29 Feb 2012

Insurance company urges self storage renters to read up on policies

As more people throughout the U.S. and Canada opt to store their valuables in self storage units, some insurance experts are suggesting renters think about how well their items are protected, the Waldo Village Soup reports.

"If an item is valuable enough that you are willing to pay for storing it, the item should be financially protected with the proper amount and type of insurance," Loretta Worters, vice president for the Insurance Information Institute, told the publication. "Even in the best managed storage facilities, theft, fire and other disasters can and do occur. That's why before signing a rental agreement, it is important to find out what types of losses will be covered by the storage facility and whether supplemental insurance may be needed."

According to Worters, potential renters of affordable self storage in Toronto or anywhere else should consider looking into each facility's insurance policies right off the bat. She also advises renters who are also homeowners to talk with their current homeowners' insurance policy company, as some will actually cover off-premises protection for items stored in portable storage containers and conventional storage facilities.

The Self Storage Association reports that one in every 10 American households currently use storage facilities to keep their items. This being said, it may be helpful for renters to be aware of what will happen in case of a problem at their facility. 

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