Insuring the Items You Keep in Storage

Once you begin renting a self-storage unit, you may be reluctant to spend more money on insuring the items you keep there. But if your possessions are worth storing, consider that adequate insurance coverage may be worthwhile.

Here are some tips for making sure that your things are properly insured.

Is it included?
First, check if storage insurance is included with your self-storage rental. Don’t assume that your belongings are insured. Note the details of your storage lease: it may specify that the storage company is not liable for any damage caused to your items while on the premises.

Consider storage insurance options

If you don’t automatically receive insurance coverage with your storage lease, you have several options. First is to check with existing renter’s insurance provider about extending the coverage to a storage facility. Find out what the additional coverage cost would be and what situations would be covered, including fire, theft, and water damage. You’ll want to make a list of the items you’re insuring. Inquire whether the policy covers the actual replacement value of these items or offers a blanket replacement allotment.

You might decide it makes more sense to get a separate insurance policy. Storage facility may have an existing partnership with an insurance provider, you can also search online to look for companies that specialize in storage insurance. You can shop around for insurance even before you put your items in storage. Expect to pay a few extra dollars per month — less than $15, for the average renter — for this insurance.

If you’re storing particularly valuable items, you’ll probably want to insure those items separately, under personal-articles insurance. A fireproof safe can also be useful for storing jewelry, other valuable small items, or important documents.

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