Storage units are generally not covered by insurance. Sometimes, however, proof of storage unit insurance coverage is required for storage units before a rental agreement may be signed. It can sometimes be confusing and misleading to enroll in new insurance coverage. Before you sign anything, make sure to ask all the questions.
How can one get the required storage unit insurance coverage if the insurance coverage is not included, but the storage unit is being rented?
What coverage does renters insurance offer for property stored in storage units? What about homeowners insurance. These are just a few of the common questions we’ll answer in this guide.
What is Tenant Insurance?
Tenant insurance covers property in a storage unit against theft, damage, or loss. Items stored off-site may be covered by some homeowners’ and renters’ insurance policies. If they don’t, additional insurance coverage is required. Although insurance coverage for property stored in storage units may not be as common as other types of insurance, most storage facilities have access to a Tenant Insurance Program that allows customers to purchase coverage right away.
Storage Unit Insurance: Why?
You may be convinced by someone that you don’t need storage unit insurance for your stored property, particularly if you only store it temporarily. There are many reasons to make sure you have the right coverage for your beneficial storage unit.
1. You might find sentimental or monetary significance in your items.
You should ensure that you have adequate coverage if you intend to store anything valuable in your storage unit. It is important to remember that tenant insurance does not usually cover high-value possessions such as furs or jewelry, just as homeowners’ and renter’s policies. These items often require a separate form of insurance that can be purchased from your local agent.
2. Extreme weather can put your belongings in danger.
Unforeseen weather can sometimes cause property damage. Some of the most destructive events that can affect storage units include wildfires and hurricanes. Flooding is not covered by homeowners’ or renter’s insurance, as is flooding.
3. Even with security measures in storage facilities, burglaries can still happen.
The security features in storage facilities are more advanced than those found in average homes or apartments. Reputable storage companies maintain surveillance systems and access control devices that deter criminals. Although it is more difficult for thieves to gain entry into storage facilities, it has happened. Storage unit insurance covers property theft by force entry into a locked storage unit. However, visible signs of forcible entry are required. Remember that merely the absence of a padlock or lock does not make it a forcible entrance.
4. A storage company can require insurance by law.
Storage unit insurance is often required by storage facilities you can pick from many sizes. This is one of the main reasons why people purchase it. The same applies to landlords who require tenants to have renter’s insurance in order to rent. Contrary to what we advise, many people will skip this important step if they don’t need it. Ask your storage company ahead of time about their storage unit insurance policy.
How To Get Tenant Insurance Coverage For Storage Units
Even if your storage facility does not require it, we strongly recommend that you purchase tenant insurance. Do your research before you enter a storage facility. These are the steps you should take to make sure you get the best coverage possible.
1. Check your current renters or homeowners insurance policy.
Ask the storage facility if they are willing to take current homeowners’ and renter’s insurance policies. If it’s okay, follow these steps:
- Ask your insurance company if they will cover your belongings if they are stored outside your home or in a storage unit.
- Ask to be directed at that section of your policy.
- Learn if you will need to purchase a separate rider, and how much it will cost per month.
- Check to see if any items are not covered by your current policy. Storage unit insurance does not cover jewelry and cash.
- Ask your storage company for proof of insurance. Many storage companies, including Greenbar Secure Storage, will need a copy of the Declaration Page. This is a standard outline of coverage that specifies whether coverage extends beyond your premises.
2. Ask your storage company to recommend an insurance provider.
Many storage companies have preferred providers that they can connect you to at the time of your storage unit reservation. Although you might not be able to price match or find the lowest-cost policy, claims are usually easier to process as the insurance company works closely with the storage company. Do not mistakenly believe that the storage company provides insurance. This is a common misconception. The storage company is often a liaison between you and a separate company.
3. Research different coverage options.
There are three options for insurance coverage for the stored property. You can either use an existing policy or look for coverage through an affiliate insurance company. You can compare the options to help you make a decision. You should consider the following:
- Maximum coverage – What is the maximum limit? Find out the estimated value of your storage items and then choose the policy that best suits your needs.
- Inventory restrictions – Find out what the policy does not cover like jewelry or cash. Make a list of all the items you intend to store and ensure you are covered. Find out if an appraisal is required for any items that have a high price.
- Policy rules – Do you need to know any rules? Do you have to submit an inventory update every time you replace storage items? Are you required to take photos?
4. Choose a company to keep up-to-date on premiums.
Next, choose a company and submit all required documentation. Finally, keep up to date with your premiums. Ask your storage facility about any consequences if you default on your policy.
Greenbar Secure Storage has a wide range of storage units available in Prineville, Bend, Madras, and Redmond Oregon. They offer a variety, including ground-level access, security cameras, 24/7 accessibility, and parking spaces. Locally owned and operated, we are the best choice for convenient and clean self-storage units. All of our commercial storage clients accept deliveries from businesses to make things as smooth as possible!
- Extra security and family-friendly
- Unbeatable onsite entrance tech
- Each unit is protected by a unique code
- Access your unit at your leisure
- Save money and have convenience when you most need it
We are proud of the many layers and security of control we have put into our secure storage units such as:
- High, heavy-duty fencing surrounds the storage facility at all locations including Redmond
- You can access your unit via electronic access using personalized codes.
- Timed access to individual units after entry and an automatic reset of security
- Galvanized steel walls are almost impossible to crack in storage units in Madras and our locations in Central Oregon.
- All hours of the day and night, well-lit areas in Bend and other Greenbar Secure Self Storage centers.
- A resident storage manager who lives on-site, carefully selected and screened and selected out of Prineville.