Do you have valuables stored in storage units? Are you worried that your valuables aren’t safe and secure in a storage facility? These fears are normal, especially if you are storing highly valuable items such as vehicles in a storage unit.
This is why you must acquire extra insurance that will cover any of your possessions, including vehicles, that are stored in a storage unit. By reading through this article, you will better understand what storage unit insurance is.
Understanding Storage Unit Insurance
Your valuables in a storage facility are financially protected by storage unit insurance from issues like theft, vandalism, and weather. While you undoubtedly have some coverage under your business, renters, or homeowners insurance policy, it is typically restricted in terms of off-premises protection for possessions that are kept in locations other than your home.
For instance, the value of your home coverage may be 10% of your homeowners’ insurance’s cap on coverage for objects located off-site.
Do All Storage Facilities Need To Be Insured?
Yes, Extra Space Storage does demand insurance when renting out self-storage units. This holds true for drive-up access units, normal storage units, wine storage vaults, reduced height storage lockers, and parking areas.
You have two options for insurance: you can utilize your current homeowners or renters’ policy, or you can purchase a separate storage insurance plan from Extra Space Storage.
What Is Covered by Storage Insurance?
a Storage insurance usually covers damage to your possessions resulting from unavoidable events like fire, water damage, and burglary. To understand better what is covered, you should study your particular policy as some products, like vehicles, may be restricted from this policy.
What Excludes from Storage Unit Insurance?
Potential restrictions when assets in a storage facility are insured by a policy you already own, like home insurance, include:
- damage from water, such as a water backup
- Sinkholes, mudslides, earthquakes, and tremors
- Mildew and mold
- power outage
- Neglect
- A deliberate loss
- Rodents and insects
- Poor upkeep and maintenance
- Use and abuse
Remember that a separate storage unit insurance policy can provide coverage for some of the issues mentioned above. Similar exclusions might apply to a different policy, such as not covering jewels or furs. Therefore, check your insurance certificate to identify what situations your plan does not cover.
What Kind of Insurance Covers a Car in Storage?
In fact, there is no specific insurance for an automobile that is being stored. Full coverage, which guards your car against potential harm while it’s kept on your property, is the closest thing to vehicle storage insurance. Imagine if a windstorm caused a tree to fall through your carport and crush your automobile.
You are helpless without comprehensive coverage. However, you are shielded from weather-related harm from wind, hail, hurricanes, and fire with it. Additionally, you are secured in the event that your car is stolen or damaged.
Some insurers will let you maintain full insurance while removing collision coverage. But if you’ve taken out a loan or lease on a car, your lienholder will probably insist that you maintain comprehensive and collision insurance on all occasions, even if the car hasn’t been driven.
Check With Your Policy Provider Now!
Now that you know your options for protecting your valuable possessions, contact your insurance provider right away to discuss storage unit insurance. It’s also best to ask questions and seek advice from your insurance expert to acquire additional insights on what you can do to safeguard your belongings, especially if they’re not on your property.
Contact us today with any questions.
Does The Amount of Land I Have Impact Home Insurance?