Valuations can be optionally purchased by customers to add additional coverage for their items should they be damaged during their move.
Valuations are preset with three editable options, but you can also add as many as needed:
Option A - Released Value: Reimburses items at a rate of 60 cents per pound—This is the free, default plan.
Option B - Replacement Cost: Fixes items or reimburses them at the replacement value (i.e., the exact value of the item today, which is often lower than its original value due to depreciation).
Option C - Full Value Protection: Fixes or replaces the item—This is the most expensive option as it provides the most coverage.
In SmartMoving, every valuation is made up of the following fields:
Name: The valuation name the customer will see on their contract
Deductible: The amount the customer is responsible for paying for before the valuation policy coverage begins.
Min. Cost ($): The lowest cost the customer will pay to add the valuation to their move.
Value Per lb ($): The value per pound is used to determine a minimum total value for all items by the pound. Depending on which state you are in, the average value per pound is usually between $4-6. The more a customer's move weighs, that means the more items there are, and the higher their total value is. For that reason, there is more liability for the moving company and the valuation will cost more. For example, a typical 26 ft moving truck can hold about 10,000 lbs. At $6 per pound, a 10,000 lb move would have a total minimum move value of $60,000.
Valuable Per lb Label: The written version of your value per pound that can be automatically called out in contract language as needed. For example, if the value per pound is $6, this label would be “six dollars per pound”.
Cost per $100: The dollar amount per $100 of declared value that will be charged to the customer for the valuation. For example, if your cost per $100 is $1.15 and you have a move worth $60,000, the customer would pay $690 for the valuation ($60,000 divided by $100 is 600. Then, 600 times $1.15 is $690).
Max. Value ($): The maximum amount of value that the customer is allowed to declare for their move.
Contract Description: The language that appears on the contract to describe the valuation option. Most states have specific language that must be used.
Add, edit, or delete a valuation
Navigate to Settings -> Estimate Settings -> Valuation or click here to go directly to the page.
Add a valuation
First, click +Valuation Template
Next, complete all of the valuation fields.
Then, click Create or click Create and Add another to add additional valuations.
Edit a Valuation Option
Click the menu icon next to the valuation you wish to edit, then click Edit.
Edit any of the valuation fields you wish to modify, then click Update.
Delete a Valuation Option
Click the menu icon next to the valuation you wish to remove, then click Remove.
View the Valuation Options on a Contract
Navigate to Settings -> Forms and Documents -> Document Library or click here to go directly to the page.
First, select a contract.
Then, click Preview PDF.
You'll be able to see a copy of your contract template with the valuation options showing near the bottom. When a customer receives this contract, they will be able to initial which valuation they want and see the associated cost (if any).
