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Don’t Forget Storage Insurance!

One factor you need to consider carefully when renting a self storage unit is self storage insurance. Most self storage facilities, like AAA Self Storage of Topeka, offer good security features, like gates with security codes, on-site personnel, good lighting, and security cameras, which will help reduce the risk of theft. But even with these security measures in place, theft can still occur. And even the best security precautions cannot prevent damage from natural disasters, like fire, floods, and storms. Self storage facilities do not cover damage to or theft of items stored in a self storage unit as part of the standard storage rental fee. For this reason, self storage insurance is a necessity. Without insurance, you will be left high and dry if the worst case scenario becomes reality.

The first place to look for coverage is through your homeowner’s or renter’s insurance policy. Contact your insurance agent to ask if your current homeowner’s or renter’s insurance policy will cover items stored in a self storage unit. Most standard homeowner’s or renter’s insurance policies will cover off-premises protection for theft and damage from natural disasters, but not all policies cover damage from flooding, mold, and mildew.

You will also need to determine what coverage limits are provided by your homeowner’s or renter’s insurance. Most policies cover about 10 percent of the overall amount of your insurance coverage. If you have a lot of items in storage or items of significant value, you may want to consider increasing the limit of your coverage. While this will require an additional premium, this is almost always less expensive than taking out a separate policy. You may also want to consider upgrading your policy to include replacement-cost coverage rather than cash-value coverage, which will only provide the depreciated value for each item.

If your homeowner’s or renter’s insurance does not cover self storage or you don’t already have insurance, many self storage facilities offer insurance policies at an additional cost. If they don’t offer an insurance policy, they can direct you to a company that offers policies specifically geared for coverage of items stored in units. Be sure to check the coverage limits and exclusions.

Regardless of where you get insurance coverage, you’ll need to ensure that all of your possessions are adequately covered. Start by making a detailed list of everything you will be storing, take pictures of each item, and ask your insurance agent if any of those items are excluded. You also need to ask your agent what the process is for submitting changes if you add items to storage or take things out.