24 August 2018
 Categories: , Blog

As people continue to own more personal/business belongings with limited space to keep them, storage units are becoming a popular option. These units come in handy for storing furniture, office supplies, electronics, clothing and many other items, thus creating more space within the premises.

Because more people are storing valuable items in storage units, keeping them insured has become a top priority. Indeed, insurance coverage providers owners with the cushion they need in the event of flooding, fire outbreaks, theft and other risks.

Here's what you need to know about a storage insurance policy.

It is available for both personal and business storage

Storage insurance is provided for units that store both personal and business items. The policy may vary according to the items that are stored, but they can often insure both smaller storage units and larger commercial units. Pricing may be carried out according to the size of the unit or the individual items contained therein.

It covers a wide variety of risks

When you put your items in storage, you may not be thinking about all the risks that the items face. Indeed, your belongings are always at risk of fire damage, floods, theft, vandalism and even earthquakes. Most storage insurance policies cover against these common risks in exchange for a monthly premium.

With these risks covered, you can enjoy a certain level of protection as you store your items. In cases where your storage goods are very valuable (such as rare antique furniture or pricy electronics), it is important to declare such items separately because they may exceed the limits of the coverage policy. When separately declared, you can explore coverage options for such special items.

It covers multiple types of storage facilities

Not all storage units are the same. There are self-storage units, warehouse storage options and even container storage. The good news is that storage insurance plans cover most types of storage units, albeit with varying pricing models and coverage options.

This means that most people who opt for storage facilities can still enjoy the cushion of insurance against a wide variety of risks.

It can be provided independently or via the storage facility

There are some storage facilities that include insurance as part of the pricing for the unit that you rent. They typically obtain their own insurance policy and extend the benefits to your unit at a fee. This may be more convenient for you than having to seek out your own insurance policy.

However, there may be cases where you can get better coverage or pricing options when you look for your own independent plan.