What You Need To Know About Insuring Your Self-Storage Unit
When you put valuables in self-storage, you want to know that they are protected from theft and damage. Fortunately, there are a few options you can choose from to insure the contents of your storage unit. Here is what you need to know about insurance for your self-storage unit.
Homeowner's Insurance Coverage
Your homeowner's insurance policy may cover items outside of your home, including those stored in your car, a child's dorm room, or a self-storage unit. Talk to your insurance agent about what your policy covers, and determine if you need to add to your policy to cover the cost of replacing any valuable items stored in the unit. If you rent your home and have a renter's insurance policy, it may also provide the same coverage as a homeowner's policy might.
Self-Storage Insurance Coverage
Some self-storage facilities offer separate insurance policies for their tenants. This coverage may include damage caused by tornadoes, theft, fire, or vandalism. In some cases, your storage facility may require proof of some type of insurance and will offer you the chance to purchase coverage as part of your lease. Be sure to read the fine print and make sure that the policy adequately covers the cost of replacing the items you have stored away. Ask about the rates, and consider shopping around to find coverage from an independent insurance provider to make sure you are getting the best value for your money.
Flood Insurance
Flood insurance is typically sold separately, whether you are using your homeowner's insurance coverage or you are purchasing a policy from the self-storage facility. Flood insurance is important, as flooding can happen for a number of different reasons no matter where the facility is located. If you are renting a storage unit in an outdoor facility, flood coverage becomes even more important, as the only barrier between your unit and flooding is the door. Contact your insurance agent to take out a personal flood policy for your storage unit to provide the protection you need.
Be sure to create an inventory of the items you have stored in the unit as well as the estimated cost to replace them. Keep a copy for your own records, and submit a copy to your insurance provider, whether it is your storage facility or your homeowner's insurance carrier. In the event that your items are damaged or stolen, you will then have proof of the cost to replace the items.
Contact a storage facility, like King Arthur Self Storage, for more help.
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