Why Do You Need Stored Property Insurance?
Do you have insurance protecting the things you keep in your storage unit? Self-storage units don’t usually come with insurance coverage, but sometimes facilities will require proof of insurance before you can sign a rental agreement. How do you go about getting this insurance? Will your renter’s or homeowner’s insurance protect you? Let’s look at the ends and outs of stored property insurance.
To find out if you’re protected by your existing insurance, like a renter’s or homeowner’s policy, you’ll need to take a couple of steps. First, you’ll need to find out if the storage facility will accept these forms of insurance. If the answer to this question is yes, call your insurance policy and ask if you’re covered for items stored outside your home. Make sure you understand the details of your policy, find out what is and is not covered, and ask if you need to take out a separate rider.
If you’re not covered by an existing policy, ask the storage company to point you in the right direction for finding an insurance provider. Be aware that if you go with the facility’s preferred provider, you may be missing the chance to shop around. However, an insurance company that works closely with your storage facility might be easier to work with if you need to file a claim. Some people get confused, thinking the storage facility is providing the insurance, but typically the company is just the go-between.
When deciding on a policy, research your options for coverage. Find out your coverage limit, policy rules, and any restrictions on what will and will not be covered if you store it. It’s important to know exactly what’s covered by your policy. Once you choose a company and a policy, make sure to stay up to date on your premiums.
What’s the big deal about stored property insurance? Why do you even need it? Some people think it’s unnecessary, but here are some compelling reasons to get it.
- The things you store may be important to you. While some high-value items may not be covered by insurance unless you get a special policy, even those things without high monetary value may be sentimentally significant.
- Extreme weather is always a risk. Even if your storage facility has the best security features, hurricanes, wildfires, and earthquakes are beyond everyone’s control. Note: if you’re concerned about flooding, you may need special flood insurance.
- Even with state-of-the art security, burglaries sometimes happen. If someone forcibly breaks into your unit, insurance will cover whatever was stolen.
- Your storage company is legally allowed to require insurance. Even if you’re not worried about damage or theft, you may be compelled by your storage company to purchase insurance. Ask your storage facility about their policy.
The good news is that stored property insurance is not very expensive. You can typically get $3,000 worth of coverage for as little as $12 per month. What’s more, going up to a higher coverage amount isn’t much more expensive. For about $16 per month, you can get $5,000 worth of coverage. Your policy may cost more if it contains options like flood insurance, but you may be able to save money by combining your policy with existing homeowner’s or renter’s insurance. Even if your facility doesn’t require it, it’s a good idea to have it, to protect you from loss if something happens to your belongings.
When you want to store your items somewhere safe and secure, choose Pouch Self Storage. We’ve been operating mini-storage facilities since 1979 and we’re committed to keeping our clients’ belongings safe. Founded by John Yelland, who hails from Australia, Pouch Self Storage is named in honor of the kangaroo’s pouch- nature’s safe and secure storage spot. We’re an industry leader in design, building, and maintenance of self-storage facilities, and we strive to give our occupants the most advanced security systems available. At our nine Southern California facilities, you’ll find state-of-the-art computer monitoring systems that allow our self-storage managers to monitor the opening and closing of every storage unit door, 24 hours a day. For more information, call (800) 378-4598 or contact us through our website.