Gain Peace of Mind with Storage Unit Insurance
Self-storage units can provide peace of mind, free up space at home and keep seasonal or seldom-used items out of the garage. But many people don’t realize it’s also a good idea to invest in storage unit insurance, and here are some reasons why.
Storage unit insurance covers perils such as environmental damage, fire, theft, weather and vandalism. Why not just rely on a home insurance policy? While some home insurance policies cover off-premise storage units, they usually have restrictions, a deductible and your premiums may increase if you make a claim.
And sometimes, the replacement cost of the item is close to the cost of the deductible, so making a claim doesn’t make sense because your premiums may increase for a claim you will get nothing out of.
A standalone storage unit insurance policy can give you added peace of mind for the following situations.
Storage facilities do their best to provide weather-resistant storage options (and even offer climate-controlled storage units), but weather happens, and heat, flooding, hurricanes, wildfire, earthquakes, snow, hail or other natural events can damage the contents of your unit. Depending on the terms of your policy, your damaged items could be repaired or replaced.
Storage units aren’t supposed to chirp. What happens if, for instance, birds manage to get into your storage unit and build a nest, say, destroying your box spring and twin mattress in the process?
If you have storage unit insurance, these types of situations can be covered for the cost of the mattress set.
Of course, you always want to check with the storage facility before storing things that could cause damage like chemicals, flammable or hazardous materials (including gasoline). There are strict rules about those items.
And remember, you have no idea or control over what the person in the next unit is storing, and if something leaks from their side into yours, you need some protection.
In many states, storage facilities can require tenants to have adequate storage insurance. In New York, New Jersey, and Louisiana where we’re located for example, storage facilities are permitted to require tenants to have adequate insurance, but they cannot compel you to purchase it through them.
Before you sign a contract, ask the facility about the requirements and options.
Depending on the type of security the storage facility offers, your belongings can be open to theft or vandalism.
When choosing your self-storage facility, look for things like controlled entry, fencing, cameras that cover every part of the property and a well-maintained location.
You should be able to use your own lock to lock your unit, too. And while digital and analog security measures are important, having staff on the property is a big deterrent. An unstaffed location is a magnet for thieves.
If you store valuable or rare collectables, having adequate insurance protection is especially important. Make sure you check the terms of your policy because some have limitations on value or certain items such as expensive jewelry or antiques.
For more on what to look for when it comes to a safe self-storage facility, see: How to Safely Use a Self-Storage Unit
At the end of the day, if you are storing items in a self-storage unit, having adequate insurance protection is essential.
You care enough to keep your property safe by renting a unit, so adding insurance coverage is extra peace of mind. A standalone storage unit insurance policy can give you this peace of mind for a reasonable cost.
Many storage facilities offer this protection, or you can purchase it through your insurance broker. Ask your storage facility or insurance provider for a quote.
And remember: Keep an inventory of the contents of the self-storage unit so if there is a problem, you can quickly determine what is missing.