How a Moving Company Can Help You Survive TRID

It’s been just over a month since the new TILA-RESPA Integrated Disclosures rule, or TRID rules were put into effect, but what that means for those it affects is still unclear.

TRID paperwork

So what is TRID?

The TRID guidelines require residential real estate transactions to have new loan documentation, including two new forms.

Loan Estimate- Taking the place of the Good Faith Estimate (GFE) and the initial disclosure required under the Truth in Lending Act (TILA) This, three page, form must be provided to the buyers in a timeline similar to the previous GFE

Closing Disclosure- Taking the place of the HUD-1 Settlement Statement and the final TILA forms, the closing disclosure creates some new delivery date requirements.

This document must be issued to the borrower at least 3 days prior to closing. If this does not occur, the closing will be delayed up to 7 days.

Lenders require that the information contained in the closing disclosure (fees, taxes, closing cost, insurance, etc.) be finalized no less than 7-14 days prior to closing in order to give them enough time to generate the new closing disclosure in a timely manner.

Borrowers will have three days after receipt of the Closing Disclosure to review the form and its contents. Starting upon “receipt” of the Closing Disclosure form by the borrower, and unless there is some receipt confirmation of the form, the form is “deemed received” three days after the form is mailed. As a result of this, the review period may be six business days from mailing to loan signing.

Any changes made to the Closing Disclosure after its delivery to the buyer may trigger a new 3 day waiting period or additional disclosure or review periods, which is why accuracy is very important.

Why should you care?

The new TRID regulations are meant to benefit borrowers by simplifying documents and making loan terms more clear, but as lenders and borrowers transition into the new TRID rules, delayed closings are bound to occur.

Prior to the TRID rules, it took approximately 45 days from the loan application submission to the time of closing. Post-TRID regulations impose new waiting periods where lenders must submit disclosure forms to borrowers, and inaccuracies in paperwork by the lender or borrower as well as strict re-submission timelines will lead to delays in closing.

How can you protect your move?

  • To try to avoid any unforeseen issues that could delay the closing, the National Association of Realtors is recommending completing the walk-through seven days prior to the scheduled closing.
  • Make sure the information you provide is accurate and read documents thoroughly. TRID regulations aim to protect the buyer from surprises, so use it to your advantage.
  • Hire professional moving services who can anticipate your needs and expectations. If your move date changes you’ll want to work with someone who can facilitate the need for a schedule change without issue.

Olympia Moving & Storage’s TRID Protection Program

Strict TRID timelines and delays in closings will affect the entire relocation process. Most moving companies don’t have the capacity to handle move date changes, leaving families without a mover.

Olympia Moving & Storage has the manpower and infrastructure to work with you through the transition and delays by offering:

No fees for move date changes– as long as we have available crews we have the flexibility to accommodate unexpected changes that may occur.

$150/night sealed truck storage– Your belongings are important. If you can’t move into your home right away, don’t worry. For just $150 per night per truck, Olympia will hold your belongings on a locked and sealed truck until your new home is available.

Our goal is to be a resource to our clients during their relocation, no matter what TRID throws our way.

Are you ready to get your moving estimate?

Call Olympia Moving & Storage at 800.222.4744 or request an estimate and discover all of the ways that Olympia Moving & Storage can make your relocation easier.

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Apartment Move in Tips from a Property Management Pro

Whether you’re a parent sending your child off to college or someone moving into their first apartment, moving can be a daunting task; from the apartment hunt to the move. But just because you’ve unpacked the last of the boxes doesn’t mean it’s over, there are still some things to remember and apartment move in tips to take to heart.

It’s important to know that a loved one is safe and settled in their new surroundings, even if they’re just down the street, so we spoke with a Boston property manager and compiled some apartment move in tips.key in door

  • Lock your doors and windows especially those that are easily accessible to unwanted intruders. Windows on the first floor or basement levels should always be locked.
  • Don’t leave valuables where they can be seen from outside your apartment.
  • Know your neighbors and keep an eye out for them and their property.  Don’t let strangers inside the building, this goes for when you are entering/exiting and when people buzz you via the intercom.
  • Packages are typically left in the foyer and subject to being open or stolen, if it’s something important send it requiring a signature.
  • Call 911 to report any suspicious activity in your neighborhood.
  • Poor housekeeping leads to unsanitary conditions, contributing to pest problems. Some new residents have little or no furniture, and thus are inclined to pick up infested items off the street or buying secondhand, bringing in new pests. Should you suspect you have a pest infestation it is important to report it to management right away to prevent the spread if bugs or vermin.

A new city comes with new places to explore and new practices to put into place, so help your loved ones transition safely and informed with our move in tips!

Haven’t moved yet but ready to start planning a move?  Click here to request a free, no obligation moving estimate. 

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Will My Homeowners Insurance Cover Moving Damage or Loss?

