Insurance Coverage for Self Storage Units MattersPosted: August 2, 2012
You have cleaned out the attic, basement, the garage, or you are moving and need to store items you simply do not want to get rid of. Where to go? A self storage Unit facility. Whether it be a car, furniture, or that collection of glassware that has been collecting dust, are your items covered by the storage company’s insurance policy?
When you rent out a self storage unit, you are basically renting a room. You do not live in this room, but your items have a place there. You have a contract or policy to follow, pay on the storage unit every month and you have access to your items to take out or add more when you want. Some facilities offer you a basic coverage in case of theft or fire and you pay a small extra fee every month, but does their insurance cover the cost of your items if they need to be replaced?
Just like getting coverage for you personal items with renters insurance, self storage insurance is similar. You need to determine what insurance coverage you need by figuring out how much the items you are storing are worth. If the storage facility has the coverage you need there is no reason to purchase more. If you have items that are worth more money, a house full of furniture, etc then purchasing a policy for more coverage would be wise.
When you are looking for coverage, figure how much it would cost to replace your items. Make a list of what you have, and write down on the list serial numbers if available and keep your list and receipts for any purchases if you have them in a folder. As you add or take out of the storage unit, go back to your list and make the necessary changes. Make sure your policy will cover you for anything that can happen to your property such as theft, fire, flooding and more.
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