Before you move your belongings in to a storage unit, you don't only need to think about how to pack everything in order to protect it while it is in storage, you also need to think about how to protect your items through insurance coverage should anything happen to them. Here the two best ways to protect your belongings in storage with insurance.
Examine Your Renters Or Homeowners Insurance Coverage
Before you start looking into a new insurance policy, look closely at the insurance policies you already have. If you already have a homeowners or renters insurance policy, your belongings in your storage unit may already be covered.
What you need to look for when examining your current policy is the term "off-premise coverage." Many homeowner and renters insurance policies provide this type of coverage; it just isn't something you notice until you need it.
Off-premise coverage provides insurance coverage for items that you own that are not currently located in your dwelling. However, off-premise coverage does have some limitations. Generally, off-premise coverage does not exceed ten percent of your total coverage limit. For example, if your coverage limit was one hundred thousand for your homeowners or renters insurance policy, your insurance would only cover up to ten thousand dollars of belongings through your off-premise coverage.
In order to make sure that all your belongings are covered, you need to sit down and tabulate the value of the belongings you want to put in storage verses the overall value of the belongings in your home. If your belongings in storage exceed ten percent of the value of your total belongings, you'll want to call up your insurance company. Your insurance agent will most likely advise you to either:
Both of these options are going to cost you a few extra dollars. Your insurance agent will be able to let you know which is the most affordable option for your situation. However, unless you have the cash to fully replace the items you are putting into storage, this is a much more affordable way to protect your belongings.
See If Your Storage Company Offers Tenant Insurance
Another option for you to explore is tenant insurance. Some storage units offer their tenants insurance polices that you can have added to your monthly storage fee. However, not all storage companies offer this type of insurance protection to their tenants, so if you want to go this route, you'll need to shop around until you can find a storage company that has this option.
Generally, the tenant insurance policy limits start out pretty low, but you can increase the limits by paying a few extra dollars a month. This is a very affordable option if you do not have a homeowners or renters insurance policy or if your current policy does not allow for off-premise coverage.
Before you move your belongings into a storage unit, make sure that they are protected through an insurance policy. That way, if your belongings are damaged or stolen, you'll be able to replace them. Talk to your insurance agent today and see if your current insurance policies will cover off-premise belongings and talk to the storage company you are interested in doing business with today and see if they offer tenant insurance.
For professional storage options, contact a company such as Canada Storage Station Self Storage.Share
3 July 2015
When I met my husband twenty years ago, he was playing a guitar in a band. Over the past twenty years, my husband has accumulated a large collection of guitars that we simply don't have the space for. Instead of pushing my husband to get rid of the ones he doesn't use anymore, we decided that some of them could be moved to a storage unit up the road from our home. He went through a lot of work preparing the guitars before putting them in storage to make sure that they would remain in perfect condition while being stored. Our blog will help you prepare and store your guitars safely.