December 18th, 2014
Renters across the U.S. face the same issue day in and day out: a lack of storage. Apartment dwellers try to make up for it - they boost their bed up a foot from the floor to store boxes underneath, purchase shelving in mass quantities and organize their closest as efficiently as possible. But, sometimes, all the scheming and organizational plotting isn't enough and they have to rent a storage unit.
Is it insured?
A separate storage unit for renters' extra stuff is often the perfect solution to a lack of closet space at home. Renters can switch out clothes between summer and winter and make sure their keepsakes are safe, all without taking up more room in their humble abode. However, even property stored away from the apartment may be at risk for not being covered under a renters insurance policy. Many renters or home insurance policies will cover storage units, but renters shouldn't take this generalization for granted - they should specifically ask.
How much is insured?
Renters with a storage unit should read through their policy and give their agent a call to not only make sure their unit is insured, but also up to what amount. Many policies will place a limit on the amount of property that is covered, for instance up to $5,000 or $10,000 worth of stuff. If there isn't much in the unit, this can be fine. But, for renters needing to store valuables, they may need to specifically add more coverage.
Check with the facility
Sometimes, storage unit facilities will offer their own coverage options. Renters should look into these insurance products and compare them to what's available through their current insurance company. Which plan is better will depend on each business's insurance options. Renters will just have to pick out the plan best for them.
Renters may have to pay more to have extra space at a storage unit, but they don't have to worry more. Property, whether it's clothes or old high school yearbooks, can be insured. Renters just have to remain knowledgeable about their policy, and if necessary, hunt for the best deal.
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