Monday, May 11, 2015

Do you need Tenant Insurance?

Just in case you weren't aware, storage facilities do not cover the items that you store in their buildings or on their premises. This is usually spelled out clearly in self storage leases but it's easy to miss if you are distracted or rushed during the move-in process.

Our storage facilities offer a tenant insurance policy that is set up to cover only the items that you put in storage. The company that we go through is Storsmart Insurance and you can learn about them specifically at their web-site. The basic policy is $9 per month and covers up to $2,000 in stored property but larger limits are available. It's easy to enroll and the premium is billed every month with your storage rent.

If you are wondering whether storage insurance is a good idea in your situation, following are a few things to consider.

1.  Do you have homeowners insurance? If not, you have no coverage on your stored items. You should definitely consider purchasing tenant insurance.

2. If you do have homeowners insurance, you may still want to consider purchasing tenant insurance.  Many homeowner policies cover items stored in a self storage unit. Check to make sure that yours is one of them. Even if you are covered, a tenant insurance policy gives you coverage without affecting your homeowners policy.

3. Do you have a high deductible on your homeowner's policy? With Storsmart tenant insurance, you have no deductible if a claim is filed as long as you have used a disc lock on the space. If you choose not to use a disc lock, the deductible is still only $100.

If your things are worth keeping in storage, they are probably worth insuring. Call your facility manager and ask about the policies available.




4 comments:

Wyatt Hill said...

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improveranking said...

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Rincy Rome said...

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James Cameron said...

'Renters Insurance' only covers a tenant's belongings. The landlord can NOT make you insure the carpets or for maintenance. Storage units in Kings Cross