What Self-Storage Insurance Plan is Right for You
April 16 2019
Make no mistake, insurance on the items in your self-storage unit is a necessity. While the facility itself is probably insured, the facility’s insurance plan does not actually cover its client’s items within the storage facility. You must get your own, personal self-storage insurance plan.
While self-storage facilities are usually very well secured, with their own surveillance systems, large gates and heavy locks, this does not mean the facility is immune to fires, floods, natural disasters or thieves. They may very-well be as prepared as they can for any of these, but no matter the extent to which they go to protect their property and yours, there is always a possibility that these events could still take place.
Self-storage insurance is the only sure-way to protect your items from the unexpected. But then what insurance plan do you need – are they all created equal? We’ve created the following list to help guide you in choosing your self-storage insurance.
Some insurance policies are written in a way that is unclear and inconsistent. When claims are then attempted, it can be a significant challenge to receive the proper compensation. Some of the issue here is in fact self-storage insurance itself, which is a confusing topic to begin with. Most insurance companies are not looking to exploit you, but amongst the confusion, you may end up with the short straw if you aren’t clear on the policy.
Understand the arrangements with the self-storage facility
Self-storage facilities have different rules and regulations governing their tenants’ insurance plans, so the first thing you need to understand is your rental lease. Certainly, have an agent from the self-storage facility go over it with you, but be sure to ask the right questions:
Does the facility require proof of insurance?
Do they require their tenants to purchase their facility-offered insurance (if they have one)?
Do they suggest any self-storage insurance provider(s) themselves?
And then reread their policies again yourself to be absolutely certain of your rights as a tenant.
Speak to your own insurance agent
Some homeowners’ or renters’ insurance policies can provide self-storage insurance – it may already be included, or it may be an additional package that can be added to your current insurance. Speaking to someone you are already a customer of can provide you with additional information, or the direction you may need to take.
Ask questions before signing on the dotted line
You will only be certain that any insurance is appropriate when you ask the right questions. Be sure to check to see if the most common self-storage issues are covered: pests, water damage and mold are most likely problems, but often also what policies won’t cover. Knowing whether these sorts of things are covered or not will go a long way to determining whether the plan is right for you.
Lastly, if the self-storage facility is selling you your insurance, be sure they are licensed to sell insurance. If you purchase it through an entity that isn’t licensed, then that plan may fall to pieces if you need to make a claim, as it is illegal to sell insurance without a license.
We at Storage Protectors are leaders in self-storage insurance, and understand the stress associated with having to make decisions of these sorts. We’re always ready to discuss the best plan to protect your self-storage items: speak to us here today.