The Pros and Cons of Purchasing Additional Moving Insurance

Under Canadian Law, Toronto office moving companies are required to accept a certain level of responsibility for lost and damaged items when transporting belongings from one location to another. In most cases, the “basic” coverage is limited to 60 cents per pound for each item and is offered at no additional costs.

To illustrate, you have a lamp that weighs 10 pounds. The “basic” coverage would reimburse you $6.00 if the lamp was damaged or lost, regardless of the actual value or replacement cost for the lamp. While “basic” coverage is perfect for items that have low replacement costs, it might not be so good when the value or replacement cost of the item is in excess of this standard rate.

As such, most moving companies offer people several different insurance options, like replacement value, market value, and added value. It is important to learn from your mover what each type of coverage offers, its costs, and any exclusions or limitations, as well as take the time to weigh the pros and cons of the optional coverages.

Cons of Purchasing Additional Coverage

1. Few People Ever End Up Requiring It:
In most cases, if you did your homework and found an experienced, licensed, and reputable moving company in Toronto, you won’t need the coverage. That is not to say that even the highest quality movers do not occasionally have accidents, it just means that the likelihood of lost and damaged items is much less likely to occur.

2. The Costs for the Coverage:
The additional coverage options can be expensive, depending upon the type selected. Most people want to keep their moving expenses as low as possible. However, only you can decide whether the costs are worth protecting your belongings.

Pros of Purchasing Additional Coverage

1. Peace of Mind:
You do not have to worry about your items being destroyed in an accident or being dropped, broken, or lost during the move. You can relax and look forward to your move knowing all of your property has additional coverage, should something go wrong.

2. Protection up to Full Replacement Costs:
Depending upon the type of additional coverage selected, you could be reimbursed up to the full replacement value for any damages and lost items. For instance, a newer flat-panel TV might only weigh 30 pounds, but its current replacement cost is $600. With the “basic” coverage, you would only be reimbursed $18 for the TV, however, with the full replacement coverage, you would be reimbursed the actual replacement cost of $600.It is worth noting that full replacement costs refer to the amount it would cost to purchase similar items at current retail prices, not necessarily what you originally paid for the items.

For further information about coverage options, moving supplies, or to request a free professional moving quote for local or long distance moves, call the professionals at Accurate Movers at 416-907-8545 now.

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