If you are taking the time to put your belongings into storage, you probably care a lot about them. Make sure you protect your belonging that are in storage with the right insurance coverage.
Check With Your Homeowners Insurance Policy First
The first place you should turn to in order to see if your belongings are covered while they are in storage is your homeowners or renters insurance policy.
Many standard homeowners and renters' insurance policies include off-premise property protection. This type of protection generally extends to events such as theft, as well as damage from fire and covered events. Off-premise clauses generally do not cover things such as mold, mildew and water damage that is a result of items not being covered or stored correctly.
Additionally, generally your off-premise coverage is about 10% of your overall homeowners insurance coverage limits. So if you have a $500,000 homeowners insurance policy, it will cover up to $50,000 worth of off-premise items. If 10% of your policy would not cover all the items you have in your storage unit, it is important that you consult with your insurance agent about how to get those items covered.
You should also check and see how your insurance company pays for your items in the event of a loss. If your policy provides you with the cash-value of your items, you will only be reimbursed based on the depreciated value of your items. On the other hand, replacement-cost coverage will provide you with enough money to go and replace your lost items based on today's market value.
Optional Tenant Insurance Through Storage Company
If you do not have homeowners or renter's insurance, or if your policies do not include off-premises coverage, you may be able to purchase optional tenant insurance through the storage facility you are using. Many, but not all, self-storage facilities offer tenant insurance.
Most tenant insurance policies offered by storage units have coverage limits. They offer enough coverage if you only have a few thousand dollars worth of items in storage. If you want more coverage than that, you will need to ask for a higher coverage limit and expect to pay a little more for it.
Make sure your belongings in your unit are safe and covered by insurance. Your homeowners or renter's insurance policy may offer off-premise storage, or you can purchase tenant storage through the storage facility. The important thing is to make sure you are covered. Contact a storage facility like U S Storage Inc today to see what their policy is.