Insurance vs. Valuation – What’s the Difference?

Some moving companies often tell their customers that their goods will have “insurance” so if they have any loss or damage during the move they would be covered “in full.” Unfortunately, that is misleading information that can lead to confusion for anyone needing to file a loss or damage claim during their move. For this reason, it’s important to understand the difference between insurance and valuation before you move.

Insurance is a term used in law and economics. It is something people buy to protect themselves from losing money. People who buy insurance pay a “premium” (often paid every month), receive a policy from the insurance carrier and they promise to be careful (a “duty of care”).

Valuation is a contractual limit of liability based on tariff rates available. The customer has two options to choose from: Full Value Protection and Released Value Protection (based on $0.60 per pound, per article). The selection made by the customer then limits the mover’s liability in the event of loss or damage during transit.

Released Value Protection
This is the most economical option, offering minimum protection at no additional cost. Claims for loss or damage are based on weight multiplied by a certain amount per pound. For example, if the movers lose or damage a 10-pound stereo component valued at $1,000, your settlement would not exceed $6 (10 lbs x $0.60). Think carefully before agreeing to the Released Value option. If you choose it, you will be asked to sign an agreement stating you understand the limitations of this option.

Full Value Protection
This is the more comprehensive plan available for the protection of your belongings. Upon your purchase of Full Value Protection, the moving company assumes liability for your entire shipment. Under this option, the moving company will either:

  1. Repair the item OR
  2. Replace lost or damaged items at its option OR
  3. Make a cash settlement at the current market replacement value, up to the total declared value of your shipment.

The minimum declared value of a shipment for Full Value Protection is $10,000 or the dollar amount per pound times the total weight of the shipment in pounds, whichever is greater. The exact cost for Full Value Protection varies by mover and may be subject to various deductible levels of liability that may reduce your cost.

High Value Items

Under Full Value Protection, movers can limit their liability for loss or damage to high value items, unless you specifically list these items on a High Value Inventory Form. A high value item is any item whose value exceeds $100 per pound (such as jewelry, silverware, china, furs, antiques).

Information and forms are available to help with understanding valuation and to ensure you can determine the limit of valuation needed on your shipment. Please take a moment to review the links below:

High Value Inventory Form

Customer Declaration Form

Customer Rights and Responsibilities Form

FMCSA – Understanding Valuation and Insurance

If you have further questions regarding valuation and how it works, please do not hesitate to contact us.

10 Reasons to Use Imlach on Your Next Move

1. Certified ProMover® & agent of Atlas Van Lines

Imlach Group is an American Moving and Storage Association (AMSA) Certified ProMover. In 2009, AMSA introduced the ProMover® certification in response to the public’s need for greater protection against the unethical practices of “rogue movers.”

Rogue Movers are known for deceptive pricing and holding customers’ goods hostage. Today, the industry recommends that every consumer trusts their move to a certified ProMover®.

To earn the ProMover® certification, a mover must be a member of AMSA in good standing for at least 18 months, subscribe to the AMSA code of ethics, and stand up to scrutiny under a thorough background check.

Other conditions of ProMover® certification include:

Beyond being ProMover® certified, Imlach Group has consistently met strict Atlas quality requirements in 13 critical areas that surpass the industry standards. When you trust Imlach with your move, you get the added assurance that you are being served by a ProMover® and leading Atlas agent.

2. Award-Winning Service

Imlach Group has been in the moving industry since 1924 and since then we’ve learned a thing or two. We have earned the prestigious Milt Hill award for 20 years in a row since its inception in 1995. Every day we strive to live up to our award-winning name and make each day of service better than the last. At Imlach Group, we are proud to have earned the recognition for excellent service in our community.

Check out our other awards here.

3. Professional Packers and Movers

When you work with a moving company, you end up with people you don’t know particularly well inside your home. Thankfully, with Imlach Group and Atlas Van Lines, you don’t have to worry about who’s handling your most valuable possessions. When our drivers and crews arrive at your home, they are guaranteed to be uniformed, background checked, and drug tested. This increased level of screening, security, and quality assurance is not guaranteed by other moving companies. At Imlach Group we only hire candidates that meet our tough requirements for honesty and trustworthiness because we want every customer to have peace of mind and feel secure working with our professionals.

4. Transparent Quotes

Let’s face it. Nobody likes to be hit with a financial surprise at the end of their move. That’s why, when you move with Imlach, there are no hidden costs or fees. Once we receive your information, we will call you to schedule an in-home survey and provide you with a firm quote for your move. We will also walk you through the details of what your move quote includes so you know exactly what you are paying for.

Imlach offers three types of quotes: Binding, Bottom-line Discount, and Assured Price Protect. We will help you to determine which type of estimate is best based on your move specifics.

Be aware that moving companies who only offer a web or phone quote tend to tack on extra fees at the last minute. You should always request an in-home survey before signing off on an online moving quote.

5. Long-Standing Company History

Imlach Group has been in business for 95 years and we have been family owned and operated ever since. Charles Imlach started Imlach Movers because he saw the need that people had for trustworthy movers who would take care of their goods like it was their own. Almost a century later, our mission remains the same – to provide the excellent quality service our company was founded on. Over the years, we have built our reputation on providing the service you expect and deserve. Don’t just take our word for it. See what our customers say about us.

6. Community Involvement

As a part of our company culture at Imlach Group, we emphasize the importance of giving back to our community. We do this by actively participating in programs like Move For Hunger, The Denan Project, Kidd’s Kids, Children’s Hospital of Michigan, Volunteers of America, and more. We love being able to give back to the community that has given us so much.

7. Low Claims Ratio

At Imlach, our drivers and crews take extra measures to protect your home and shipment during the move process. They use the most innovative packing methods and materials to ensure that your goods arrive safely to your new home. Imlach Group has a very low packing claims ratio of 1.3% (Atlas Standard: must be below 3.0%) and a low hauling claims ratio of 1.4% (Atlas Standard: must be below 3.5%).

8. Valuation Coverage Options

Imlach takes great care to prevent loss or damage to your goods. However, in the event that something unforeseen should happen, we have valuation coverage options and will work with you to ensure that you are fully compensated to the degree of your coverage and our liability.

Find more information on Atlas’ Valuation Options here.

9. Customer Service Experts

We understand that moving can be stressful, but we aim to minimize it with the help of our knowledgeable customer service team. From the minute you submit a move inquiry, a member of our customer service staff will reach out to you and walk you through every step of your upcoming move. Any time you have a question or concern regarding your move, your customer service representative will be there to help.

10. We do the work, so you don’t have to.

Whether you’re moving from a large home or a small apartment, it can be easy to overlook the details of your move if you try to do it on your own. When you move with Imlach, you won’t have to worry about any aspect of your move. Our experienced movers will do all of the packing and heavy lifting, so you’ll have more time to focus on other items on your to-do list. If you prefer to be more hands-on and would like to pack some or all of your belongings, we also offer a discount on packing materials.

For an easy move, choose Imlach.

We bring the technology, equipment, and know-how to make moving your cherished belongings a breeze. Over the years, thousands of families have entrusted our packers and movers to help them go new places. You can too. If you have specific questions or concerns about your home moving needs, contact us today. We’re here to help!