Renting a Katy self storage unit was pretty straightforward. You checked out the facility, read the contract and find out how the security works. You even have a high quality padlock. Did you miss anything? What about insurance?
Using self storage is not the same as keeping things in the garage at home. You are leaving important possessions at someone other location. You need to know if you are covered against any damages or theft.
Why does this even matter? You assume that the storage facility is ready for anything? What could possibly go wrong?
Lots of things, including things the facility management cannot predict or control. Hurricanes, tornadoes, fires, invasions from Outer Space — well, most of those things are possible. If the Martians want your stuff, and you do not have insurance, you could be out of luck.
What is Storage Insurance?
Storage insurance policies are designed specifically for items kept in units like Katy climate controlled storage. For a small monthly premium, your possessions are covered against loss.
The storage facility’s business insurance protects the company, not the tenants. In fact, a tenant can only make claims against that insurance in cases of negligence by the business. When you put your belongings in a Cypress mini storage facility, it makes sense to protect your possessions with insurance, not just a padlock.
There are two ways to protect things in storage: homeowner’s (or renter’s) insurance and storage insurance.
Most homeowner’s insurance companies will cover items in a storage unit, but there are things to know. For example, your policy may limit coverage to 10 percent of the total coverage. In other words, if you are insured for up to $200,000 for your house, items in storage may only be covered for up to $20,000. That is fine for old sofas and beer coolers — not so good for heirloom furniture with a high dollar value.
In addition, if you do make a claim, it will go against your homeowner’s policy. That can wipe out any no-claim discount you receive. If your policy has a high deductible, you may not get the compensation you expected.
Some items, such as ATVs and other motor vehicles, may not be covered under your existing insurance. You would have to arrange for separate coverage to protect them.
Advantages of Storage Insurance
Claims made against a storage insurance policy will not affect your other insurance policies. The deductible will be much smaller. The policy may be available through the facility, in which case the premiums can simply be paid with the rent.
No matter how you protect the possessions in your storage unit, there are things you need to know.
Does the policy coverage replacement cost or actual cash value? That motorcycle may be an antique to you, but the insurance company may not agree.
What items are excluded? Your policy may not cover high-value items such as jewelry or documents. These should be kept in a more suitable place, such as a bank safe deposit box.
What natural disasters are covered? Insurance policies do not all have the same terms. Take the time to read the fine print.
Tips for Successful Storage
Keep an inventory. Make a photo or video record when you pack the unit, and when you add or remove belongings. This will help if you ever need to file a claim.
Make sure the facility allows the items you want to store. Storing dangerous materials could void your insurance, and leave you liable for damages if a fire occurs.
Katy self storage is a good way to keep your belongings safe and have extra space at home. Take the time to protect your stored treasures the same way you protect your home.