As a rule, storage units won’t come insured, but some of them do require proof of coverage for the property before the institution of the contract. As the renter, you will want to be sure that the possessions you’re storing are covered since they will be located outside the safety of your home. There are risks for damages potentially due to weather, a loss due to unforeseen circumstances, and the potential for theft.
There are some renter’s insurance or homeowner’s policies that include property off-site but require that you purchase an individual plan for those items. Possessions being kept in a storage facility isn’t considered a common coverage. Many quality storage providers will have recommendations for “Tenant Insurance Plans” for the client to take advantage of. Check this for the fundamentals of self-store property insurance.
Why Tenant Insurance Is Crucial When Using Storage
Property that you have possession of, whether in your home or another location stored outside your household, should be insured if you intend to recover damages for potential loss. Regardless of the length of time you plan to keep the belongings in self-storage, an unforeseen circumstance can take place at any time, and insurance gives you a sense of security.
Items Have Value Either Sentimental Or Monetary
Typically, the items placed in a stored facility are ones that people can’t let go of but no longer have room for in the home.
Some of these are exceptionally valuable in either a sentimental capacity or monetarily. Regardless of where the value lies, these will be something that can’t be replaced easily, but you do want to make sure that there is adequate coverage for them.
For high-priced items like jewelry and furs, homeowner and renter plans won’t handle these under tenant coverage but instead require a special type of policy that can be obtained separately through an agent. Go here https://www.thebalance.com/storage-insurance-for-cars-3572245 for insurance details on cars placed in storage.
Of course, for pieces with special sentimentality, there’s no way to get back what you’ve lost or even come close to replacing the treasure. Still, in some way, with the insurance coverage, you can attempt to create a new memory in honor of what the piece represented.
Extreme Inclement Weather Conditions Bring Risk
Chaotic weather conditions, including hurricanes, blizzards, earthquakes, even wildfires, are catastrophic events that have the potential to cause havoc and risk damage to property, even those in storage units. As is true with a renter’s policy and most homeowner’s plans, a flood is not a covered peril unless you obtain a specific flood plan.
Floodwaters can truly devastate personal property. Most storing structures are exceptionally sealed and secure, but that doesn’t mean that harsh weather can’t find its way into these outdoor buildings, especially excessively, unusually high levels of water.
Self-storage Does Not Escape The Threats Of Theft
Regardless of the amount of security used at a particular service provider’s yard, no place can escape the threats of theft entirely. Many of the companies are implementing more features than what the average homeowner or apartment complex utilizes with surveillance systems that they regularly maintain, gated yards with key-code entry, and so much more. Though it’s a challenge, criminals are not deterred, and theft in these facilities does happen.
Tenant plans will cover possessions that have been stolen when a unit has been entered forcibly as long as there is visible evidence to show this. If a lock has been cut off and is missing, that’s not considered a forced entry. There have to be “visible signs” showing the unit was forced open or broken into.
Legally You Can Be Required To Obtain An Insurance Plan
By law, when attempting to rent a self-store structure, the company can require that you obtain insurance on your belongings before they sign a contract with you. This is one of the primary reasons people actually end up getting a plan on their property when they store things – because they have to.
It’s reminiscent of landlords with leases requiring their potential tenants to obtain renter’s insurance before an agreement is reached. Sadly, in most cases, if it wasn’t a requirement, most people would avoid this step altogether, storing their valuable items without any type of coverage on the items at all.
But then, if the renter were to incur a loss, many attempts would be made to go back on the facility to take responsibility. Fortunately, the renter’s contract details specifics relating to responsibilities.
Investing in a plan for storage insurance is beneficial for you as the renter. Not only should you invest, but you should attempt to get the most comprehensive policy available and do so because these objects hold value for you, not because a company says you have to.
You would have your property insured if it were in your home. There’s no reason to leave it unprotected just because it’s located in another place outside your household. That is, in fact, a reason in favor of coverage and doing so at a more elevated level.
Final Thought
Many of the self-store companies won’t insure the structures. Every so often, you might find a premium service that does, but as a rule, they generally do not. Most require that you do obtain your own insurance coverage and that you have proof of this when you attempt to rent the space. But it shouldn’t be about the facility making a request of you to obtain insurance.
When you take items of value out of your home where they were insured by a homeowner’s policy, the value doesn’t diminish – sentimental or monetary. You found them worthy of being protected inside the household – that shouldn’t change because you’re merely taking them to a new location.
Since these will be out of your sight, they need a greater sense of protection with a better level of coverage. A company will go above and beyond to keep the yard and the existing structures safe and secure. As the owner of the property, you need to do your part in providing protection for your valuables.
