Questions about self-storage insurance are frequent for people in the insurance business, whether you’re a renter or the owner of a storage facility. This isn’t a well-understood area of insurance to many laymen, and there are a lot of misconceptions surrounding storage policies.
In all too many cases, people go into a storage arrangement believing that they are covered when, in fact, they are not. No one enjoys telling a client that their items aren’t protected, especially if those items have already been damaged or burgled.
So, we’ve put together the three most common misconceptions we’ve heard, with the facts that go along with them.
Three Mistakes People Often Make Regarding Self-Storage Insurance
- My Storage Center Will Insure It
Chances are, this is incorrect unless your storage center specifically offers and advertises insurance policies along with their storage. While some storage centers can choose to provide coverage through insurance business partners, most do not. Otherwise, aside from those cases, renting a storage unit is a simple landlord\renter relationship, and your payment to the self-storage center buys nothing except access to the space provided. Don’t assume there’s insurance unless it’s specifically mentioned.
- My Homeowners Coverage Insures Self-Storage
Again, generally speaking, this isn’t true. While some specific arrangements with your homeowners insurance business can sometimes be made, self-storage isn’t covered under most homeowners policies and would have to be purchased separately in virtually any case. This is doubly true if you’re storing vehicles, which are almost certainly not covered by a homeowners policy.
- My Self-Storage Insurance Requires A Long-Term Commitment
One worry many people have about buying a storage insurance policy is that it requires a lengthy commitment. In truth, self-storage insurance can be purchased and paid for month-by-month, just the same as your storage unit. When you’re no longer renting, your insurance can be canceled at the exact same time.
There’s no commitment beyond however long you need to insure your property.
Finally, if you have any other questions about self-storage insurance or any other protection you might be interested in, don’t hesitate to drop us a line!