Unfortunately many people falsely assume that their belongings are automatically insured by the facility they are being stored at. Full or comprehensive insurance is very rarely built into the standard rental rates. Occasionally you will find a storage facility that will offerIt is often assumed that self storage facilities will automatically provide insurance for the items being placed into storage. Sometimes insurance is offered as part of the basic package but more often than not it is not enough to cover your needs.
Although some self storage facilities will not insist that you have insurance coverage, others will, and it makes sense to put adequate coverage in place. Just because the facility you choose has implemented adequate security measures don’t assume your things are completely safe. Even if the facility is doing everything it can to prevent theft there is not much they can do against natural disasters such as flooding or fires.
The first thing you should do after you check your insurance options is make sure your belongings are not already covered under your homeowners/renters insurance policy. To find out contact your homeowners/renters insurance agent. Your things may already be completely covered under such a policy or you may need to simply pay a little more on your premium to have them covered. This is sometimes cheaper than starting a completely new policy. Always be prepared to show proof of insurance to the facility you are renting with if you are providing your own.
Things to consider about purchasing insurance:
- Are my belongings already covered under my homeowners/renters insurance policy (this includes vehicles, boats, as well as household items?
- Does the facility I chose offer coverage?
- Will my belongings be covered if an accident occurs and the facility is at fault?
- In the event of a natural disaster are my things covered?
- What is the claim history of the facility?
- If I add or remove items from my storage unity will I need to update my policy? .
- Are the items going into storage of high value (consider both the monetary and sentimental value)? It is often wise to invest a little more in a climate controlled unit if the items being stored are of high value.