Self Storage Insurance & Why You Need Coverage
Insurance. For the most part, we all are loath to address this topic. Of course, when something unexpected occurs and your possessions are destroyed by fire, natural disaster, or other events beyond your control, it’s reassuring to know you can be compensated for any loss or damage.
Simply Self Storage provides insurance coverage at each one of the hundreds of facilities nationwide. We offer either automatic enrollment for tenants in some states or have the tenant elect storage insurance coverage in other states.
What Is The Cost?
Prices vary depending on property value. For the nominal cost of these policies, most people find self storage insurance is worth cost for the peace of mind it brings. Before shopping for outside insurance coverage, it makes sense to contact the nearest Simply Self Storage facility.
Will My Homeowners Or Renters Insurance Cover This?
In your due diligence to find the best insurance plan, it is important to know there are different types of policies.
For homeowners, HO-3 (aka Homeowners 3, Special Form) is the most popular option. HO-3 covers any direct damage to your home or other structure on your property, unless is excluded in your policy.
However, the list of damages this type of insurance covers is very narrow and has restrictions you should be aware of. Homeowners also have the option of choosing HO-2 (Homeowners 2, Broad Form), HO-5 (Homeowners 5, Comprehensive Form), and HO-8 (Modified Coverage Form).
For renters, HO-4 (aka Contents Broad Form) is available. This insurance coverage protects personal property (both inside and outside of the building) and includes liability insurance for damage to the property or injuries to other people in the rental.
If you have any questions to what each of these policies, talk to your insurance provider.
How Do I Know What My Insurance Will Cover?
Before you buy storage insurance, take a moment to know what types of occurrences are typically covered under these policies. For the most part, depending on the policy, you could be protected from loss or damage due to fire, earthquake, tornado, hurricane, lightning, wind, collapse of building other than by earthquake, water damage, burglary, and vandalism.
Here is a partial list of some of the items that are, in most cases, not covered:
- Currency, deeds, and securities
- Jewelry and precious stones
- Fur garments
- Antiques and works of art
- Motorized vehicles (not in an enclosed unit)
If you have any questions, contact your insurance company first to determine what level of coverage you already carry. You can then supplement your insurance coverage with an add-on policy from Simply Self Storage or any other company offering self storage insurance