Generally, storage units don’t come with insurance coverage. However, sometimes proof of insurance coverage for your stored property is required before a rental agreement can be signed. Enrolling for any new insurance coverage can be confusing or misleading at times, so it’s essential to have all your questions answered before committing one way or the other.
If the insurance coverage isn’t included but is required to rent a storage unit, how does one go about getting the needed insurance coverage? Does renters insurance provide coverage for the property stored in a storage unit? What about homeowners insurance? In this guide, we will answer these common questions and more.
Storage Insurance For Businesses
Does your business store any equipment or inventory at an off-site location? Using self-storage facilities and other 'miniature warehouses' has become more popular in recent years, especially among companies who need just a little extra space, but storing objects in these off-site locations can remove them from the safety of your existing business plan.
Getting the right amount of storage insurance can make sure that anything stored offsite can be replaced if it's damaged while you're not looking. Be sure to ask The CFI Agency agent about how much coverage your business needs—standard policies for storage insurance tend to have low limits, so if you're storing valuable equipment or inventory, you'll need to make sure your policy is enough to cover any losses in full.
Retail insurance does not apply to items that are being stored in the company's warehouse, on the shelves of a retail location, or anywhere within its normal offices. Those items are covered by other plans, typically commercial property insurance, and would not benefit from this type of coverage.
Storage Insurance For Individuals
Are you one of the millions of people with products kept in storage? If so, your assets may be at risk—and it's not just thieves you have to worry about. Many facilities are also exposed to problems like mold growth and weather damage, and you may not even know your belongings are at risk if you don't check them on a regular basis.
As someone with items in storage, you want your belongings to be safe and protected until you're ready to take them out of wherever they're being kept. Getting a storage policy now can help ensure that even if the worst occurs, you'll be able to get reimbursed for the items you lost.