Will your homeowners’ insurance cover your self storage contents?
Many of our customers have been confused as to whether their homeowner’s insurance or tenant’s policy provides them with all the necessary protection while they’re enjoying one of our storage facilities. According to industry experts at Cowan Insurance, homeowner’s insurance tends not to fully cover any outside storage for long periods of time. Normally homeowner’s insurance only covers theft for up to 30 days – natural disasters such as flooding or fires are not included. For instance, if you’re staging your home in order to sell it and you choose our convenient
Toronto Storage facility, your homeowner’s insurance will likely only cover you for 30 days. Therefore if your goods were to be damaged by a natural cause, such as a fire, your property would not be covered under your home owner’s insurance beyond the 30 days. So while there are some instances where homeowners’ insurance will cover some damages done at your self-storage unit, it is your best course of action to take out separate content insurance for your self-storage unit.
The benefits of dedicated storage insurance
There are two major benefits to using the content insurance offered by your
self-storage facility. The first benefit of using content insurance is having separate policies. Any claim that you file regarding your self-storage unit will have no effect on your homeowner or tenant policy, which could raise your premiums. The second benefit is that it is often also cheaper to purchase self-storage insurance through your self-storage company rather than extending your homeowner or tenant insurance policy.
Self-storage insurance is a great idea if you want or need that extra layer of protection for your belongings while they are stored away from you. Whether your current insurance policies will not extend or if you want a separate policy, Storwell offers options that will give you the peace of mind you need.
Why tenants need self-storage insurance
As a tenant, you may be wondering why you require contents insurance for your belongings in self-storage. Self-storage facilities do have insurance covering their building, but this does not cover the belongings contained within your storage unit. Your storage facility is well-secure behind gates, electronic locks, and state-of-the-art security systems, but such measures will not guarantee something will not happen. Tornados, earthquakes, and other natural disasters will break through these measures, and burglars that are willing to take extra risks may find ways to circumvent any security system. To ensure nothing happens to your storage belongings, insurance on your storage items is a necessity.
Speak to your current insurance provider
Your current insurance provider is a great resource. While their coverage may cover some of your belongings in storage, you certainly should be confirming that with them directly. They should be able to clarify what exactly will be covered by the plan, and can inform you of whether you need a separate plan or not. Be transparent and thorough during the discussion, informing the agent of everything you are storing to be sure they provide the correct answer. Let them know what the storage facility’s requirements are as well, ensuring you adhere to all of the rules and regulations they have in place.
Do all storage units require insurance?
Yes, insurance is required to rent self-storage at most self-storage facilities including Storwell Self Storage. That goes for standard storage units, drive-up access units, and vehicle parking spaces.
Do I need supplemental insurance for stored items?
Valuable items like jewelry, art, antiques, money, and more are not be covered under storage insurance. In such cases, you may need to take out floater insurance, which is a type of insurance policy for items that are not covered by personal property insurance policies.
Storage Insurance at Storwell
For your ultimate peace of mind, Storwell’s
Mississauga,
Etobicoke, and
Scarborough storage facilities have made it easy to set up insurance. Cowan Insurance is one of the largest insurance brokers in South Western Ontario and will satisfy your storage unit needs with convenient, affordable and easy to understand pricing. You can establish coverage through Cowan Insurance Brokers Customer Insurance Program by applying when renting your storage locker at Storwell Self Storage and payment can be made together with your regular rental fees for your convenience. This program provides the appropriate protection on your personal goods including broad form coverage that will protect you against most losses. The program provides limited coverage on most electronic and business goods and it does not include coverage on automobiles, motorcycles, boats, recreational vehicles, any form of currency, securities, jewelry, watches, precious stones, furs, or garments trimmed with fur.
