Insurance and Inventories

Let’s Talk - Insurance and Inventories

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First, it’s important to note that your TSP is liable for $6/pound up to $75,000. What means is if your shipment is only 10,000 pounds then the liability coverage is only $60,000. On the flip side of your shipment is 17,000 pounds, the liability coverage tops out at $75,000

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Renters Insurance -

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You should always have a renters insurance or other personal property policy in place before your HHGs are picked up from your home. It is important to make sure your policy also covers your HHGs in transit and in storage.

Now, some policies will only cover items if they are lost/stolen or some sort of catastrophic loss like a truck fire.

If you own a home, at some point the homeowners insurance will end and you will need to add an insurance policy of some sort.

For many policies, all you need to do is call your company to update your address on the policy when you move. At no point should you cancel it.

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Home Inventory -

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Why do I need this when the moving company will provide one? You should always have your own home inventory.

The one from the moving company will be generic in the contents listed on it. You will want to have something more in depth for what you own. This inventory does not need to be “all the details”, you can generalize some such as “12 pairs size 8 jeans”.

Should a box go missing, it would be best to itemize the contents of a box. If you cannot then you can be paid on the liability of

 

$6/pound at 7 pounds per cubic foot.

 

Example- a small book box is 1.5 cubic feet

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1.5 x 7 pounds x $6 = $63 you would be reimbursed for the box.

 

Additionally, should you need to file a catastrophic loss for any reason, you will need to itemize what you are claiming. Having your inventory done already will go a long way to ensure you compensated appropriately.

 

If you also need to file with your private insurance, they will also need an itemized list of what is being claimed and what has already been paid.

 

Finally, the inventory is always a good idea in case you have a natural disaster- hurricane, tornado, etc. and need to file a claim then.

 

Creating your inventory now means the hard work is done in the event it may be needed.

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