Most people who use moving and storage companies assume that the company will automatically shoulder the insurance for the things that will be moved or stored, but in most cases this is not true. Only a few moving and storage companies provide full and comprehensive insurance of your stuff for the basic amount that you pay for their services. If you want that your belongings be covered by full insurance, you have to pay extra charges to cover the cost of a full insurance coverage for your stuff.
For anyone who is going to hire and avail of the services of a moving and storage company, it is recommended that you walk the extra mile in checking out insurance options meticulously, considering the value of your goods that you will be entrusting to the company.
Here are a few vital information concerning questions you might have about storage insurance:
- What is storage insurance?
Storage insurance is protection offered by a company or agent for one’s property that is in storage. If your things are in storage and you want them insured, you agree to pay an amount in return for a guarantee that you will be reimbursed within mutually agreed terms and circumstances.
- Why do I have to purchase storage insurance?
These are the reasons why you should consider buying storage insurance:
In case of major disasters, you will be adequately compensated for the value of the damaged item or lost item in accordance with the policies of the insurance.
You will be given an actual Certificate of Insurance as your proof that your things are insured.
- I have a homeowner’s insurance policy. Will this cover my things in storage?
Some homeowner’s insurance policy offer insurance protection of your items when stored outside your home, but the maximum coverage will usually be just ten percent of the total value of your things. But many homeowners’ insurance policy does not cover this type, thus you need to get insurance to cover your things which are in storage or are being moved.
- Will I need an inventory?
Generally you don’t need an inventory but if you will be storing and insuring items of high value then you will need to provide an inventory. There are some insurance companies which may require you to submit a complete list of items that you have stored and what items you want to be insured.
- I do not know the value of my belongings. How will I establish the value of each item for storage?
The value of each item can be based on a purchase receipt, a published value or from a recent appraisal. These documents will also be your “Proof of Purchase” to show that you own these items in case you will have to file a claim for lost or damaged items. There are also websites online which can help you find an item’s value.
- How much will storage insurance cost me?
The amount that you will be paying for storage insurance will depend on how many items you will put into storage, the value of the items, and the duration of storage.
- When is the best time to buy my storage insurance?
Buying storage insurance can be done at any time before or at the time of storage.
- Is there a possibility that my request for storage insurance be denied?
An insurance company can deny coverage if they believe that inappropriate conduct has been taken by you or due to the deactivation of the storage facility you have chosen to store your things in. But these cases often come far between. Just be sure to follow instructions so you can be assured that your application will be accepted and rendered valid.
- What are items that insurance companies do not cover?
Most insurance companies have listed down certain items which cannot be covered by an insurance policy. You have to inquire about these concerns for more clarification.
- Are my things insured against mold and mildew?
Almost all storage insurance policies do not cover damage to your items due to mildew and mold.
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