By UStorage.com Staff
When you make the decision to rent a storage unit in order to house some of your possessions, one thing that is often overlooked is the need for insurance.
The first thing you need to do is have an accurate inventory of exactly what you are going to store. You will need to keep this inventory up to date. When you take things out of storage, make a note of it. And when you add items to the storage unit, you need to add them to the inventory as well. You should also take photographs of what is in storage, especially if anything you are storing is expensive such as furs, art, jewelry, electronics, etc.
It is a common misconception that a storage company will cover the loss of your possessions - should something happen to them. While most companies do offer some type of coverage for incidents such as floods and other natural disasters, they will only cover a small amount of what your items may actually be worth. If the company says they offer ‘complimentary’ insurance coverage, check carefully to find out exactly what that means. It most likely means just a small amount of what your stuff is actually worth.
Some self storage companies will offer to sell you more comprehensive coverage over high value items. Again, you need to check carefully into this. Find out exactly what is covered, what the premiums are for this coverage and what will be paid to you in case of damage or burglary. It may be a good deal, but it may just as easily be extremely expensive.
In some instances, you may be actually be covered by your renter’s or homeowner’s insurance plans. If they cover items in storage, then there may no need to get more. If they don’t provide that type of coverage, they may be able to add this to your existing policy for a lower premium than other companies.
If you need to, shop around for insurance companies that offer storage insurance. Rates will vary, as will coverage. It may be somewhat time-consuming, but if you want to protect the things you are putting into storage then it is worth it. Just ask yourself how you would feel if your items were lost, stolen or damaged in some way.
Last but certainly not least; be sure to keep up with your monthly storage fees. If you forget to pay them, you may lose access to your unit and in the worst case scenario they may be auctioned off. The most important thing is to stay on top of your storage unit and insurance payments in order to insure that your belongings are kept safe even when they are not in your possession.