While renting a storage unit is typically a straightforward process, things can get complicated quickly if something goes wrong. A pipe can burst, a lock can get picked, or a storm can roll through, and you could find yourself asking who is going to pay for the damage. Before you sign a self-storage lease in Heber, it is important to understand your risks and the protections you have.
Does Your Homeowners or Renters Insurance Already Protect It?
Most homeowners and renters insurance policies provide “off-premises” personal property coverage. This coverage extends to your belongings kept outside your home, including your storage unit.
The limits of this coverage, however, are usually much lower than your personal property coverage for your home. For example, Amica reports that for a policy with $50,000 in personal property coverage, the off-premises coverage could be as low as $5,000, minus your deductible. Some insurance companies can go as low as a $1,000 limit, according to MiniCo Insurance. If you’re storing valuable items in self-storage in Heber, call your insurer to find out your off-premises coverage limit.
What Does Storage Insurance Cover?
Generally, storage unit insurance covers things like:
- Fire and smoke damage
- Theft and vandalism
- Water damage from a burst pipe or a leak
- Wind and storm damage
Most insurance policies do not cover damage from floods or pests. When you’re storing items of great value, like antiques, collectibles, or electronics, look into item-specific limits, as most insurance policies have caps for each category.
Will the Facility Require Proof of Insurance?
Some storage facilities require customers to obtain a facility protection plan in addition to their personal insurance as part of their rental agreement.
Public Storage’s plans cover up to $5,000, but may have more exemptions than a personal insurance plan, especially for business personal property. Before deciding on a plan at any self-storage facility in Heber, check your homeowners or renters’ personal insurance to see if you’re already covered for what you’re storing.
Who Is Responsible If Something Happens?
A rental agreement typically says that the facility is not responsible for loss or damage to your personal belongings. It is also not responsible for loss or damage that occurs outside its control, such as a fire or theft. A lease usually specifies the point at which the facility is no longer liable. Make sure you know where the facility is not liable, and you are on your own.
Should You Purchase a Stand-Alone Storage Insurance Policy?
You should purchase a stand-alone storage insurance policy if you believe the storage facility’s insurance coverage is inadequate. You can purchase a policy for as little as $7.99 a month. Typically, this kind of insurance covers a storage unit against fire, burglary, and water damage. Purchasing storage insurance is a good idea for people in Heber who store valuable and irreplaceable items in a storage unit.
Storage Insurance Beyond the Insurance Policy
Insurance is one part of the equation. Establishing a few habits reduces risk before a claim is needed. They include:
- Choose an indoor or climate-controlled unit, if necessary, to protect your belongings from the effects of the climate.
- Always use your own personal disc or cylinder lock, and do not depend on one provided by the storage facility.
- Maintain a written and photographed inventory with serial numbers and purchase receipts.
- Use sealed, waterproof containers to protect belongings, and keep them off the ground.
- Do not share your access code or key with anyone.
Questions to Ask Before Signing on the Dotted Line
You need to ask your insurer or the self-storage facility in Heber these questions before you sign a contract for your storage unit: What events are covered? What is the maximum payout for stored items? What is the deductible? Is it worth filing a claim? What is the replacement value of your belongings? Does the storage facility require insurance, and can you use your own insurance instead?
Final Thoughts
Although storage unit insurance may not be required, going without it is a risk. Know your current homeowner’s or renter’s insurance policy. Understand its coverage limits and decide if a facility insurance plan or a stand-alone insurance policy works best for you. A little research before renting self-storage in Heber may save you from an expensive surprise later.