One of the biggest benefits of carrying homeowners insurance or renters insurance is that you can claim it as a valid form of storage unit insurance. This is also known as self-storage renters insurance.
That’s right. Your belongings are covered even when they’re not on your premises as long as you have basic insurance coverage on the home you own or the Washington living space you rent.
Because bad things can happen to your belongings even when they’re “safely” stored away.
The irresponsibility of other unit renters or storage facility staff could result in fire or smoke damage. Thieves or vandals might find their way into your unit, even in the most secure building. Natural disasters could result in wind or water damage, or burst pipes could destroy your things through water, mold, or mildew damage.
The list goes on. The point is that you’ve spent good money to store your belongings because they mean something to you. These belongings include ones with financial or sentimental value. Or you just have a hard time parting with your stuff.
You could hire a lawyer and fight the storage facility for the damage — and maybe win. But that costs time and plenty of money, and the outcome is anything but certain.
Instead, take a look at the homeowners or renters insurance policy you already own. Chances are good you’re covered and can get a financial settlement for the belongings that were lost, damaged, or destroyed while in your storage unit.
Yes. You can likely get renters insurance for your storage unit from the company that leases you the space. And that’s certainly a valid option if you don’t own a home or have renters insurance on your apartment, condo, or other rented living space.
However, if you do have renters or homeowners insurance, why pay extra for something that’s probably written into the lease you already own? That’s because most policies of this nature include off-premises coverage.
This off-premises language covers the stuff you own that you might have stored in the trunk of your car until it got damaged in an accident. Or stolen from the back of your friend’s pickup truck while you’re moving your stuff into your new apartment. Welcome to the neighborhood!
And yes, your off-premises protection also includes the self-storage unit your “not quite wanted/not quite unwanted” possessions occupy at the other end of town.
If you own your residence, you have homeowners insurance because it’s mandatory before any mortgage company will issue you a loan. (Not many of us can pay cash for a $250,000 home, and the few who do are money-savvy enough to carry homeowners anyway.)
However, if you rent in the PNW, you might not be required to carry renters insurance.
Maybe you’ve turned down renters insurance in the past because your property manager hasn’t made it mandatory (as a growing number of property managers do). Or you figure it’s your landlord’s responsibility to protect you financially.
And it is! Sort of. Your landlord or property manager must carry insurance on the building. But the stuff in the building? The stuff you own in your unit? That’s up to you.
The effects of a burst water pipe, burglary, vandalism, smoke or fire damage, or any number of calamities can result in the costly damage, destruction, or loss of virtually everything you own.
Consider a break-in and theft of your computers and phones. In addition to the high expense of replacing your valuable electronics, you might be out of luck if you work from home.
Or imagine smoke or flame damage to your property caused by an irresponsible smoker in another connected unit.
Unfortunately, you can be safe and responsible and still suffer valuable losses in your rented spaces. It could be the result of a serious mistake by a neighbor, the property management company, or yourself. It will be expensive, regardless.
Yet another reason to carry renters insurance is the liability coverage you’ll get. Imagine a friend of a friend tripping on your stairs during a party and suing you for medical expenses and loss of income. Your renters insurance can handle the bulk of your irate guest’s medical bills and pay your lawyer and other legal fees for the lawsuit that’s sure to come.
Yes, there are significant on- and off-premise reasons to have renters insurance. And it comes at the cost of just a few dollars a month, typically.
Talk with an independent insurance agent who can shop among multiple insurers for the best deal possible on this coverage. In that way, you’ll protect your possessions both in your living space and out of it.
Whether the belongings you just put in storage are financially valuable, hold sentimental value, or might somehow be put to good use in the future, you’ll have storage unit insurance when your home or rented space is insured.
If you don’t have renters insurance, or you’re looking for homeowners insurance for your new home or a more affordable option, reach out to Vern Fonk Insurance.
Call us at (800) 455-8276 and speak to one of our PNW-based independent insurance agents. You can also get a quick online quote or use our office locator to find a Washington-based Vern Fonk location and agent near you.
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