People often confuse the concept of valuation for their household goods with thinking that it is an insurance policy. Yes, Moving Company Los Angeles is fully licensed and insured, but valuation is not insurance!
Valuation is an estimate of value, as determined by the customer, of how much your goods are worth. It provides that, in the event of lost or damaged goods, the way in which those goods are recovered and how you are compensated for them.
**It is extremely important that you stipulate these terms on your moving contract with your movers before your move begins!**
The chart below breaks down the costs and payment structures for your 3 valuation options under California law and provides an example of how a damaged ten-pound lamp, purchased 3 years ago would be compensated:
|Standard||$0.60 per pound||No Additional Cost||$0.00|
|Example: Customer would receive $6 for the damaged lamp ($0.60 X 10 pounds) less a $250 deductible.|
|Actual Cash Value (ACV)||Depreciated current market value of lost or damaged items.||$0.75 per $100||$250|
|Example: Customer would receive the amount the lamp would fetch at a garage sale, less a $250 deductible.|
|Full Replacement Value (FRV)||Cost of replacing lost or damaged items||$1.60 per $100||$500|
|Example: Customer would receive the amount of money required to purchase a new lamp of similar design, less a $500 deductible.|