_KES4753_resizedOne of the most stressful parts of moving is worrying about damage or loss to your items during the relocation. At Olympia Moving & Storage, we want to be sure that you’re confident in the coverage of your belongings in case of loss or damage during the move. That’s why we’re sure to have a discussion with each of our clients about their coverage options before moving day. Often our clients will tell us that they’re all set because their homeowners insurance cover moving damages.

However, we were surprised when some of these same clients came back to us for help with their moving claim – it turned out that their homeowners’s insurance did not cover their belongings the way they thought. In the interest of protecting our clients and guiding them through the many decisions they have to make during their relocation, we decided to reach out to some insurance companies to find out what the real deal is with homeowners’ insurance moving coverage. Here’s what we learned:

ALWAYS call your insurance company to check your coverage

Even if you’re confident that your homeowners’ insurance policy includes moving and storage coverage – that’s not enough. Call a representative at your insurance company to double check exactly what is covered. The insurance may not work in the way that you expect. During the call, be sure to ask these questions:

Will the homeowners insurance cover moving damage, marring, or scratches that happened to my belongings during the move?

You’d be surprised – usually the answer is no! Though there are a few homeowners’ policies that cover routine moving damage, the vast majority do not. Minor damages are common during a relocation, even when you’re moving with professionals. However, you cannot assume that your homeowners’ insurance will repair, replace, or reimburse broken items.

Is your moving coverage for catastrophic damage or loss only?

Many homeowners’s insurance policies that advertise moving and storage coverage do not cover damage to a few of your belongings – what they actually cover is catastrophic damage to your belongings only. In other words, they have you covered on the extremely rare occasion that the truck carrying all your possessions catches on fire or drives into the lake. For any damage or loss less than that, you’re on your own.

Does your insurance company it cover items damaged or lost while in transit?

Here’s another gray area of homeowners’ insurance that we discovered: Some policies will cover damage to belongings while they are in your home. However, they will not cover damage that occurs while the belongings are in the possession of the moving company or in transit. So basically, your belongings are not covered during the move.

What is the deductible if I were to report a moving claim?

This is very important: most of what needs to be repaired or reimbursed after a move is worth only a few hundred dollars – an amount that is much less than the deductible you would be required to pay if you submitted a claim for damage during your move. Be sure to check that the minimum claim you would foresee submitting exceeds the deductible.

How would a moving claim affect my claims history?

As we all know, the more claims you submit to an insurance company, the more you risk a increase in your insurance premium. Make sure you understand how submitting a claim for, say, a scratched dining room table would affect your insurance costs.

Full Value Replacement Valuation – The Peace of Mind Solution

Here’s the good news: even if your homeowners’ insurance doesn’t cover moving loss or damage the way you expect, there is a solution that will! Be sure to ask your moving company about their full value replacement valuation options. All reputable movers will have an option available for purchase that will give you peace of mind.

Olympia Moving & Storage offers full value replacement valuation for both local and interstate moving at any coverage amount you need. If any of your belongings are lost, damaged, scratched, or broken during the move, or if any property damage is caused by the movers, everything will be fully repaired, replaced, or you will be reimbursed for the full value under full value replacement valuation. Additionally, you would be working directly with our claims department for fast and personalized resolution. We know that’s the kind of moving coverage you were looking for! Click here for pricing and more information on our valuation options.

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Materials Movers Use to Protect Furniture & Your Home

Materials Movers Use to ProtectThe best defense for a damage-free move is hiring trained professionals, like those at Olympia Moving & Storage. The second best defense is properly protecting your furniture and home.

Our crew always comes equipped with the right materials to protect your property. Just like how you would want to use paper and bubble wrap to pack your fragiles in a box, it’s always a good idea to have your crew “pack” your furniture and home.

Here’s the materials professional movers use to protect your furniture and home:

Roll Up Floor Protection

Whether you’re trying to keep the origin in tip top shape for the new owners or keeping your new home as perfect as it was when you got the keys, we know it’s essential to protect your floors. This protection shields carpets to keep even the whitest carpets clear of dirt. This material rolls on easily and cleans up quickly.

Masonite

Masonite sheets are laid onto hardwood floors to keep them scratch-free from moving furniture, boots, and dollies.

Door Jamb Protection

Cushioning to protect door jambs from scrapes during your move, even when the movers are getting the largest pieces out the door.

Wall Protection

Made of corrugated plastic that will not rip or tear, the crew will often put this on the walls of tight spaces to avoid nicks and bumps on the wall, especially since many clients freshly paint their home!

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Plastic Wrap

The crew will quickly wrap upholstered furniture to keep it clean throughout the move. Wrapping furniture with drawers is also handy for keeping those drawers shut during transit.

Furniture pads

Essential for keeping furniture scratch-free, the crew will wrap the furniture in these padded blankets then secure them with tape.

Item labels

For items going into interstate or into storage, a detailed, numbered inventory will be made. The crew will also put stickers with the corresponding inventory number on the boxes and furniture to keep everything organized and avoid loss. While packing, we also recommend clients use our free, downloadable box labels. These color-coded labels help the crew identify what’s going into each room, expediting the delivery.

