A self storage unit is not unlike the average apartment or rental condo.
Your apartment or rental home is a place entrusted to safely store all of your belongings, meticulously organize (or not) the arrangement of your items, and swap décor in and out with the seasons. Your landlord provides a home for your items and serves as your rent collector.
All aspects of this definition hold true for a self-storage unit. The only difference is that you cannot seek residence in your self-storage unit. (Sorry if this is breaking news.)
So, why is it common to take out insurance as part of an apartment rental agreement, but optional for your self-storage unit? It’s literally the same items, just in a different place, stored offsite. Does the location impact their value?
Below, we dive into three considerations you should explore as you think about insurance for your self-storage unit.
1. Know Your Options
A great first step is to talk with your self-storage unit provider and see what options are available for your unit, before you sign your terms. Some will force you to buy their brand of insurance, and not provide you with any other alternative. Make sure this is what you want.
At Security Self Storage, we feel it’s our duty to inform you, but never force a buy based on our preferences. It is our responsibility to explain and showcase insurance as a condition on your leasing agreement. While we may provide recommendations, the decision on choice of plan is ultimately for you to decide.
Plans will vary, so explore all that you can. Some coverage options even provide discounts on your deductible if your unit takes extra security measures, such as cylinder locks, to keep your items protected.
2. Know What’s Covered
Occasionally, your homeowners insurance will cover offsite storage, or you can add a rider to include coverage of offsite items. This is something you will need to check on with your provider. Regardless, you should let your homeowners insurance provider know if you plan to store offsite. This will allow you to collect on those items in case of loss or property damage.
Self-storage insurance typically covers damage from most natural disasters, and occasionally rodents.
It does not commonly cover flooding or groundwater damage. To protect against these events, you will need flood insurance from the federal government.
3. Know What You Want
Is remaining uninsured worth the risk? Some unit providers may allow it, but we do not. While we take every precaution to provide a safe and secure facility, we believe the extra step provides peace of mind for our tenants that they will always be covered.
Knowing your options and what is covered will help you determine the coverage you want when it comes to self-storage insurance.
Will you insure the safety of your items? Let us know your thoughts on self-storage insurance in the comment section below.