Issues concerning self-storage and the protection of items stored in rented units aren’t very well understood by many people – often including the management and staff of storage facilities, themselves. There are a number of misconceptions about insurance for property held in self-storage, and in this article, we’ll be looking at some of the most common ones.
Storage Insurance Misconception #1 – Your Homeowners Insurance Will Cover You Completely
Items held in self-storage are considered as “off-site” or “off-premises” – and you may not be able to claim coverage for them, under your existing homeowners or renters insurance. In fact, until recently, the majority of homeowners insurance policies didn’t extend to covering self-storage property at all.
Those that now do will typically impose a limit on the value of goods that you can insure. 10% of the policy’s personal property limit or $1,000 (whichever is greater) is the usual condition. So if you’re looking to store items worth more than this, you’ll need to look at other options for insuring them.
Storage Insurance Misconception #2 – The Storage Center Will Insure Your Stuff, and Take Care of Everything
People often assume on the one hand that the storage company will have all kinds of hi-tech security in place, keeping the grounds immaculate and pest-free, while on the other hand providing low or no-cost insurance for everything that their customers store.
The truth on the ground is often very different. Storage facilities may be both poorly secured and badly maintained. And the insurance coverage they offer is very rarely free – and very often inadequate to your needs.
The value of the items covered is often too low to compensate for any losses or damage suffered. And covered causes of damage may exclude things like rodents, flooding, or the effects of extreme weather events.
Storage Insurance Misconception #3 – You Can Store Anything You Want – And Have It Insured
For a number of reasons (import restrictions, fire safety, criminal law), it’s not an option to keep absolutely anything in self-storage. Among a host of other items, self-storage rental contracts will typically exclude:
- Combustible materials
- Narcotics
- Many pharmaceutical products
- Weapons
Though it may be possible to negotiate special terms for some materials in some cases, getting those materials insured may also present a problem. So you’ll need to study the terms and conditions of both your self-storage contract, and your self-storage insurance policy, to determine what you’re allowed or entitled to.
Storage Unit Insurance Misconception #4 – Self-Storage Insurance is A Long-term Commitment
One of the beauties of self-storage is that rental contracts may be drawn up for as short or long a time as you need them. And with a reputable provider, your associated self-storage insurance policy can operate in tandem with your rental period.
So rental contracts and self-storage insurance may be renewed and payed for on a month to month, quarterly, or annual basis – based on what you need.
Self-Storage Insurance Misconception #5 – Self-Storage Insurance Will Cost Me the Earth
If your pricing estimates are based on an extension of your existing homeowners / renters insurance, or on the rates offered on site at the storage facility, this assumption might hold true. Additions to property insurance policies can be complex to negotiate and expensive to implement. Likewise, the insurance offered by self-storage facilities tends to be on the costly side. And the lower cost options tend to give you what you pay for – which isn’t a lot.
If You Decide to Use Self-Storage to Declutter Your Home, Make Sure you Insure Your Belongings in Storage with SnapNsure™
Your best bet is to go for an independent self-storage insurance policy from a reputable third-party provider. The SnapNsure™ Contents Program can be purchased directly through the SnapNsure™ website, allowing savings of 50% to 70% per month compared to other plans. And it offers some of the most comprehensive self-storage insurance on the planet – including options for specific incidents coverage against Named Storms, Flood, Rodent, and Earthquake.
When it comes to pricing, coverage, convenience, and reliability, the SnapNsure™ Contents Program is the best choice as a student to address all of these concerns. Coverage plans range from a minimum of $2,000 up to a maximum of $25,000 of coverage per unit.
It is simply the best self-storage insurance on the market (see our blog on self-storage insurance explained).
SnapNsure™ is the only company in the U.S. offering all of these coverages together – and the only company offering Named Storm coverage for self-storage at all.
SnapNsure™ is a “direct-to-consumer” product with no middleman, SO YOU WILL SAVE MONEY over the insurance offered by self-storage companies! Our premiums are typically 100% to 200% lower for the same coverage limits offered at the storage facility (storage facilities typically mark up their premiums, with a sizable profit going straight to the storage company).
And every SnapNsure™ policy has a standard $100 deductible.
Coverage renews every month upon payment of your SnapNsure™ premium. It starts as soon as your completed application is received electronically by the SnapNsure™ website – so you can even purchase coverage on your cell phone as you’re signing the storage facility’s rental contract. And you can cancel at any time. Simple right!
SnapNsure™ is underwritten by The Hanover Insurance Group – the holding company for one of the largest admitted insurance carriers in the United States.
It simply makes sense to get the coverage you need from SnapNsure™. Get Insured now!
