Property Insurance: Is It Worth It?

When you store possessions anywhere outside your home, you are certainly incurring some risk that they will not return to you in the same condition in which you left them. Even in the most secure storage unit, there may be a small chance that your items are stolen, vandalized, or damaged by the weather. So, what are your options to protect your possessions when you have to place them in self-storage? Property insurance may be the answer for you.

What is Property Insurance?

Paying for monthly property insurance means that if your items get damaged in some way in the storage unit, you can file a claim with the insurance company and they will pay to replace the damaged goods. There are many different coverages available from many different sources. You can pick and choose what kinds of damage to insure (weather versus vandalism versus theft) and the amount you would like the insurance company to pay out when you make a claim.

Where can I get Property Insurance?

Many storage companies also offer some insurance that you pay for monthly on top of your storage fee. However, you can also get property insurance through independent insurers. If you have renters or homeowners’ insurance, it may have an option to include “off-premises” property in your insurance, which would include property in a storage unit.

If you are interested in purchasing insurance from the storage company, make sure you go with one that offers it up to the dollar amount you wish to insure.

Why Should I Insure my Property?

If you will be storing possessions in a place that is prone to inclement or disastrous weather, insurance can protect you from losing everything in the event of a natural disaster. On the other hand, if your items will be in an area with high crime rates, you may want to insure your items against theft or vandalism. However, insurance can be useful for anyone anywhere because you truly can never predict when disaster might strike you and your possessions. If you are at all nervous about leaving your items in storage, invest in insurance to give yourself peace of mind.