Storage unit insurance financially protects your personal possessions in a storage unit from problems like theft, vandalism and weather.
While your business, renters or homeowners insurance policy probably gives you some coverage, it is likely limited when it comes to off-premises insurance for belongings located away from your house. For example, homeowners insurance may cap coverage for off-premises items at 10% of your dwelling coverage amount. You might want to consider if storage insurance is worth it by carefully considering the storage facility’s features.
Storage Facility Features
1. Security measures
This ensures that the storage unit is properly secured from any human invasion. Some of the equipment used are CCTV cameras, security guards and secure access systems.
2. Lighting
A proper lightning system should be built into the storage unit because it makes it easier to access the unit, especially if one needs to visit the place in the dark.
3. Accessibility
One of the things you might want to ensure is how flexible the place is for assessment. Example, such as drive-up access or 24-hour access, can make it easier to move your items in and out of the unit
4. Climate control
This is put in place for any unforeseen climate disturbances. It helps to protect your items from temperature and humidity fluctuations.
Pros Of Storage Insurance
1. Shields from extreme weather condition
Extreme and sudden changes in weather conditions can have damaging effects on properties, including your storage unit. Most facilities are equipped to withstand severe storms, with impact windows and generators on-site, but rain and wind can still breach your storage unit and damage your stuff. If you live in hurricane-prone areas, with insurance, you can protect your belongings when calamity strikes.
This is especially true during hurricane season. If you’re planning to get a self-storage unit, look into your insurance policy to see if it provides adequate coverage for flood damage.
2. It protects you from water damage
Storage insurance facilities have plumbing systems that run through the entire building, from the walls to the roofs, to protect the facilities from varying elements.
Among the risks to consider are sudden and accidental incidents such as broken water pipes and septic issues. Take note that water damage is not always covered by insurance, so make sure to check if this option is available for you.
3. Preservation of Valuable Items
Long-term storage helps preserve valuable items, such as family heirlooms, antiques and collectibles. These items require special care and attention to prevent damage from moisture, dust and pests.
Long-term storage facilities offer climate-controlled units that maintain optimal temperature and humidity levels, protecting your belongings from potential environmental damage.
4. Preservation from fire and smoke
The thing with storage units is that most of them do not have suppression systems or fire detection capabilities. Since the containers are usually made of lightweight construction materials, in the event that there’s a fire, it would only take a few minutes for the flames to spread all around. Not to mention the fuel and the number of flammable items in those units.
And even if the fire won’t directly hit your unit, the smoke can. It can be so dangerous to your valuables because smoke, like acid, will eat away at different materials, especially if left too long. Quite frankly, fire is one of the major reasons why insurance is necessary.
5. Safeguarding from theft or burglary
Despite digital surveillance cameras, gated keypad entries, efficient lighting systems, and proper employee protocols, storage facilities are still at risk of burglary and theft.
You don’t rent a storage unit thinking that someone will break into it, but you also don’t want to be caught unprepared if something gets stolen from your unit. Fortunately, most insurance includes protection from this threat and all you have to do is submit a claim if it happens.
6. Protection from rodents and pests
One of the most important things to consider when choosing a self-storage facility is how reliable their pest control systems are at keeping rodents and bugs out of your stuff.
The dark and quiet environment of these containers is a safe haven for these creepy-crawlies to sleep, hide, and multiply. This is particularly risky for items such as textiles and leather, not to mention all the germs they could possibly spread.
While you can take all the necessary precautions to protect your belongings against pest infestation, insuring them can save you a headache if and when your entire inventory is no longer usable.
7. Protection from riots and civil agitation
It’s a rare occurrence, but storage facilities are ideal targets for looters to take advantage of. They can take all your stuff away, so think of insurance as your safety net, providing you coverage in times of civil disorder.
Note, though, that not all property is covered by self-storage insurance. High-value items such as firearms, antiques, gold and silver items, furs, and other similar garments, and money are not part of the coverage, so you might want to think things through when deciding on what to keep in your unit.
8. Convenience and Accessibility
Storage insurance facilities offer convenient and accessible storage solutions. Most long-term storage facilities offer 24/7 surveillance and security measures to ensure the safety of your belongings.
Whether you are moving home, downsizing, or decluttering your home, long-term storage offers a practical solution for your storage needs.
9. Cost-Effective Storage Solutions
Long-term storage is a cost-effective solution for storing your belongings, with the average cost of a 50-square-foot unit between £100 and £140 per month.
Long-term storage also offers flexible options, so they can be easily changed if your personal circumstances do.
Cons Of Storage Insurance
1. Potential for Theft or Vandalism
There is always a risk of theft or vandalism when storing your items in a long-term storage facility. While most storage facilities have security measures in place to prevent theft and vandalism, there is always a chance that your items could be targeted.
It is important to choose a storage facility that has good security measures in place, such as surveillance cameras, security guards, and secure locks on storage units.
By understanding these risks associated with long-term storage, you can make an informed decision about whether it is the right option for you.
2. Payment of extra care charges
If your items are valuable, then pay extra care when storing them in a rented storage space. Since the items will not be with you, visit the facility often to check on them.
In cases of natural calamities, the items stored in self-storage might get damaged. Hence, always make sure to insure your belongings when storing them in a rented storage space. Keeping items in a rented unit means that they are not with you and in many facilities, the storage company will not be responsible for damages to your goods due to natural calamities. Thus, consider insuring them.
3. High payment due to long-term storage
It is hard to expect cleanliness in the unit all the time. Although you can rent storage at a cheap rate, the cost may end up being high if you store your items for long term. Hence, try storing items for the shortest period possible.
4. High Transportation Cost To Storage Units
Although storage units offer you a chance to access your items any time you need them, it is not always convenient to travel to the facility to check on them. If you want to hire one, then consider whether it is near your place of residence for more convenience.
6. Accumulation of Dust and Dirt
Another drawback of long-term storage is the accumulation of dust and dirt on your items. Over time, dust and dirt can build up on your items, which can be difficult to remove.
This is especially true if you are storing items such as furniture or electronics, which can attract dust and dirt more easily.
7. Risk of Damage or Loss
One of the biggest risks associated with long-term storage is the potential for damage or loss of your items. Even if you take all the necessary precautions to protect your items, accidents can still happen. For example, if you store your items in a storage unit that is not climate-controlled, extreme temperatures or humidity levels can damage your items over time.
Conclusion
In conclusion, consider investing in insurance coverage for your stored items.
Having insurance coverage can give you peace of mind, knowing that your belongings are protected in case of theft, damage, or other unforeseen events.
Incidents like theft, arson and accidental fires can cause thousands of dollars in damage to a storage rental facility. If your unit is caught in the crossfire, you could lose everything you have packed away.
To safeguard your valuables in a storage unit, you need adequate coverage to protect your belongings from damage or destruction. Storage features like climate control help protect your items, and storage insurance provides protection on the back end if your items do get damaged. It’s an extra cost, but investing in storage insurance is worth it to best protect your belongings in self-storage.
