Much like anything of value, contents inside storage units deserved to be protected by solid insurance. While some self-storage facilities may not require tenants to have insurance, the most reputable and reliable ones will.
You might be able to utilize your current homeowners insurance, but you might need a third-party insurance to ensure that your goods are covered while in storage.
Considerations When Using Homeowners Insurance for Storage Coverage
While there is often some type of coverage in a homeowner’s policy for items covered away from ‘home base,’ it shouldn’t be assumed that it does.
Even policies that do offer some level of protection may be limited to coverage rates of 10–15% of the item’s replacement value.
Furthermore, not all types of damage may be covered such as flooding, so you’ll want to consult with your home insurance company to inquire about these pertinent details.
That being said, even making a claim under a homeowner’s policy can ‘ride’ your record and result in increased premiums for a staggering three years.
Supplemental Insurance for Self-Storage Units
As you can see, while riding on a homeowner’s policy might be convenient, it might not be in your best interest to do so. Storage units can be covered by a third-party option that could be much more affordable overall.
Most facilities will offer this convenient option, and these levels of protection often offer full replacement value for damaged goods.
The bottom line is, it does not matter how you choose to insure your goods while they are in storage. But, going without coverage could cost you big time. After all, aren’t belongings worth paying to store worth covering with an affordable policy?