Storage Rental Insurance: Recover From Disaster
It is a sure sign of a good self storage manager or an owner to offer you insurance coverage for the goods stored in the self storage unit. The owner of the self storage unit can offer you short term insurance policies, which will insure your goods for a small time frame, say for one to two months. While subscribing to such a short term insurance policy, you should be sure that within one or two months you will be relocating in the new home or office, if not be sure to extend it.
One should also not forget the fact that there is a possibility that all or some of your house items are covered under the home owner’s insurance policies. Such policies also cover all of your household items when they are stored in the self storage. Before subscribing to any insurance policy from the warehouse owners, check with your insurance company whether the insurance policy covers the goods or items when they are in the self-storage, and if there are any conditions involved with regards to adding or removing items from the self storage facility. If the terms and conditions of the home owners’ insurance policy is an adequate enough coverage to meet your self storage needs, then there is no need for subscribing for separate insurance policy from the owner.
One of the most important factors criteria in insurance is the coverage that you will get in case of natural calamity like fire, flood, hurricane and incidents like burglary and theft. It is a wise thing to check the policy offerings before subscribing to it. For example, if value of the goods that you have insured is $1000 and if your insurance coverage is just 30% of the value of the goods, then in that case in lieu of damage to the goods completely, you will get 30% or $300 only. The more the insurance coverage that you want on your goods the more the premium applicable will be.
Also always check with the expiration date of your household insurance policy. It might happen that your insurance policy might expire on the day your belongings and valuables leave your old house. One of the most important aspects of the insurance policy is to find out whether it covers the “Goods in Motion” (GIM). Goods in motion mean the goods which are moving in truck from your house to the self storage warehouse. Very few insurance companies have an insurance policy to cover the goods in motion. So next time, if you feel that you want to get your household items insured, consider your probability of relocating in the near future and select the insurance plan which takes care of your relocating needs.
If you are storing things like expensive furniture, collections, your best china, imported rugs or anything else that has a lot of value, you might consider purchasing self-storage insurance. Some self-storage units do offer some type of insurance. Before you go out and spend money on an insurance policy, you should be sure you’re not buying coverage you already have. However, the vast majority of self-storage units have very strict disclaimers that keep them immune from any theft, loss or damage to your property. When you are dealing with a self-storage company, be sure to read the entirety of every single document you sign. You want to be fully aware of the policies that may affect your possessions.
If you don’t feel like your possessions are adequately protected from a disaster or unfortunate event by the self-storage contract, self-storage insurance is a good idea. Generally, self-storage insurance covers damages or lost property that happens due to burglary, lightning, windstorm, hail, fire, smoke, earthquake, building collapse, explosion, vandalism, riot and water damage. When you are purchasing your self-storage insurance policy, you will want to read it very carefully. Many insurance policies don’t cover losses due to floods, especially after the massive loss the industry took after the hurricane Katrina disaster.
If you are concerned about flood or tidal wave coverage and your self-storage policy doesn’t provide it, you can contact the U.S. Government and the National Food Program, which does offer flood insurance. If you are storing your things in a sensitive coastal area, this might be a very good idea. As you navigate the insurance system and choose an appropriate self-storage insurance policy, you will also want to be very aware of what types of possessions are not covered.