Whether you rent a storage unit or an apartment, you will be faced with the decision to choose or decline renter’s insurance or storage unit insurance. You may be stuck trying to decide whether or not you need either of these and how they will help you out in the long run.

The cost of these two insurances is minimal compared to what they do cover, but neither of them are mandatory for you to have.

What Do These Insurances Provide You With?

Storage unit insurance protects the items that you store within your storage unit. If a disaster happens such as theft, fire, or flooding, the insurance will kick in and cover the items that you had stored in your unit. Often times, you can purchase this additional insurance through a third-party, the storage facility itself, or your homeowner’s insurance may cover it.

You will be required to make a claim when damage occurs and it may take some time for the company to pay out; however, you will receive compensation for your items.

Renter’s insurance is similar to storage unit insurance and will protect the items within your rented apartment space or rented home. This insurance will safeguard you in case someone breaks in or there is a disaster that occurs such as flooding, hurricane, tornado, fire, etc.

If you do make a claim and can provide the necessary proof, you will receive compensation for your belongings through the renter’s insurance company.

What Is Covered and How Much Is Covered?

Before you make a decision on any type of insurance, you probably want to know what exactly is covered and how much is covered.

When it comes to your storage unit or renter’s insurance, you will find that most all of your items are covered when a tragic event happens.

The amount that is covered will depend on the insurance you purchased. You often have a choice of how much you want the policy to cover up to. For instance, you may have a choice between $2,000 up to $100,000. You should choose the amount that is close to the cost of your items.

How Do I File a Claim?

Usually, you will need to contact the company and they will tell you how to proceed to follow a claim. You can often file a claim over the phone, online, or in person.

When you do file a claim, you will likely have to provide pictures or have an inspection done of the damage. This process does not take long, but is required for your claim to be processed.

The insurance company will base compensation off of the market value of your belongings. Usually, the only items that are covered are the items that you submit pictures of when you apply for the initial insurance policy.

When trying to decide between storage unit insurance and renter’s insurance, assess your needs and determine whether or not you need the coverage should an event take place.