Imagine the following scenario – you’ve decided on relocating to Brooklyn and everything is going perfectly. You’ve found the ideal NYC relocation company, secured packing supplies and have everything set and ready to go. However, somewhere in the middle of your Brooklyn relocation project you realize something. Your new place doesn’t have that much room for all your stuff and what now – why rent a storage unit, of course! It’s easy, cheap and can be quite useful once you have the right information. The only thing left is securing your valuables for unexpected situations. And that is where the importance of NYC storage insurance comes into play.
How much do you actually need NYC storage insurance?
The answer to this question depends from case to case. What we can confirm to you (from experience) that insurance is always useful in NYC. Once you get into it, you will find that most people already have homeowner insurance, which includes coverage for personal items. And the good thing with this is that it covers belongings kept in storage units to some degree as well.
The limit for this degree varies when it comes to self-storage units. Mainly, it depends in the total personal items coverage amount for home. Depending on that total, the storage coverage can go up to 10% of the value. However, it can sometimes happen that this percentage does not cover the value of the stored items. And it is in these cases that you should focus on seeking special storage insurance for your depository unit.
Which options for NYC storage insurance will be made available to you?
Basically, you’ll have a few NYC storage insurance options available to you.
- Upgrading the homeowners or renters insurance policy that you already have working.
- If you do not have renters or homeowners insurance, getting it from an expert insurance company.
- Purchasing insurance from a specialized self-storage facility in New York.
- Reaching out to the NYC mover you found to help with the relocation.
You should be aware that there are those warehouses which require proof of insurance as part of the rental agreement. And in case you do not have an existing insurance policy, storage facilities are more than glad to offer you one or mediate a deal with a private insurer. Our advice would be going through an independent insurance agent, so as to score some extra discounts.
Main reasons for getting NYC storage insurance
What would be the main reasons for you to get your items in storage insured? Well, most simply put, the variety of risks that can occur. When renting storage units, you have to bear in mind that they are not built like your standard homes. You never know what is in the unit next to yours or what unplanned situation can lead to damage.
So to get a better grasp of what it is we are referring to, here are some examples of potential risks:
- Theft and vandalism – a common occurrence when it comes to desolate storage facilities. So unless the NYC depository has security guards or cameras in place, consider insurance or a different location.
- Fire, Smoke, or Water Damage (from fires) – you never know when a fire or flood might arise. So make sure that the storage unit you rent has a fire alarm or anti-flood mechanism in place. Otherwise, you know what to do – insurance.
- Mold & mildew – not that much of a risk unless you are looking at long-term storage options.
- Wind Damage (from tornadoes, hurricanes, or straight line winds) – unfortunately, hurricanes are becoming a more common occurrence nowadays. And as mentioned, storage units are not what you might call fortification.
*Warning tip: never believe that the insurance policies of the storage facilities will work primarily in your favor. They are put in place to protect the interest of the business first and your property second. No need to get sore about it – it’s just the way corporate America has always worked.
The benefits of having NYC storage insurance
Just in case you as a storage unit owner are still not convinced of the necessity of owning NYC storage insurance, here are some scenarios to consider:
- Storing valuable and prized possessions. Furs, antique furniture, expensive rugs etc. can easily trump over the limits of your everyday homeowner policy. So what you do is make additional coverage for these items as a necessity.
- Storage unit exposure to high heat or high humidity area. These are your run-of-the-mill things that you need to consider, even if the storage unit has climate control. The potential for mold, mildew or the simplest of heat damages is always present. To conclude, insurance is the only way to make sure that you are covered in these types of situations.
- If it so happens that you have insurance which excludes self-storage units or is simply no enough of a coverage. This just goes to teach you that you always need to have a backup plan, or in this case – backup insurance.
- Long distance storage and/or constant business travel keeping you away from home. Long absences of storage owners make for easy targets for thieves and vandals.
- Liability coverage. Imagine if one of your belongings happens to cause a fire or some other accident which would damage another storage unit or units? Given the fact that most liability coverage policies go up to $100.000, this might cause complications.
You will find plenty of people willing to leave everything to chance and rely solely on their homeowner’s insurance policy. However, there are also those that like to have control over their property. And it is in those situations that you will find yourself asking for storage insurance. So have a sit down with yourself and consider whether or not you are capable of protecting your possessions. Once you realize that you would rather take precautionary measures, reach out to an insurance agency. And if you don’t have one, simply turn to your professional NYC mover for guidance – nothing wrong with needing a little help. Good luck!