Self storage has hit the mainstream with shows like Storage Wars and that guy Dave with his infamous saying of “YUPPPPPP”. For the viewer is pretty funny to see these buyers go through the contents throwing items out and damaging things as they go. In reality, while your items are generally safe within those storage units, technically your personal property is out of your hands and they are subject to theft, fires, explosions, intentional damage, floods, storms and other natural disasters. If something does occur to your things, are you going to be reimbursed by some sort of Canadian or storage Toronto insurance policy?
Unfortunately, the majority of patrons of self storage locations in Canada (Toronto storage inclusive) believe that the self storage providers automatically carry insurance that protects contents for the facility, as well as, the storage lockers contained therein. This could not be further from the truth. Normally, those rental fees that you pay most likely do not have any full or even comprehensive item insurance. On the other hand, some facilities will provide coverage to a rental unit. When the insurance is provided through the storage facility they also might want you to provide an inventory of your items within your storage unit. Moreover, some storage facilities will not allow you to rent space in their facility unless you provide proof of insurance coverage. They do not want to take the responsibility for damages to your personal effects.
The first step is to talk with the storage facility owner about the services and insurance that is provided with a rental. Furthermore, you will need to carefully examine the contract that you sign for service at that location. Normally, if there is an insurance built into the price, you are paying more per month for your storage than a comparable facility. What you need to determine is what exactly is covered by this insurance that you are paying for or offered. Sometimes items in your storage locker are of very high value or have very sentimental value that is not covered by the low level of insurance that is provided.
So how do you make sure that your self storage personal items safe in the event of a tragedy? The first thing that you should do is contact your house insurance company to determine if items that are not contained within your home are also covered. Surprisingly, your insurance company will most likely cover any losses within storage lockers as long as you disclose this information when setting up your policy. If you are not covered by your current insurance, you can purchase suitable insurance policy designed for self storage. Additionally, you might have to pay a small premium to have the coverage provided but normally it would be less than what you pay through the storage facility.
Whatever method you decide to use to cover your personal items at the self storage Toronto facility, keep in mind that your insurance needs will change over time. Additionally, your needs will change with items that you take and place into storage. The best thing to do is review your policy on an annual basis to ensure that you have the right coverage and amount to make sure your items are going to be covered adequately.