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Self-Storage Insurance: Yea Or Nay?

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Generally, you would assume that your belongings are safe in a self-storage unit. No one else really has a reason to break into your unit, you lock it with your own padlock, and it is a dry place to put your things. It begs the question, then, why self-storage proprietors would want to sell you self-storage insurance. The following arguments will help you decide if this is just an add-on product or a valuable service.

Your Homeowner's Insurance Does Not Cover Off-Property Items

Most people do not realize that their homeowner's insurance does not cover any item stored elsewhere. If you take several boxes of your stashed stuff and put it in a storage unit for safe keeping, and something happens to it, homeowner's insurance will not replace it. Additionally, if you do not have insurance on your storage unit, the proprietor or company does not have to replace your missing or destroyed items. The insurance they carry only covers their losses, not their renters'.

Relatively Unprotected Units Are an Invitation to Thieves

Some storage facilities do not have security measures in place. The only thing protecting your treasures is the padlock you use. While the monthly rental price is significantly lower, it puts any valuables you store at risk for theft. Once they are gone, you cannot sue the rental unit company because you knew the risks of self-storage and what could happen. The most commonly targeted units for theft have the following in common:

  • The renters are out of town or out of the country for an extended period.
  • Renters have storage units in unguarded and unsecured units, with no surveillance cameras or alarm systems of any kind.
  • Renters store things like expensive jewelry, old cars and art.

Had you any self-storage insurance, you would be reimbursed the full monetary loss for your stolen property.

Elemental Damage Is Common

These units are built like mini-garages. They keep your items from the precipitation outside, but not from extreme temperatures or the eventual water leak. Fires are less common, but still a possibility since some self-storage units are built with plywood and sandwich board. Storage companies work hard to make sure your belongings are protected, but like any good rental proprietary company, they will still offer you self-storage insurance in the event that their structures somehow fail to do as promised.

A Small Price to Pay for Peace of Mind

Most self-storage insurance policies sold to customers by owners of these facilities only add a one-time annual fee or a small monthly fee in addition to your monthly rent. If you know you cannot regularly check on your unit, this little bit of extra money is worth the peace of mind. Several companies which offer this service allow you to add the insurance whenever you like, which allows you to refuse the insurance up front if you need to, but pick it up at a later date.

For more information about storage insurance, contact a company like Palmisano Ralph Movers.