It’s a big box full of your stuff; insuring it isn’t that unusual.
Have you ever considered rental unit insurance? Many people overlook rental unit insurance because it doesn’t strike them as something particularly important. However, there are many things that can go wrong in a storage unit, and there are a few questions you should be asking your rental storage provider.
If you’re renting a storage unit, you should start by asking the company how your items would be covered in the event of damage or theft. If you need to store items, it follows that they should be insured just in case. In most cases, storage companies have insurance for the storage unit itself, but not for any personal property.
Some storage companies will offer you extra insurance for your personal belongings as an add-on service. In this case, you should make note of that option, but you should ask questions and shop around. You don’t want to get stuck with an awful insurance deal. Homeowners’ and renters’ insurance will often cover the damages on items stored off the property, but this should be confirmed with these insurance providers as well.
If you are going to seek separate insurance for items in storage, ask the following questions:
- In which cases are my contents covered, and in which are they not?
- What is the dollar limit of my coverage package?
- If my property is damaged or stolen, will it be covered up to its cash value, or just the cost to replace it?
- Do I need to buy additional riders for valuable items such as fine art, jewelry, etc.?
- Are items used for business covered?
Make sure these questions are answered both verbally and on paper to ensure the best possible outcome.
