Consumers' FAQ's
GENERAL
Insurance is the business of a company or agent offering protection of one's person or property against damage, loss, death etc. The client agrees to pay a set sum in return for a guarantee they will be reimbursed within mutually agreed terms and circumstances.
There are many reasons to consider buying storage insurance:
-In the case of our Named Perils insurance our policy provides coverage in case of major disasters. This coverage will compensate for the
replacement value of the damaged or lost item less a one time, per certificate deductible. Valuation or any other type of
coverage through a storage facility is limited to a minimum of $2,500 to $5,000 in coverage and will only pay the Actual Cash Value of the
item (the depreciated value only). Valuation programs offer limited coverage and will not provide full compensation.
-When buying insurance from us, you will receive an actual Certificate of Insurance from a leading insurance company as proof of coverage, rather than a note or a line item on your rental agreement when renting your storage unit.
-When you purchase valuation type of coverage, you purchase it from the storage facility.
We view this as a conflict of interest. By purchasing actual insurance coverage you are obtaining the service of an independent,
third party insurance company.
Very few storage facilities include full or even partial coverage in their rental fees.
When available this insurance is limited to $2,500 to $5,000 in coverage and may not provide compensation for certain perils.
It depends on the policy. Some insurance companies offer protection of your household items stored outside the home
("Other Location") with a maximum of X% (usually 10%) of the total value of your goods. Many do not even offer that.
In the event your homeowners insurance does not cover self storage losses, StorageInsurance.com is the perfect solution.
When you purchase insurance from us, in the case of a claim, you are responsible for any loss up to the chosen deductible amount.
The insurance company will compensate you, based on the Terms and Conditions, for any amount above your deductible.
THE APPLICATION PROCESS
Generally speaking, when you purchase insurance from us, for coverage of your goods in a self storage facility, there is no need to provide an inventory.
However, if you store and insure High Value items we will need a valued inventory. However, some insurance carriers may require a complete list of
stored and insured items.
We suggest you base the value of the items on a purchase receipt, a published value or, in the case of High Value items, from a recent appraisal.
The Internet is also a good source to find an item's value.
BUYING INSURANCE
Prices vary depending upon how many items you wish to insure and how long you plan to store them. Have a look at our ‘Quick Quote’ page to find out how affordable it can be.
You may purchase storage insurance at any time.
We accept most major credit cards: MasterCard, Visa, Discover, and American Express. In some cases, storage facilities may offer a ‘Pay With Rent’ option thus enabling you to pay for your storage insurance directly through the facility.
The insurance company reserves the right to review each insurance application and deny coverage if they deem any inappropriate conduct has been taken by the insured or due to the deactivation of the storage facility you have chosen. However, this rarely happens and as long as you have followed our instructions you can rest assured your storage insurance will be accepted and rendered valid.
COVERAGE
There are several items that cannot be covered under our insurance policy. Please refer to the Terms and Conditions page for more clarification
Mold and Mildew damages are not covered under our insurance policy.
Coverage is provided on a month to month basis and it starts and ends based on your needs.
CLAIMS
Filing a claim can be done online. Instructions for filing are included on the claim form.
Once the claim is received by our claims department, you will be contacted within seven to ten working days. You may be required to provide additional information such as a copy of your signed rental lease, a police report, etc. The claims adjuster will determine if it is necessary to have a professional inspection conducted to determine the loss.
Purchase receipts, appraisal notes, estimate or bid notes and photos showing the item in your possession are some of the accepted forms of ‘Proof of Ownership”.
It is not required to take photos of your insured items but it is recommended. Photos can establish ‘Proof of Ownership’ and could indicate the item(s) condition.
