4 Key Benefits of Storage Insurance
When it comes to protecting your home’s contents, insurance is a must. It’s something you buy, even if your residence comes with top-notch security measures already in place. You just never know if, or when, sudden incidents might strike which can adversely affect your home.
Just as your home doesn’t have ironclad immunity against severe weather, fire, break-ins, or other possible events, neither does any storage facility. Even though such events are very low-risk, these facilities carry commercial insurance coverage. Like most people, you probably expect that this coverage includes any belongings that you keep in storage, too, right?
Although it’s an understandable assumption, in reality, this is a mistaken belief that commonly arises about this aspect of self-storage, particularly when you’re thinking about putting all your valuable goods into storage. But with that said, before you start worrying about how you’ll insure your belongings, it’s always a smart idea to check out your existing insurance options first to make sure you’ll have appropriate coverage available.
These are some important points to consider when choosing insurance for your stored goods:
Extension of coverage
Many home insurance policies contain clauses which extend coverage to belongings which are not stored on residential property. However, bear in mind that such policies may have inconvenient restrictions: the insurance coverage may be only temporary and too short for your needs, or it may limit the amount of coverage applicable. With storage insurance, your coverage continues indefinitely for as long as you rent storage, and up to an amount that you choose.
Understandably, your home insurance policy covers every aspect of your property, not just your contents, and this is reflected in the cost. This is great when you need to worry about your lawn, your furnace, your pool, etc. But, depending on your situation, it might not be worthwhile to pay for a more expensive form of insurance, especially when the only thing you’re really concerned about are your contents in storage.
Besides reducing your monthly costs, storage insurance has other advantages as well. It has a low deductible, and it is paid at the same time as your rental payments. You can easily change your amount of coverage or cancel your policy at any time with no additional fees. Better yet, if you ever do end up having to file a claim, it won’t have any effect on current or future home insurance rates.
Extra peace of mind
When you visit your local storage facility, you no doubt notice the security features onsite, like cameras, electronic access points, sprinklers, and other safety measures. Naturally, these features are there as safeguards to protect goods in storage. But even with cutting-edge technology, there is no 100% guarantee against all possible hazards. By taking out storage insurance, you’re covered in case of unexpected situations which have the risk of damaging your goods, such as floods, fire, or other adverse events.
So why take chances with the personal belongings you’ve treasured all these years? If your goods are valuable enough to store, then storage insurance just might be the best option to include with your storage solution.