movers GST bill. The percentage charged varies depending on the type of insurance you choose.
For transit insurance, the charge is usually around 1-2% of the declared value, while for comprehensive insurance, it can range from 3-5% of the declared value. It is important to note that the declared value should be accurate, as any underestimation can result in a lower payout in case of damage or loss.
What does the insurance cover?
The coverage offered by insurance depends on the type of insurance you choose. Transit insurance covers only damage or loss during transit, while comprehensive insurance covers damage or loss during the entire move.
The coverage may also differ based on the type of item. For example, fragile items may have a higher coverage amount compared to non-fragile items. It is important to read the terms and conditions of the insurance policy carefully to understand the coverage and exclusions.
How to make an insurance claim?
In case of damage or loss, it is important to inform the packers and movers immediately. They will inspect the damage and assess the claim. It is important to document the damage by taking photographs and keeping a record of the items that have been damaged or lost.
To make an insurance claim, you will need to submit a claim form along with the necessary documents, including the bill of lading, proof of ownership, and a copy of the insurance policy. The packers and movers will then process the claim and provide the payout as per the terms and conditions of the policy.
Conclusion
Insurance is an important aspect to consider when hiring packers and movers for a home shift. While transit insurance is offered by default, it may not provide adequate coverage in case of damage or loss. Comprehensive insurance, while more expensive, provides greater coverage and peace of mind.
It is important to understand the costs involved in insurance and the coverage offered by the policy. Accurate declaration of the value of your belongings and documentation of any damage or loss is crucial to making a successful insurance claim.