The Ins and Outs of Renters Insurance

Posted on Jan 3 2012 - 10:48am by Michael James

Whether your belongings are monetary or sentimental, items kept in a self storage unit aren’t any less important than what is kept at home. Perhaps its belongings that the owner knows he or she won’t need for a long period of time. Maybe a unit renter simply couldn’t afford rent for all of their large pieces of furniture. Or maybe the owner is traveling overseas and needed a spot for safekeeping. No matter the reasoning behind using a storage unit, it is important to understand renters insurance … and everything that goes along with it.

Do You Need It?
The answer comes down to what do you have to lose. Is it worth spending the extra money for peace of mind? Another aspect to consider is whether or not you have homeowners insurance, as many policies offer an amount of coverage for outside-stored items. Usually it’s a set percentage of the home’s worth, and, depending on the items that are stored, may cover a unit in its entirety.

Where Can You Get It?
Renters insurance can be purchased through almost any insurance company. Check with the insurance company you already do business with for plan options, or find a branch that specializes in unit rental, such as Safestor.  Renters insurance can also be found through the rental company itself. Brands like Bader Company provide the option for storage facility owners to add insurance to each rental contract. Many find this helpful as they pay a single bill rather than sending monthly checks to two companies.

What Does It Cost And Cover?
Month-to-month prices depend on each company, as well as the amount of coverage needed. For example, a renter will end up paying more per month to protect $10,000-worth of items than they would for $3,000-worth. Discounts can even be given for those who already have an account with a company. Simply call your agent or head to a company’s website to get a personalized quote.

As for coverage, there’s little room for surprises here. Renters insurance covers almost every scenario you could think of. Weather related, burglary, electrical fire, etc. – it’s all covered.

When it comes down to it, renters insurance isn’t all that complicated, it’s simply a matter of knowing what you’re looking for and finding the best option for your needs. Insurance agents are a great source of information, as well as the renting company themselves. Because they deal with renting on a regular basis, they’re well versed when it comes to all renting matters. Don’t be afraid to ask for their help … and yes, that includes the Extra Space Blog!

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Mike James