June 25, 2021 | 4 minute read
Is Self Storage Insurance Worth It?
If you are taking the steps to store your property at a self storage unit in Vancouver (or wherever you are located), there is a good chance it is valuable enough to you to purchase storage insurance.
Is Storage Insurance Worth The Extra Cost?
Not everyone thinks about it at first, but storage insurance is a good investment to make. Not only does it bring you peace of mind, but in case your property gets damaged by a situation out of your control, you can make sure that all is not lost. There is no way to know when a fire, break in, water damage, or something of the sort might happen.
We like to think of storage insurance like wearing a helmet while you bike. Protecting your most valuable asset(s) is always worth the effort. When it comes down to it, no one ever regretted having storage insurance when the unforeseeable strikes, just like no one has ever regretted wearing a helmet when they fall off their bike.
How Does Storage Insurance Work?
Self-storage is fast growing sector, as personal homes grow smaller in footprint and people are looking for to downsize while keeping their valuable possessions. There are plenty of reasons to retain a self-storage unit: relocation, divorce or marriage and blending of homes, a death in the family, home renovation, or displacement by a natural disaster, storage units help keep belongings safe. Many businesses use self storage to keep inventory or documents and files.
In many cases, home insurance policies contain extensions to property and belongings not stored on residential property. However, it is imperative to read the fine print and gain a complete understanding of what is covered and for how long. The coverage may be limited and inadequate, leaving your things vulnerable.
Check your options — many self storage providers can offer you an excellent insurance policy that is easy to sign up for and can be added to the cost of your rental unit. This may be a good option for you as the duration of the insurance policy can coincide with the length of time you will be needing the unit.
5 Benefits to Storage Insurance
There are a few good reasons to go the extra mile with storage insurance.
- – Low deductible, although there are different policies available depending on the property you are insuring.
- – Paid at the same time as your rental payments, so you won’t even notice the cost. Consider it as part of the cost of doing business and it won’t feel like an add-on.
- – Easy to change the amount of coverage. This comes in handy if the contents of your property change over time, or even seasonally throughout the year.
- – Cancel your policy. Of course, this will depend on the package you’ve purchased and your payment schedule. Insurance policies are usually non-refundable so make sure you understand your options going in and set up a policy that will reflect your needs.
- – Keeping your storage insurance separate is ideal because if you do end up having to file a claim, it shouldn’t have an effect on current or future home insurance rates.
You have probably noticed that at certain self-storage facilities in Vancouver, security is the top priority. With state-of-the-art, modern, updated security, it may seem like storage insurance is a little over the top and an expense that isn’t needed. Except that there are few guarantees in life, and things do happen. Beware of anyone and anything that makes a promise that seems too good to be true. This is good advice for everything in life!
Who Needs Storage Insurance?
We recommend that everyone retain extra insurance for their belongings, whether you are a business owner or the contents of your self-storage unit are personal. If you are making the effort to store something, then there must be value to it.
Therefore, it is often a good idea to look into getting extra insurance, specifically for your property kept in storage units. Many people keep very valuable and expensive things in storage units — like vehicles, jewelry, family heirlooms, furniture, and so on. Even if each individual item might not be super valuable on its own, the cumulative value of the storage unit contents is worth having insurance on.
If you are curious about your storage insurance options, we will be glad to help you sort out what is available to you, and the best route to take. The way we look at it — it’s hard to put a price on peace of mind, but we can try! Please let us know if you need to rent a storage unit in Vancouver.
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