Self Storage Units
With all of the new self storage places popping up all over Clifton Park, Halfmoon and the surrounding areas, we’ve been getting a lot of questions about insuring the items kept in self storage units.
There are many reasons why you might have a self storage unit. Sometimes they’re for short-term storage while you’re moving. Other times they’re for storing things you don’t need very often but don’t have room for at your home. No matter what the reason is, you should make sure you have coverage for the items you keep in your self storage unit.
Property Insurance
Many property insurance policies such as Homeowners Insurance, Condominium Insurance, Mobilehome Insurance and Renters Insurance could provide coverage for items you keep in a self storage unit. You’ll want to check with your insurance professional to confirm if your policy provides coverage for this. If your policy does provide coverage for items kept in your self storage unit, there are some things that will not be covered by your property insurance. Most notably, anything that requires its own insurance policy is typically excluded. Examples would be cars, boats, motorcycles, snowmobiles, etc. You’ll want to purchase individual policies for those things. Also, your coverage amount might be limited to a certain dollar amount or percentage of coverage so it’s important to check with your insurance professional to see what type of coverage you have.
Other Coverage Options
If you don’t have a property insurance policy and don’t want to purchase one, or if your property insurance policy does not provide coverage for self storage units, you can usually purchase insurance coverage at the self storage unit rental office. In many cases they have the ability to offer inexpensive coverage which is limited to the contents of the storage unit.
If you’re between houses and renting, you should consider purchasing Renters insurance. In addition to covering your self-storage unit, a Renters Insurance policy can also provide coverage for your personal property anywhere in the world. You’ll also get liability insurance coverage with a Renters Insurance policy which is very important in the event of a lawsuit.
For more information on insuring your self storage unit, please Contact Us, visit our office in Clifton Park, NY, or call 518-877-7447.
John Lofrumento, CFP®, FSCP®, RICP®
President, The Lofrumento Agency
Clifton Park, NY / Ballston Lake, NY