Deciding to store your belongings for any variety of reasons – be it a move or simply running out of space in your home – is an excellent way to keep them safe. However, despite the solid construction of our units and the around-the-clock surveillance afforded by Mini-Entrepôts Sauvegarde, unexpected circumstances, occurrences, or catastrophes can put your cherished belongings at risk. This is where the benefits of storage insurance come into play: should some unforeseen disaster damage or destroy your belongings, you’ll receive the financial compensation needed to replace what you’ve lost. Often, your possessions are not covered by your home or renter’s insurance, nor fully covered by a storage company’s internal policies; for comprehensive coverage and the full benefits of storage insurance, it’s best to explore all your options.
Understanding Storage Insurance
When placing your belongings in a storage unit, many clients believe that opting for the storage company’s insurance policy provides them full coverage. That is usually not the case. Most storage company insurance policies cover the physical building itself and its contents, not things like acts of God, client negligence, infestation, or high-value items. Further, homeowner or renter’s insurance policies may not include off-site insurance, and if they do, they may not offer full, specific, or itemized coverage.
What Is Covered
Typically, a storage company’s insurance policy covers the following:
Theft: In the unlikely event of a robbery, insurance will cover the value of your belongings, if forced entry has been established and verified.
Fire: In the event of a fire that emanates from within or from outside of the storage facility, the benefits of storage insurance can be enjoyed. This usually includes smoke damage as well. However, if the damage occurs from poorly stored or illegal inflammables (i.e. fireworks, gas canisters, propane tanks), your policy will most probably not cover it.
Water: Should a pipe or water main burst within the facility, storage insurance will cover the damage.
Structural Collapse: If the building that houses the storage unit collapses (in part or in whole) you’ll be covered for damage.
What Isn’t Covered
Usually, a storage company’s insurance policy does not cover the following:
Flood & Earthquake Damage: Considered acts of God, these catastrophic occurrences are generally not covered by storage insurance.
Client Neglect: Poor ventilation, as well as improper packaging by the client, leads to the proliferation of mold, mildew, or fungus that most insurance policies will not cover. Additionally, most storage insurance policies usually do not cover shoddy or improper storage practices (i.e., poor boxing materials, uneven stacking, etc.) that lead to unintentional damage (i.e. tipping, falling, breaking, etc.).
Pest Infestation: Some storage facility insurance policies include pest infestation coverage, but it is generally not a standard feature. This is especially true if you violate storage facility rules regarding the storage of food.
High-Value Items: Extremely valuable items like jewelry, antiques, art, and/or collectibles, generally require additional coverage that is separate from the storage facility’s policy.
4 Key Benefits of Storage Insurance
When mulling over what benefits of storage insurance would best suit your needs, it’s vital to keep the following factors in mind:
Protection Against Theft
Even with the latest in state-of-the-art security equipment and personnel guarding a storage facility, theft is not unheard of. A shaky economic outlook and increasing volatility in the job market have led to a spike in thefts of which storage facilities are not immune. One of the best ways to provide yourself with peace of mind against theft is to opt for the benefits of storage insurance. This way, you can recuperate your financial losses or replace your belongings in case they are stolen.
Coverage for Damage from Natural Disasters
As the impact of climate change escalates over time, the frequency and intensity of natural disasters like tornadoes, hurricanes, and floods will proliferate apace. This means that more and more infrastructure will be susceptible to catastrophic damage- storage facilities included. Natural disasters like these (as well as earthquakes and fires) cannot be predicted, which only adds to the anxiety regarding the safety of belongings stored in a storage unit. To make sure your belongings are covered, take an insurance policy that mitigates the risk of natural disasters.
Liability Coverage
Freak accidents like a burst water pipe can cause significant damage to your stored belongings. This is especially concerning if you are storing business inventory or equipment, or something you have stored has caused damage to another storage unit. To protect yourself and your belongings from liability, it is best to have an insurance policy that covers all contingencies.
Peace of Mind
Perhaps the best benefit of storage insurance is the peace of mind it grants you. Knowing your cherished and valuable belongings are safe reduces the stress associated with storing them. As well, having storage insurance is much cheaper than having to pay to replace your items in the event of an issue.
How to Choose the Right Storage Insurance
When deciding on storage insurance options, it is important to take stock of your needs. This includes budget, the value of your belongings, deciding what you’d like to insure and against what potentialities, and the duration of your storage term. Whether or not you are already covered by another insurance policy, it’s important to note that many storage facilities require or strongly recommend you take a policy for liability reasons. As with any insurance policy, storage insurance covers specific liabilities and conditions, so before you decide upon which storage company you’d like to do business with, compare and contrast their insurance policies and see which one best suits your needs.
In any event, the benefits of storage insurance cannot be ignored, as they provide both the client and the provider with peace of mind when it comes to storing personal belongings. For storage insurance that fits your needs, contact MIni-Entrepôts Sauvegarde today for advice and to find the perfect coverage for your valuables!