Having the correct insurance and safety coverage is the best method to financially safeguard your belongings. If you plan to rent out a storage unit for your possessions, you should take the following steps:
Consult with your insurance professional regarding off-premises coverage.
Some standard Florida homeowners and renters insurance policies include coverage for personal belongings which are kept-off premises including a storage facility. Off-premises coverage includes theft and damage from tornadoes, fires and other perils listed in the policy. However, it does not cover any damage caused by earthquakes, flooding, mold or lack of maintenance. The coverage limits of such policies vary from company to company.
Check on what type of financial protection is provided by the storage facility.
Generally, facilities provide compensation based on the square footage of the unit. You should check the coverage limits and see if it is provided on replacement cost or actual cash value basis. Many storage facilities will provide a range of additional insurance packages; consult with your insurance professional to see if it is sensible to buy additional coverage.
Prioritize significant insurance or storage for expensive items.
If you aim to stock valuable property, such as antiques, furs, art, jewelry, there may be restrictions under your standard Florida homeowners or renters insurance policy for theft. You can ask your insurance professional about adding a floater or endorsement to your policy in order to completely cover these items. There are also particular storage facilities feasible for these types of items, as they usually need to be kept at specialized temperatures and humidity levels. Small-scale items such as jewelry will cost less to insure if they are kept in a bank safe-deposit box. Note that contents in a safe-deposit box are not insured by the bank.
Make an inventory of items to be kept off-premises in storage.
You should be sure to include the items you are moving to the storage unit to your home inventory so that you can keep a record of your possessions and make sure you have the correct measure of insurance to safeguard them.