By Terry Dowling, Certified Self Storage Manager
You are looking to store your possessions at a storage facility. You call around or stop in to find the best the best possible value. Then the property manager asks you if you have your own insurance or if you would like to purchase a third-party policy. As the customer, you ask, “Do I really need insurance?” The answer is, “Yes you do!”
Not only is it a good idea to ensure your belongings are protected in the event that anything were to happen to them; but in many cases it is a requirement of the rental agreement that you must have insurance in order to lease a unit.
You have a couple options for storage insurance:
- If you are a home or business owner, you have insurance already that may very well cover your belongings at another location, such as a storage unit. You can simply call your agent or read your policy to see if you are covered. If you are, you simply need to bring us a copy of the Declaration page as proof of coverage.
- If you don’t own a home or business, maybe you have renter’s insurance for your apartment or rental property where you live. Again, check your policy or call your agent to see if you are covered, and provide us a copy of the Declaration page. Many renter’s policies have this coverage included.
- If you are not covered by any existing insurance policy, you can purchase a third-party policy in our rental office. There are several options to choose from which are very affordable and designed specifically for the storage business.
There are many benefits to purchasing a third-party policy that you do not get with a homeowner’s or renter’s policy. You may even want to simply go the third-party route because it can be easier and the coverage is specific to a storage unit:
- Your deductible, if something were to happen, is much smaller than most homeowner’s or renter’s policies.
- Your premium will not go up if you report a loss.
- The monthly fee is very affordable. The cost depends on the amount of coverage you will need for your valuables. Most people tend to buy the minimum coverage, which is just $10 per month and covers $2,000 worth of belongings. But there are additional options available as well.
- You’re covered for fire and smoke damage, roof leaks, burglary, rodents and natural disasters.
Since you are placing your belongings in storage, they obviously have meaning and value to you. We say, “If it’s worth storing, it’s worth insuring!” We highly recommend that you take pictures of what you place in your storage unit as well. That way, if something was to occur, you have proof for the insurance company of what was actually placed into the storage unit. This step will make filing a claim to the insurance company much easier – just like if you were to file a claim for your home or vehicle.
If you have any questions about storage insurance, contact us for more information or reach out to any of our knowledgeable property managers who will be happy to help. And, if you are ready to get that storage unit now, you can rent a unit online 24/7. Remember, the most important thing when it comes to storage insurance is that you get enough coverage to match the value of your belongings.