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Insuring Your Stored Items
You may think that successful self-storage means your extra stuff is out of sight, out of mind. But it’s just as easy to overlook insuring your prized possessions when they’re stored remotely. In most cases, your homeowner’s or renter’s insurance policy will offer little or no coverage for the contents of a storage unit.
Self-storage facilities don’t automatically offer coverage either. Although your lease should include coverage of any damage that occurs to the storage building itself, this protection does not extend to your business or personal belongings. Additional insurance is usually offered for a minimal monthly fee that is combined with your rental fee for one easy payment. This small investment translates into some notable benefits:
- Low cost / low deductible – You may be able to save quite a bit on the cost of insuring your items by going with a self-storage facility policy. For example, at Extra Space we offer $2,000 to $10,000 of insurance coverage on your belongings for a monthly fee of $8 to $38. This insurance covers damage to your belongings in the event of a variety of accidental circumstances, including fire, water damage, and theft. The deductible is only $100, which is significantly less than that of a homeowner’s insurance policy.
- Separate deductible – Claims are filed through the storage facility’s insurance company, rather than your own insurance company. Therefore, these claims will not affect the amount of your monthly homeowner’s or renters insurance premium, nor cause your personal or business policy to be cancelled.
- In-transit coverage - Insurance policies offered through most storage facilities cover any items that are damaged in transit -- up to a 50-mile radius. This is coverage that is most likely not offered through your homeowner’s or renter’s insurance policy.
- Supplemental coverage - If you are a business owner, you may already have insurance that covers equipment and other items you’ll be storing in a self-storage unit. However, you may wish to consider investing in the insurance offered by the storage facility, as it provides good supplemental coverage for your items.
Most items commonly stored are covered under self-storage insurance policies, with one exception – vehicles. Most require stored vehicles to be covered by an auto insurance policy. You will need to provide proof of this coverage when you sign your storage rental lease.
Whether you are planning to store your personal belongings or items for your business, make sure to calculate how much you estimate your items are worth. That way, you can purchase the appropriate amount of insurance and have peace of mind that your belongings are covered.
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