If you are going to place your personal possessions in a self-storage unit, then you should most definitely check out the options of storage insurance. It is a common myth that storage companies offer complimentary storage insurance and many renters find that they are taken in by this gimmick when something does go wrong. Self-storage insurance can be purchased from your private insurance company or independent insurance companies alike; as well as from the facility you are renting from.
What Self-Storage Companies Offer
Most self-storage companies do not offer complimentary storage insurance-meaning that your monthly rental fee does not include the cost of insurance. Yet, storage units are not exempt from fire, flood, natural disasters or burglaries. So, in the event of a loss, you could potentially lose everything that you had put into storage.
In order to protect your things, some companies actually require that you purchase an insurance policy before renting from them. What self-storage facilities have done to make this requirement easier for their renters is to offer an insurance policy protected by the company itself.
The actual rates and coverage limitations will vary by company; however, most self-storage companies will offer a maximum coverage amount of $2,500 for roughly $10 per month. While most self-storage companies typically do not require a deductible, their rates are usually higher and their coverage’s are lower than that of most independent insurance agencies.
Renter’s Insurance Policies
If you are considering storing some of your things, you should be sure to check with your private insurance company that holds the rental policy for your apartment. Some private insurance companies prefer only to deal in insurance for the place in which you reside, whereas others have branched out into offering self-storage insurance.
Choosing to add storage insurance to your current renter’s policy can be one of the best options for you. Not only will your rates likely be cheaper than if you were covered directly by the storage facility, but some private insurance agencies offer a multiple line discount when you have several policies with the.
If, however, your private insurance carrier does not sponsor a self-storage insurance program, there are other independent self-storage companies who deal only in insuring those who are storing their things away from home.
Independent Self-Storage Insurers
Choosing an independent self-storage insurance company, in most cases, will be the best option for you. The reason for this is that they typically have much higher coverage amounts available than what a self-storage company will offer you. If the self-storage facility is only willing to insure your belongings to $2,500, as noted above, you could be in a world of hurt if there is drastic flooding and you have over $10,000 worth of valuables.
If you are considering an independent insurance agent, you should definitely do your homework and shop around. The coverage amount and respective price varies with different insurance agents, as well as the deductible amount. Most independent self-storage companies offer up to $15,000 of coverage and roughly charge between $20 and $25 for that coverage amount. This is a big difference from only receiving $2,500 worth of coverage from the storage company.
The best thing to do when looking for self-storage insurance is to consider your options. You should never accept the insurance offered by the storage company unless you are sure that it is the best deal. Not only do they offer relatively small amounts of coverage, but they are usually more expensive for the coverage that you do receive.