Is Your Property Safe in Storage? How to Protect it!
It seems everyone has something in storage. But what happens if the contents of your storage unit are stolen or are destroyed by mildew?
Self-storage units of all kinds are popping up all over the place. It seems everyone has something in storage. They are certainly a great way to free up extra space in your home or apartment. But what happens if the contents of your storage unit are stolen or are destroyed by mildew?
Does the Self-Storage Facility Insure the Items in Your Unit?
As a rule, self-storage companies don’t cover your personal belongings on their policy. Though, most of them will offer a policy from a 3rd party specialty insurer.
Depending on the provider, dedicated storage unit insurance can range from $8-$38 per $10,000 of coverage each month. It will only cover the items in your storage unit.
Before signing up for one of these policies, check the fine print to see what is covered and what isn’t. For example, often, these policies exclude water and smoke damage, which can open you up to significant losses in the event of a fire or flood. But there is a good chance you don’t need an additional policy for your storage unit.
Renters and Homeowners
You should have a renter’s insurance policy if you rent a home or apartment. If you don’t, get one today! Homeowners should also be insured. Along with protecting your home, these policies will cover the items you have in a storage unit for up to 10% of your policy limits, so long as the storage facility doesn’t prohibit the items.
Exceptions to the 10% Limit
If you must move items into storage because of renovations or repairs and they are damaged during that time, the insurance company should compensate you for the full coverage amount, not just 10%.
Do You Have Enough Insurance?
Since your policy will limit your coverage of items in storage to 10% of your limit, you will want to make sure you have enough coverage overall. For example, if you have a $50,000 policy, your belongings in storage will have to be worth less than $5,000 to be fully covered. If they are worth more, you may want to increase the limit of your renters or homeowners’ policy. This is a simple, inexpensive solution.
What About Items That Your Policy Doesn’t Cover?
Often homeowners’ and renters’ policies have specific exclusions such as jewelry. For these unique or expensive items, add an endorsement to your policy. This should protect them regardless of whether they are in your home or storage. Then, as always, double-check your policy.
Are Your Things Fully Covered?
It is always helpful to talk to an independent insurance agent at Hermann Insurance to ensure you are fully protected. Contact us today!