Many storage renters automatically assume that their items are covered under the storage facility’s policy in the event of a fire or other natural disaster, but this is typically not the case. No matter how well-maintained or secure the storage facility you’ve selected may appear, fires, floods, winds and other ‘acts of God’ are out of the hands of storage owners, and your stored property could be damaged or destroyed.
Before you store personal property, call your insurance company to learn if your homeowner’s policy covers items that are stored away from your residence. If that’s the case, you may not need additional insurance coverage. If not, you’ll want to inquire about adding an additional premium to get the coverage you need. This might be a cheaper option for you than adding another insurance policy.
To determine your true insurance needs you need to first consider the value of the property you’re storing. Ask about the storage facility’s coverage in the event of an accident for which the facility would be at fault, and what coverage you need should a natural disaster occur for which no one could be at fault. You need these questions fully answered before storing your items and before deciding on additional insurance coverage.
It’s also a good idea to take detailed inventory, with photos, of all your stored items. This will help you recover compensation for losses should an event occur that causes damage or loss of your property.