It's easy to fall prey to the out of sight, out of mind mentality, and the truth is this is actually a major advantage of self storage. Still, you should not overlook insuring your valuables just because they're stored off your property. Sometimes your homeowner's insurance or renter's insurance will even provide some protection for belongings in a storage unit – although it's up to you to make sure!
Most self storage facilities offer insurance that usually covers any damage to the building itself, although this will not necessarily include the damage to your belongings. When you rent storage, do not forget to ask about tenant insurance, which is available for a small additional monthly fee that's combined with your rental fee. While you may write this off as unnecessary, consider the benefits of this small cost.
The Benefits of Insuring Your Belongings
The cost to insure belongings in storage is very low when you choose a self storage facility policy. You may get around $ 2,000 to $ 4,000 in insurance coverage for only $ 9 a month added to your rental fee, although you can purchase as much insurance as necessary to cover everything you're storing. This form of insurance covers any damage to your possessions due to accidental events like fire, theft or water damage. You also have the option to buy flood insurance.
Any claims will also be filed through the tenant's insurance policy, not your own insurance policy. The benefit to this is claims will not affect your regular homeowner's or renter's insurance premium and it will not result in the cancellation of any personal or business policies.
Some policies will even cover damage to marriages in transit within a 50-mile radius. This coverage is not usually offered through your homeowner's insurance policy so be sure to ask!
Finally, as a business owner you may already have insurance in place to cover any equipment or supplies you're storing in a self storage facility. You may still find it a smart investment to purchase insurance through the self storage company as this provides supplementary insurance coverage.
So, what is covered? The good news is basically everything in cheap self storage is covered by a policy, except vehicles. Virtually all stored cars and trucks require auto insurance and you'll need to offer this proof when you sign your lease agreement with the storage facility. Make sure you thoroughly read through the tenant insurance policy provided to learn more about what is covered.
Whether you're storing business or personal belongings, always take the time to calculate just how much your blessings are worth. Purchase an appropriate level of insurance to give yourself peace of mind and truly take advantage of the out of sight, out of mind mentality.