Standard self-storage rental agreements generally include a “Limitation of Value” clause that states you shouldn’t store anything costly in your storage unit. Most storage companies prohibit you from storing anything valued over $5,000; however, some permit it. It’s not a good idea to keep expensive items in self-storage, but if you do, make sure it’s protected. Compare insurance options to ensure you have the right insurance coverage and choose a safe, secure storage facility.
Ask About Facility Policies
Before you put expensive items in self-storage, talk to the storage company staff to see if it’s possible. Many storage companies prohibit you from keeping high-dollar items in their facilities, while others enable storing items valued over $5,000 with written permission. Without permission, the storage company won’t be liable for the loss of your property. If you’re permitted to store items valued over $5,000, you must maintain actual cash value insurance coverage or assume all the risk of damage or loss yourself.
Even in the most tightly secured facilities with the safest track records, there’s always a possibility that theft, fire, flood, or other damaging events might occur. To protect your valuables, get insurance coverage. You usually have three options, including:
Use existing homeowner’s or renter’s insurance coverage if your policy includes contents stored off-site in a professional storage facility.
Obtain tenant insurance coverage when you rent your storage unit, which is usually available through an insurance company affiliated with the storage facility.
Search for an independent third-party company that offers a self-storage insurance policy, which often provides better coverage than what storage facilities offer.
Check Current Insurance First
Standard homeowner’s, renter’s, and business insurance policies often cover your property when it’s stored outside your home or business. However, these policies generally limit how much you’re reimbursed for claims on property located off-site. This limit is usually 10% of your insurance policy’s personal property limit, but you can often purchase an endorsement to cover the full value of your storage unit contents.
If the storage facility accepts your current insurance policy, provide proof of insurance, including the Declarations Page showing your coverage extends to off-site storage.
Research Coverage Options
There are several important factors when comparing insurance coverage options. Ask about maximum coverage limits, then figure the total value of the items you’re storing and see which policy provides the most coverage. Find out if something won’t be covered, such as jewelry, cash, or items of high value, and ask if you need an appraisal on valuable items that are covered. Compare policy rules, such as inventory and photo requirements. Finally, assess what types of damages a policy covers, such as fire, theft, structural defects, natural disasters, etc.
Expensive Items In Self Storage
Most insurance policies won’t cover cash or jewelry, so check into a home safe or bank deposit box for these items. However, there might be various reasons you need to store valuable items that are covered. For example:
You might inherit some antique furniture you need to keep until you figure out what to do with it.
You could be a collector of pricey artwork, rare books, or other collectibles and need a safe, secure place to store part of your collection as you rotate pieces in and out of your home display.
Your business might need to store expensive equipment while renovating or moving to a new location.
No matter what the reason, keep expensive items in self-storage safer by getting a professional appraisal and stowing them properly. Many valuable items are sensitive to changes in temperature and humidity, so opt for an indoor climate-controlled unit instead of a standard outdoor unit.
We Provide Safe, Secure Storage In Clifton, New Jersey
We keep your belongings secure at Clifton Rt. 46 Self Storage in Clifton, New Jersey. Our facility is completely fenced with a controlled access gate. All our tenants get their own individual code for secure entry. We have digital video surveillance to provide extra security, and our facility is well lit, so you feel safe coming and going.
Our professional on-site management team is happy to assist you with any questions or concerns to ensure you have the best self-storage experience. Contact us at 973-772-1300 to learn more about our premier storage facility, or reserve your storage unit online today.