Storage facilities offer a convenient and secure way to store home assets such as remote vehicles. Despite RV storage companies having security measures, unforeseen risks and natural disasters still threaten the safety of stored items. Storage facilities thus encourage their customers to have insurance policies for easy recovery in case of lost or damaged items. Below are eight reasons why storage companies offer insurance, including benefits to customers and facility operators:
Protection Against Damage and Losses
Insurance policies cover damage and loss from fire outbreaks, theft and vandalism, and natural disasters. The type of damages or losses covered may vary with the policy, as some may not compensate for floods or water calamities. Most renters and homeowners insurance cover damages from natural disasters such as fire or tornadoes but may exclude floods and earthquakes. Before purchasing a policy, check off-premises coverage, exclusions and limitations, and deductibles to determine whether the policy will totally protect your stored items.
Coverage for Liability Risks
Liability insurance protects storage facilities from claims related to personal injuries and property damage. If a customer or visitor is injured while in the storage facility, the policy will cover medical expenses and legal fees. The policy also protects the storage company from financial losses from accidental damage to customer belongings. The liability policy may not cover damage and loss resulting from intentional actions, fraud, or contractual liabilities.
Support for Quick Recovery
With an insurance policy, you do not have to deal with legal disputes; instead, you can file claims with your cover provider. Insurers are aware of approved contractors, maintenance shops, and medical providers for quick repairs and medical treatment. They also offer advice on legal matters related to claims and liability to help individuals and businesses recover quickly after a loss or damage.
Compliance with Rental Agreements
A rental agreement contains details such as each party’s details, property information, rent payments, security deposit, disclosures, and insurance and liability. Storage facilities may make storage insurance a mandatory requirement before renting their unit. They might request that you acquire a storage unit insurance policy offered through a third party or the storage company itself. Some storage facilities also accept homeowners or renters insurance policies that cover items off-site.
Customized Coverage Options
Insurance companies provide different plans to accommodate the nature or requirements of various items. You can get custom covers for RV storage to match the unique needs of storing large and valuable items. The plans are categorized according to the value of the item, the risk covered, and the level of protection needed. These plans may also have flexible payment and policy terms depending on the storage duration.
Responsible Storage Practices
Insurance policies require renters to take measures to protect their belongings, the storage facility, and the workers. The policies require renters to follow proper packing and storage guidelines, such as using firm containers and securing fragile items. Most policies don’t cover hazardous materials, perishable goods, and illegal substances to encourage responsibility. Before making compensation, the insurance company conducts damage mitigation to check if you followed the storage guidelines.
Adherence to Regulatory Standards
Local government and other regulatory bodies require storage companies to have insurance policies to operate. Liability and property insurance are some of the coverages a storage facility must have for legal compliance and operational safety. Failure to comply with legal requirements may result in fines, penalties, or even suspension of storage activities.
Protection From Third-Party Liability Claims
Third-party liability policies cover incidents caused by other storage users’ negligence and misconduct. This can happen if a tenant doesn’t secure their unit well and causes a security breach or if they store hazardous items that lead to a fire outbreak. In such cases, the insurance company will cover the losses and expenses without involving the facility or innocent tenants.
Get Protected With an RV Storage Insurance Policy
Self-storage facilities are designed to store RVs, boats, cars, and other rarely used household items. An insurance policy provides protection beyond company security by safeguarding the people in the facility and the items stored. Flexible coverage options allow you to choose a plan that fits your RV storage needs. Call experts today to learn more about RV storage and the cover you should acquire for the protection of your vehicle.