Self storage insurance is something that a lot of people either
don't know about or assume that they are automatically protected. The
truth is that the scenario is different with every storage location, so
there are a few important facts to always keep in mind. Here is a quick
introduction to self storage insurance, what it is and how you can make
sure that you are protected.
What is Self Storage Insurance?
Self storage insurance provides the same type of coverage that you get with renters insurance or home owners insurance. You are essentially a tenant of that unit because you are renting it and keeping your possessions in it. The key thing to remember is that you are not automatically covered, just because you are renting a storage space. Most storage facilities will have some very basic coverage such as flood and fire insurance, but it may not provide you with enough coverage to replace your items. More importantly, this isn't always the case.
How Much Self Storage Insurance Do You Need?
It can be difficult to decide how much insurance you need for your self storage unit and a little bit of research needs to be done in order to find the answer. The first thing that you need to do is talk to the company or person that owns your self storage unit. This will let you know if there is any insurance that you get automatically. If you do, it will probably be very basic coverage such as fire and flood. By knowing what insurance you will get automatically, you can make sure that you purchase as much additional coverage as necessary, without paying for coverage that you don't.
Another variable to consider when you are deciding how much self storage insurance that you will need is the value of the property that you are storing. The key is to make sure that you have enough coverage that all of your property is safe, but at the same time not paying for extra coverage that will not provide you with any real benefits. Obviously, you don't want to change your amount of coverage every time that you add or subtract something from storage, so make sure that you have a small cushion of coverage, normally between and additional 5% and 10% of the total value of your current property in storage should be enough.
You also want to make sure that your property is covered, regardless of what type of event damages them. The most common way that your property will be damaged is theft, so it is critical that you have theft coverage. Depending on the area that you live in, different types of weather could be factor as well, especially if it is wet or high in humidity fairly often.
Self Storage Insurance in Review
In the end, it is your job to decide how much and what kind of self storage insurance is best for you and your property. It is always a good idea to talk to the owner of the storage unit before buying insurance because they will let you know if any insurance is automatically included. Once you know what you have, it is much easier to determine what you need.
What is Self Storage Insurance?
Self storage insurance provides the same type of coverage that you get with renters insurance or home owners insurance. You are essentially a tenant of that unit because you are renting it and keeping your possessions in it. The key thing to remember is that you are not automatically covered, just because you are renting a storage space. Most storage facilities will have some very basic coverage such as flood and fire insurance, but it may not provide you with enough coverage to replace your items. More importantly, this isn't always the case.
How Much Self Storage Insurance Do You Need?
It can be difficult to decide how much insurance you need for your self storage unit and a little bit of research needs to be done in order to find the answer. The first thing that you need to do is talk to the company or person that owns your self storage unit. This will let you know if there is any insurance that you get automatically. If you do, it will probably be very basic coverage such as fire and flood. By knowing what insurance you will get automatically, you can make sure that you purchase as much additional coverage as necessary, without paying for coverage that you don't.
Another variable to consider when you are deciding how much self storage insurance that you will need is the value of the property that you are storing. The key is to make sure that you have enough coverage that all of your property is safe, but at the same time not paying for extra coverage that will not provide you with any real benefits. Obviously, you don't want to change your amount of coverage every time that you add or subtract something from storage, so make sure that you have a small cushion of coverage, normally between and additional 5% and 10% of the total value of your current property in storage should be enough.
You also want to make sure that your property is covered, regardless of what type of event damages them. The most common way that your property will be damaged is theft, so it is critical that you have theft coverage. Depending on the area that you live in, different types of weather could be factor as well, especially if it is wet or high in humidity fairly often.
Self Storage Insurance in Review
In the end, it is your job to decide how much and what kind of self storage insurance is best for you and your property. It is always a good idea to talk to the owner of the storage unit before buying insurance because they will let you know if any insurance is automatically included. Once you know what you have, it is much easier to determine what you need.
Jason Kay recommends that you find, compare, and reserve self storage units at http://www.easystoragesearch.com
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