When renting a self-storage unit, no matter how decked out it is and what sort of amenities are included, it’s imperative that you purchase additional protection to protect your property. You may think that your homeowner’s and renter’s insurance will cover the cost of damages, and some policies might–up to a point. However, for pertinent protection of precious possessions, adding on a tenant property protection plan will cover instances that traditional insurance will not.
Is a protection plan specifically designed for self-storage better than relying on homeowner’s or renter’s insurance?
When it comes to protecting your possessions in self-storage, yes.
It’s normal to be hesitant about making additional purchases, especially while under the stress of moving items into storage, loading and unloading, and the countless other items on your list. You don’t want to waste money you don’t have to and you don’t want to be left in the lurch should something happen to your possessions.
Here’s a brief breakdown of the basics of tenant property preservation and protection. Let this comprehensive guide lead you to the right choice when it comes to the conservation of your collections.
What’s the difference between tenant property protection and insurance?
You already have some sort of homeowner’s or renter’s insurance just for your day-to-day. You have a policy that you pay monthly in exchange for a certain amount covered in case things go wrong. But what about items stored in a self-storage unit? Homeowner’s or renter’s insurance will cover possessions in self-storage up to a point, depending on the insurance company and their policies. That’s why it’s ideal to purchase additional property protection to cover the losses of items that insurance won’t.
A property protection plan is a perfect channel for those incidents that aren’t specifically listed in traditional insurance underwriting. A house fire is covered by your insurance, but when there’s a fire at the storage facility, a property protection plan can bridge the gap between insurance and out-of-pocket expenses.
The only exception to this is if your residence is insured but uninhabitable, such as a flood or fire. If you have renter’s or homeowner’s insurance and must keep your belongings in a self-storage unit until your residence is habitable again, your policy will cover your stored items should anything happen to them. This is a very specific circumstance and you shouldn’t leave your belongings to chance.
What is covered?
What can expect to be covered under a property protection plan that residential insurance won’t cover? You can expect reasonable coverage for common issues that storage facilities deal with. This includes rare natural disasters, such as lightning and wind damage. Since most storage facilities offer their own solutions for pest control and prevention, you can also expect coverage for issues such as rodent damage. Keep in mind that although explosions are also covered, you are required through your rental agreement not to store any explosives within the unit, so the policy won’t cover incidents where you are responsible for the explosion.
At Tenant Property Protection®, we cover the following areas within our policy. Other plans will have some variation of this list, but we like to showcase how much more effective our policies are.
- Water damage
- Rodent damage
- Building collapse
- Wind damage
How can I learn more?
Most facilities have in-house options, but when they don’t, tenants of self-storage can choose a third party. Here at Tenant Property Protection®, we are that option for you. With comprehensive coverage and affordable rates, proper property protection is only a click away. Check out all of our coverage options and get in touch with us today to find the right plan for you.