I watched a good report on one of the news shows the other night – it was about interstate moving company fraud. Moving interstate is a big deal, much different than moving between your own state or town. I did a little digging and this is what I came up with.

Last year some 6,000 complaints were filed by consumers who experienced some form of moving company fraud. This included items that were missing or damaged – in other complaints consumers reported that after signing a contract, the moving companies jacked up their prices and in some cases their possessions were held hostage until the extra money was paid.

Here are some telltale signs to watch out for when dealing with moving companies:

• Lateness – they don’t show up on time (in one complaint showing up 5 hours late)
• Can’t get in touch with them
• They show up in unmarked trucks or vans
• Dealing with a Brokering Agency
• Movers not keeping track of boxes

Here are some complaints from consumers once their move was in progress:

• The movers called saying they were delayed and there will be extra charges.
• Moving company calling saying household items are overweight there will be extra charges
• Possessions will go into storage if extra charges are not paid ( in one case after extra charges are paid owner got key to storage unit to find boxes damaged, crushed on purpose)
• When checking out boxes after them back there were no identifying stickers on them

Bottom line is to KNOW YOUR MOVERS – check their history and complaints against them. The more you know about your moving company, the better your move.

For the right information and key tips, contact the BBB (Better Business Bureau), use Google to find out if the company you’re paying will be moving you or will they contract out to someone else. The Federal Motor Carrier Safety Administration has great resources check them out.

And by all means, don’t sign a contract unless you know who you’re dealing with.

Good luck with your move, plan ahead and be safe!

1 – Don’t Settle with Your Current Rate

Even if you already have homeowner’s insurance, there’s nothing that says you have to stay with your current plan. In fact, you could potentially save by making a few simple phone calls and transferring your policy to another, more cost-effective company.

This method is often the most successful money-saving tool because various companies are competing for your business (just like banks do with mortgages). As a result, they’ll likely be willing to negotiate a lower rate to beat the competition.

Doing research on different Insurance Carriers and figuring out the details will save you money, every month, and every year. It doesn’t take a lot of time – you just need to know what to ask as you compare prices and coverage.

2 –Multiple Insurance Carriers

If you have different Insurance Companies for your home, auto, boat, RV, summer home, motorcycle, etc. ask each one of them if you switch to their company for everything will you get a discount. In most cases you will get a substantial savings if you have one company covering everything.

Note: Buying your policies from the same agent is usually a good idea, but automatically buying them from the same company can be a bad idea if you want an “Umbrella Policy” (type of Insurance that provides liability coverage over and beyond your automobile or homeowner insurance).

More on Umbrella Policies another time

3 – Install a Home Security System

Taking precautions to make sure you won’t have to file a claim also ranks high on the list of how you can effectively lower your monthly payments.

Insurance companies are encouraging homeowners to install monitored security systems by offering them substantial discounts on homeowner’s insurance.

4 – Increase Your Deductible

When you file a claim to your insurance company, the deductible is the amount of money you have to pay out-of-pocket before your insurance kicks in.

And it turns out that by raising your deductible, the insurance company assumes you’re less likely to submit a nuisance claim for something small, such as a maintenance claim. And if you’re less likely to file claim, your insurance company will typically reward you with a lower premium.

For this reason, the Insurance Information Institute’s (III) website says raising your deductible is a viable way for homeowners to reduce insurance costs.

The higher your deductible, the more money you save on your premium, consider a deductible of at least $500. If you can afford to raise it to $1,000, you may save as much as 25 percent.

5 – Review the Claims History for Your Property

A C.L.U.E. report, short for Comprehensive Loss Underwriting Exchange, reveals any and all claims on your home, including the details of the event and how much was paid out. This report is similar to a Credit Report but it’s for the Insurance Industry.

C.L.U.E. reports are generated by LexisNexis, a consumer reporting agency that provides customers with access to documents and records. An insurance company may request this report when you apply for a coverage plan to determine how much you should pay.

Knowing what’s listed in a C.L.U.E. can possibly end up saving you money in the long run. If you already own a home, you should still request a C.L.U.E. report to ensure there isn’t any erroneous information that could be affecting your monthly payments.

I’ll have more on C.L.U.E. and LexisNexis at a later date.

6 – Assess the Value of the Possessions in Your Home (Asset Management)

Do you know how much everything in your home is worth? Would you be able to remember everything you own if you have to file a claim after a loss?

If not, you may want to start assessing the value of your possessions, because it could help you save money on your homeowner’s insurance,

Knowing this information will allow you to have a more balanced discussion with your agent on understanding the proper amount of coverage based on the actual contents of your home, versus an estimate or guess.

Many homeowner policies have a coverage amount to replace the physical structure, and then a percent of that number is an amount for your personal contents.

If a homeowner does not have a home inventory, they really don’t know the value of their contents, and therefore they can’t compare it to what the policy is covering.

Understanding the value of your possessions is crucial because if the total value is less than what is covered, you could ask about lowering your policy fee.

On the other hand, if your possessions are worth more than what’s covered, or if you have one-of-a-kind artwork that’s not covered by the standard policy, you’ll need to specify these items in a home inventory and insure those separately through a “rider.”