When you are looking for a place to store your belongings you look for the one of best value. You talk to the property manager and they ask you if you have your own insurance. As the customer, you ask, “Do I really need insurance?” The answer is, “Yes!”
Due to our rental agreement, it is a requirement to have insurance in order to rent a unit. It also is an added protection to your belongings to guarantee their safety if anything were to happen to them.
- Being a home or business owner may mean you already have insurance of your own that will cover your belongings at other places like storage units. Just call your agent or read your policy to see if you are covered. All we need is a copy of the Declaration page as proof of coverage from your insurance.
- Maybe you don’t own a house or business you might have renters insurance for your apartment or rental property where you live. Just check your policy, call your agent and see if you are covered for a storage unit and all we will need is a copy of the page of Declaration. Most policies have this included.
- If you do not have any of these policies, 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:
- If something were to happen your deductible 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 value to you. We say, “If it’s worth storing, it’s worth insuring!” You should take pictures of what you place in your storage unit as well for your records, in case you ever need to file a claim. 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.