If you are renting a storage unit, it might be a good idea to make sure that you have insurance just in case your items are stolen or damaged.
Although the rental company may have coverage if the unit is damaged, in most cases, it will not cover your personal property.
Some rental companies may offer extra insurance to cover your belongings.
But, before you sign up and pay for this extra coverage, it might be a good idea to ask questions and check out other options.
Homeowner’s or renter’s insurance will often provide coverage for items that are stored away from home.
But, whether you are planning to purchase extra coverage from a rental company or counting on homeowner’s or renter’s insurance, here are some of the questions that you should be asking:
When are my contents covered and when are they not?
What is the dollar limit of my coverage?
If my property is stolen or damaged, will I be compensated for the actual cash value or the cost to replace it?
Do I need to purchase additional riders to cover more expensive things such as antiques, fine art or jewelry?
Are items that I use for business covered?
And, even though you might be given verbal responses, it might be a good idea to ask the insurer or the person selling the coverage to show you this information in writing.
For more information, and guides about understanding homeowner’s, renter’s and other insurances, visit the website for the Wisconsin Office of the Commissioner of Insurance.