If incidents such as theft, fire or weather should damage a self-storage center, users may lose their property. And it may surprise these users to know that the storage company’s insurance may not cover the loss of property.
Most storage center policies view items within a unit as the renter’s personal property. So, they often don’t provide payouts in the event of unavoidable personal property losses. Only in limited circumstances might the company coverage pay for clients’ personal property.
Storage unit renters should consider investing in their own insurance before they store. Indeed, many storage companies require users to buy insurance before renting a space.
If you’re planning to use a self-storage unit, consider the ways you might get coverage for the items in your block.
1. Use Your Homeowners Insurance
Homeowners policies might insure the items you keep in a storage unit off of your main property. However, such coverage is often quite limited.
Policies generally only provide lower coverage limits for items in storage units than they do for items stored on your own property. Furthermore, you may have to pay more for your coverage if you add this rider to your policy.
2. Buy Coverage From the Self-Storage Company
Some storage companies offer to sell renters an insurance policy when they take possession of a unit. However, prospective renters should consider these policies with a degree of wariness.
On one hand, these policies may address any gaps in personal possession coverage left by the storage company’s own policies. On the other, these policies usually come with relatively low maximum limits. They may not cover the value of the items you place in storage.
3. Obtain Self-Storage Insurance from Your Insurance Company
Your insurance company may be able to issue you a separate self-storage policy. These policies often do not contain extremely limited coverage levels, as a storage company’s or homeowners insurance policies might. You likely have the option to increase these policy limits to your satisfaction.
Nonetheless, still use caution when placing items in self-storage. Self-storage policies usually come with maximum limits. This means that they still may not cover your most expensive items. Furthermore, some policies exclude precious items like jewelry, art, furs or legal documents. Storage unit owners should use scrutiny when placing items in storage. They should only store the items whose value or intended use may not mean an extreme financial loss.