Storage Insurance - To Insure or Not to Insure? That is the Question


Costs of renting a storage unit is at an all-time low and their use is at an all-time high. People, the world over are enjoying the many benefits of storage units and the ability to have a quality place to store valuables, seasonal items, and much more is simply unparalleled, but there is one question on the mind of everyone who uses a storage unit. Should I get the insurance?

Insurance is optional when renting a storage unit and the price varies by the type and size of storage unit you are renting, whether indoor or outdoor, size of the unit, and individual company requirements. Before purchasing insurance for your storage unit, be sure to consider these factors.

What Are You Storing?

Storage units are not merely for household goods these days. Construction companies use them to store valuable equipment and materials, moving companies use them for storing moving essentials and customers valuables, offices can use them to store equipment during renovations or documents that are not needed daily. The list is truly endless when it comes to who uses storage units today. Consideration for what is being stored is an essential question to ask.

Items such as standard clothing is something that is easy to sacrifice should the storage unit become damaged or be compromised in any way. However, vintage clothing carries significant value and is difficult to replace. The same thing can be said of furniture. Vintage furniture or high-end pieces require a lot more to replace, so insurance is something to consider.

Basically, look at what you are storing and its overall value. Finding the value of an item is often as easy as looking it up on the internet, so do your research before making this vital decision. Large items such as vehicles almost always need to be insured when being stored.

Are You Storing in an Area Prone to Bad Weather?

Average weather is not a factor in most storage facilities. A little rain, wind, and thunderstorm is absolutely no problem, but as we have all seen in recent years, weather can change very quickly. Flooding, tornadoes, hurricanes, and an endless array of other weather-related factors are possible and should be considered. Storage facilities are built to withstand a lot, but 90 mile per hour winds from tornadoes, excess rains and flooding from hurricanes, and extreme weather factors can do a lot of damage in a short period of time. Your storage unit can be damaged or even destroyed, so if you live in a severe weather area, you will certainly want to invest in storage unit insurance.

Crime Rates in Your Area

Almost as unpredictable as a storm, is criminals. Thieves armed with minimal tools can break into storage units from time to time and completely ransack everything you have stored. Although storage facilities do employ surveillance to catch thieves, but often, it is only noticed after the damage has already been done. Thieves move quickly and will sell items they steal before authorities can catch up with them, so uninsured items are often lost forever.

Crime rates are not a factor in every area, but in today’s world crime rates are going up in areas that have traditionally, had minimal annual crimes. When your valuables are at stake, you can never be too careful, so if crime is a problem in your area, storage unit insurance will give you some peace of mind.

How Much Does the Insurance Cost?

Storage unit insurance is a relatively small fee especially if what you are storing has significant value. Storage facilities have multiple insurance options for a variety of needs, so if you are storing high end antiques, opt for the more expensive insurance. If your stored items are on the low end of the cost spectrum, the basic insurance package will suffice.

What Does the Insurance Cover?

This is a very big factor when considering storage unit insurance. Insurance agencies are notorious for putting loopholes into their policies, so when purchasing storage unit insurance, be sure to read and understand the contract. Some policies cover theft, but not flooding or the policy might cover natural disasters, but only covers theft to a certain amount. Be sure your insurance purchased provides for your needs and always know what you are storing and the value of those items. You may even want to take multiple pictures of your unit to prove what is in there in the event of an insurance claim.

Does Your Homeowner’s Insurance Cover Costs of Home Items?

Although this might seem like an odd question to ask, some people believe that items that are stored in storage facilities are still covered by their homeowner’s insurance policy. This is simply not the case. Your homeowner’s insurance policy covers what is on your property and inside your own alone. It does not extend to storage facilities simply because you are storing household items. You will need to purchase separate insurance for the stored items at the facility.

What is the Overall Value of What You Are Storing?

Value is not merely based upon monetary factors. Storage facilities can be used for storing not only high-end items that have significant value, but family heirlooms and sentimental pieces as well. One of a kind pieces and sentimental value items are impossible to replace. Although it is tempting to not insure these items as they cannot ever really be replaced, but at the very least, should a sentimental piece become damaged, you can have it repaired or purchase a similar item when your unit is insured.

All these factors should be taken into consideration when thinking about acquiring storage facility insurance. You may never need to cash in the policy, but it is a nice comfort to know that should unfortunate circumstances befall your unit, you can at least receive payout on the loss. The choice of whether to purchase the insurance is truly yours, but it is often better to have had without the need than to not have it and lose out on everything.

By Jerilyn Alvarez
Just a Georgia Peach looking to learn how business works one job at a time and trying to make a difference to others each day! Enjoy writing about everyday experiences and connecting with others. #Marketing #Blogging #CustomerRelationships #VolunteerService is what I am about. Pursuing a degree in Business Management specializing in Customer Relations Management. As a Marketing Assistant, Jerilyn manages all social media accounts for EZstorit, outreach for SEO and contributes to blog articles.


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