In the process of relocation,
warehousing
or storage-in-transit is a usual choice whenever required. Sometimes,
the persons moving from one place to another for a short period of time also
keep their belongings in self storage if they do not want to carry them. In
such a situation, the goods are technically out of the owners' hands. The
self-storage facility may be doing their best to avoid theft, moths,
humidity and temperature fluctuations but they can do little against
accidents and damages caused by fires, explosions, floods, storms and other
natural disasters. In such conditions, it becomes the responsibility of
owners to insure their stored goods.
Storage Insurance Provisions
Generally, the stored property of the customers is not insured by the self
storage facility. Few self-storage companies provide comprehensive insurance
of items within the standard rental charges paid by the customers. However,
in such situations, the customers probably have to pay extra rental charges
to cover the cost. Some others may offer basic cover as the part of packages
based on the size of unit the customers hire. This, usually is not enough
for their needs when compared to the stored valuable goods.
Some self storage facilities have policies of their own that can be
purchased by the customers. In such cases, the customer has to give an
inventory of contents with values to the self storage company. Based upon
the items, they offer a range of policies suited to customer's actual needs.
Others may suggest industry standard or suitable insurance policies designed
for self-storage.
Homeowner Insurance Policies and Self Storage
Sometimes the homeowner insurance for
household
goods provide coverage for goods stored away from home too. In some
other cases, the customers can pay an additional small premium to get such a
cover. Whether such insurance coverage is available or not can be made clear
only by the respective insurance agent or company. If such an option exists,
then it proves to be cheaper than purchasing a separate insurance policy for
items placed in self storage.
Types of Storage Insurance
There are basically two types of storage insurance:
Self Storage Contents Insurance: It is for the items kept in the
self storage.
Mobile Storage Contents Insurance: It is for the valuable items
stored in a rented mobile storage container. Here, limitations may apply
while mobile storage container is in transit.
Risks Covered by Insurance Policies
Generally, both the types of storage insurance provide coverage for losses
to property kept in the storage unit due to burglary, lightning, windstorm,
hail, fire, smoke, earthquake, building collapse, explosion, vandalism, riot
and water damage. However, the provisions may differ from company to
company. Almost any personal property and some
office/commercial goods are
eligible for insurance coverage. The companies usually do not provide
insurance coverage for accounts, deeds, bills, currency, evidence of debt,
securities, notes, jewelry, watches, precious stones, furs and garments
trimmed in fur, and boats or vehicles. Coverage may also not be provided on
exotic, imported or high-value contents. For items like
art and antiques or other
such high-value collectibles, the self storage facilities recommend
insurance policies to be purchased from local insurance agents.