More Moving Tips in our Moving Resource Center

Watch our crew use these materials on real moves in these videos!

What Equipment Do Professional Movers Use?

Protecting Your High Value Items

We take care in moving high value itemsOlympia prides itself on our top notch employees. Unfortunately, the nature of the relocation industry is such that accidents happen. Be prepared and make sure you have procured valuation coverage in case of potential loss or damage.

In the interest of properly covering your goods, notify your move coordinator of any pieces of “extraordinary value” (items with a value in excess of $100 per pound). For example, a five pound painting worth $1000, would equate to $200 per pound, and therefore falls into this category. Items of extraordinary value might include currency, jewelry, precious stones or metals, china or crystal, fur, antiques, art, manuscripts or rare documents.

These items need to be listed on a declaration of extraordinary value inventory form (also called a high value inventory form). This form helps ensure that the crew brings the right materials with them on the day of your job; and also that you are fully covered in the event of a claim on one of these articles.

If your high value items are not listed on this inventory form, you run the risk of receiving a lesser value for this item if damage or loss were to occur.

Be sure you pack all your high value and fragile items carefully. Consider hiring professionals to assist you with the packing.

How to Deduct Moving Expenses From Your Taxes

There are a lot of expenses inherent to the relocation process. These expenses are, however, tax deductible in certain scenarios.  You can deduct moving expenses if you are moving for the following reasons:

  • You are a retiree moving from another country
  • You are a member of the army relocating due to military adjustment
  • You are moving in order to start a new job
    • AND you work full time for at least 39 weeks during the first 12 months after your move
    • AND the distance between your new home and old home is at least 50 miles more than the distance between your old house and old job (i.e. if you were to commute from your old house to your new job, it would be 50 miles further than your old commute).

You can claim moving expenses on your taxes if the expenses exceed moving reimbursements from your company.

Here are examples of moving expenses that you can deduct from your taxes:

Talk to a tax consultant about the specifics of deducting these expenses. The forms for deducting these expenses are:

Customer Rights and Responsibilities

As a moving customer, you have certain protected rights and responsibilities.  It’s important to Olympia Moving & Storage that we’re on the same page with you. We want to ensure that every person we move understands the process and feels comfortable with our company.

We encourage you to download and read the handbook below, which was carefully prepared by the Federal Highway Administration (FHWA) and furnished by our Interstate Moving Partner, Wheaton World Wide Moving.

Rights and Responsibilities

 

Your Rights and Responsibilities When You Move Handbook

Still have questions about your rights as a moving company customer? Feel free to contact our team and speak to a moving professional.

Interstate and Account Tariffs (Regulations)

A tariff is the mover’s required, published price list of rules, regulations, rates and charges for the performance of interstate moving services.  You can find Olympia’s tariffs in full at the links below:

If you have any questions about Olympia’s pricing or regulations, feel free to contact your salesman, moving coordinator, or call 800.222.4744.

Liability and Valuation

Protect your belongings

Placing value on your possessions

When the moving crew arrives on move day, they will ask you to place a value on your possessions. Olympia’s liability for loss or damage varies depending on how you release the shipment. Your goods are not automatically fully covered for loss or damage during the move. You must select the type of protection you desire and indicate your choice, in writing, on the Bill of Lading. The Bill of Lading is the moving contract between Olympia Moving & Storage and you. The purpose of this information is to help you clearly understand the two choices available to you. A selection must be made prior to the start of any packing or moving services.

Valuation programs

Option 1: Replacement Cost Valuation (Recommended). This option covers repairs, replacement, or full reimbursement with no depreciation, minus the deductible you have selected. The mover will pay for the full cost of repairs if damage occurs while in our care and custody, up to the dollar amount of valuation selected. If the item cannot be repaired, we will replace it or replace it with a like item if the exact item is no longer available. If the item cannot be repaired or replaced we will pay you the cash value based on the current replacement cost (pending proof of value).

Option 2: 60 cents per pound per article. This is the minimum coverage required by the government and is provided free of charge. If your goods are damaged or lost, the mover’s maximum liability is 60 cents per pound per article. If your goods are damaged or lost, you will be entitled to recover the depreciated value of the item damaged or lost, or 60 cents multiplied by the weight of the damaged or lost article (whichever is less).

Example: A 10-pound chair is damaged or lost. You would be entitled to: 10 (lbs.) x 0.60 (cents per lb.) = $6.00. You would be allowed a maximum of $6.00 for that particular chair.

For more information, please download our valuation program brochure (.pdf).

Claims Form

In the event of loss or damage during the course of your move with us, please fill our the claims form below and send it to your salesman, move coordinator, or [email protected]

If you have experienced loss or damage during an interstate move with us, please contact your salesman or move coordinator to get information for the interstate claims form.

You have up to 9 months to report loss or claims, but the sooner you get the claims process in motion after your move, the better we will be able to help you.

Claims Form