Should You Insure Your Belongings in Your Self Storage Unit?
In the priorities in life that we all have, family, love, and the pure joy of just being alive are way up there. Helping us enjoy life are the physical objects/possessions that we have because they represent memories, relationships, milestones and so on, and it is often hard to overstate their importance.
Objects can have either deep sentimental or financial value, even if they are used or seen only rarely, and so you might want to store them in a self storage unit for future use or just because they have a special meaning for you.
However, just like anywhere else, life is unpredictable, and things happen. Nature can strike a blow at any time, or an accident can occur that breaks a sprinkler or causes a fire at the storage place just like anywhere else. These random possible events might cause you to think about insuring the contents of your storage unit to recover what you might lose, so at the very least, you can recover something if something bad happens.
This article seeks to tackle that exact question, so read on to find out more.
Determine the Value
The first thing you need to do before deciding whether or not you need to insure your unit is to determine the actual value of what is being stored in it. If something disastrous happens and causes you a loss, knowing these values will help you make a claim.
You don’t want to take a financial hit if possibly tens of thousands of dollars worth of goods are damaged or stolen, and the best way to avoid that is to have a policy that’ll cover you.
When storing your goods in a unit, think about how much each item is worth, and how much the entire bundle is worth taken all together. If losing that amount would be very painful, then it probably is worth getting insurance. On the other hand, if it’s a paltry amount, then you might not worry about it as much.
Determine the Security Standards
Another thing you want to do is see the self-storage unit to see what the security is and how well-secured the area is. Of course, anything can happen, even in the best storage places. But if you choose a good business like Abacus Self Storage, then you can rest much more easily knowing that your belongings will be reasonably secure.
The things you should look for include the locks and security systems in the building, as well as the presence of closed circuit TV cameras and coded protection through gates and doors. Some of the best systems might even include movement and intrusion alarms.
Of course, even the best security won’t prevent natural disasters from occurring, but it will help control the ways in which you might lose your valuables. If there’s good security, the need for insurance still depends on your comfort level with risk and loss. Even good security can be circumvented by mother nature, accidents, or those with criminal intent; after all, no system is perfect.
Look at the Cost
Another important aspect to consider is the cost of the insurance policy. While some homeowner policies may cover self-storage units, this is not common. Coverage is typically available in varying maximum amounts from $1000 to $25,000. You have to ask at the self storage place to see what they have. You should also ask about the deductibles and any reason for which your insurance may not apply, like some kind of excluded loss. The cost is usually not excessive, falling around just a few dollars per month, but it will usually be relatively more expensive for lower total limit policy amounts like $1000.
Look at how much the coverage costs and how much it will actually cover. Then, compare and contrast this to the value of the goods in your storage unit. From there, you should be able to assess whether or not it’s worth the extra fees and contracts.
If you do decide to go ahead with buying insurance, be sure to make a detailed list and have updated documentation for everything that’s stored in the unit, so if you have a loss and need to make a claim, you can make an exact list of the things for which you might need to be compensated.
Are the storage standards good?
Is your unit in a heated building? Are there fire prevention measures and alarms? Are the sprinklers up to code? These are all important things, and taken together they can have a whole lot of impact on the condition of your goods. You want a unit that is temperature-controlled and safely operated according to all regulations so that your goods are not needlessly damaged. The better the standards in the building where your unit is located, the less likely it is that your goods will get damaged, and while it might help reduce the chances of losing your belongings, it really does not reduce the need for an insurance policy.
Look at the Coverage
Another thing to do is to look at the storage insurance available at the storage place in detail. While we earlier established that coverage can go up to $25,000 – which is what is available at Abacus Self Storage – but it may not be the same at other self storage places.
It is effortless to take care of this with the self storage operator. All you have to do is ask about how you can protect your stuff, and they will answer any questions you might have and offer you the insurance you need. Plus, you can get the insurance fees rolled into the overall storage monthly fees, making the process streamlined and convenient.
Ultimately, like all insurance, covering the stuff in your storage unit in events of fire or any loss is a measure you take for peace of mind. The exact statistical chance of something happening is quite low, so you really have to look at what the items are worth to you and what it would mean to lose them. If losing them seems like it would be too much to bear, or would financially burden you to a great extent, then you should get the insurance coverage, if only for peace of mind.
Contact Abacus Self Storage
If you’ve managed to come to a decision that you want to insure your stuff in the self-storage unit, that’s wonderful. Now, the only thing left to do is talk it over with an expert, and the friendly people at Abacus Self Storage would be glad to help. You can reach us at our contact number and learn more about self storage units in Thornhill at 289 807 1033, or go to our web page right here.
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