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Do I Need Storage Insurance When Using Self Storage?

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Have you decided to store some of your business’s items in our storage facilities? What about your personal items? Are some of those items worth considerable value? For extra peace of mind, you may want to consider obtaining contents insurance to protect your belongings while they are in our storage units. The insurance policy you currently maintain will factor into the decision as well.

Do You Need Storage Insurance?

A typical homeowners or renters insurance policy will provide protection for the personal property you own anywhere in the world. Ergo your belongings under most circumstances would be covered should anything happen to them. According to the Self Storage Association, more than 10 million Americans rent a self-storage unit. Many Canadians do so as well. The law of averages would suggest that at least some units will eventually be broken into. That alone may be enough to convince some to opt for external insurance. Know also that if an item mysteriously goes missing but there isn’t any evidence of forced entry and a police report isn’t filed, it is considered a “mysterious disappearance” and isn’t covered. Keep in mind also that most policies won’t cover flood damage, nor will they cover damage incurred from insects, rodents and other unwelcome visitors into your unit.

Also, many policies may only cover your property kept in a storage unit for up to 10 percent of the amount of coverage in your homeowners or renters policy. Accordingly, you’ll likely want to base your decision on what you keep in your storage unit. If you only use it as overflow space for those old skis and golf clubs you only use once in a blue moon, you may not find contents insurance necessary. If, however, you use your unit to store your collectables, include valuable furniture, antiques and art pieces, you certainly may want to consider buying separate contents insurance.

Here at Stop and Store York, we can help you with your storage insurance needs.

(717) 854-5011

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