Insuring Stored Items

Posted: August 30, 2011 in Self Storage Units
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Many people think that a successful self storage ends when you see your extra things and stuff out of sight. But it is just as easy to forget insuring prized possessions when they are stored away from homes. For most cases, a renter’s or homeowner’s insurance doesn’t cover content for a self storage unit. 

Self storage facilities rarely offer automatic insurance coverage for their clients. Although their lease include coverage on any damage that may happen in the building itself, this protection does not apply to your personal or business belongings. Additional self storage insurance is usually offered for a monthly fee which can be combined to your rental fee. This pretty small investment translates into big returns in the long run.

  • Low deductible. Save money on insuring your items by working with a self storage facility that includes insurance premiums. Depending on the insurance plan that you purchase, coverage can include damage to your storage belongings in the event of theft, water damage and fire.
  • Separate deductible. Claims can be filed with the facility’s own insurance firm. These claims will not affect the amount of your renter’s or homeowner’s premium, nor cause any business/personal policy cancellations.
  • In transit coverage. Get an insurance policy that covers in-transit damages.
  • Supplemental coverage. There are business owners who have already insured their stored items. However, you can still invest in the self storage insurance offered by your facility as it provides supplemental coverage for business belongings.

Most storage items may be covered by self storage insurance plans, except for vehicles. Stored vehicles should be covered by the auto insurance policies. If you wish to store a vehicle, make sure you can prove its insurance coverage when signing rental lease.

Whether you intend to store business items or personal belongings, it would be crucial that you have a rough calculation of how much your valuables are worth. By doing this, you can buy the right insurance premium and have all your belongings covered.

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