When renting out a self-storage unit, we often assume that our stored items are insured once we sign a contract with the self-storage service provider. This may not always be true.
Self-storage companies rarely offer a full and comprehensive insurance within the standard rental rates that you pay according to the contract. If they offer a comprehensive insurance for your stored items, you will find that you will be paying extra on top of the standard rental rates. Some companies however, may offer a basic insurance policy for the goods you store depending on the storage unit size that you availed. If you would thoroughly examine the basic insurance, you would find that it will not suffice for the value of the items that you have stored in such a large storage unit. Checking out the insurance options offered by self-storage companies is recommended before signing a contract and storing your valuables.
If you find that the insurance policy offered by the self-storage service provider is not enough for the estimated value of your stored items, you can contact a representative of your home insurer to see if your items are still covered even when put to storage. You can opt to pay an additional premium if you want your home insure to cover the items you will put in storage. This can be cheaper than availing a separate insurance policy for your stored items. If you do provide your own insurance cover, be aware that the self-storage provider you choose may ask to see proof of your policy before they will let you rent space.
A key point to remember is that your insurance needs will change if you add to or remove items from self-storage. Check with your insurance provider before taking out a policy that it can be changed if you need to.
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