Storage insurance

Insuring your belongings in a rented domestic warehouse

People store their belongings in numerous storage units, and self-storage units have become a fast-growing segment of the real estate business. It has now become a multi-billion dollar industry in Canada, and people can use it either for themselves or to rent out. Storage units help people keep their belongings in case of natural disasters, moving, divorce or any other event. Self-storage is also subject to natural disasters, so storage locker insurance is also necessary.

Domestic warehouse space rental insurance is necessary so that the owner can claim repair or replacement of damaged property stored in the storage unit. It is estimated that many storage units are destroyed by arson every year, which can cause serious damage to the goods stored in the storage unit.

Arsonists are not usually easy to catch, or even when they are, they may not be able to pay compensation for damaged goods. An accidental fire can also cause losses to the warehouse and the goods in it, hence the need to insure the storage unit.

Sometimes, homeowners' insurance, thetenant insurance and company policies offer protection for personal property. But there are limits to storage unit coverage. There are limits to the items that can be stored in a storage unit. If someone has stored a car or motorcycle in a storage unit, they cannot insure it under a storage unit policy. A separate policy must be purchased for the car or motorcycle.

Domestic storage for non-residents

There are situations when you have to leave the country and no longer have insurance in Quebec, and that's what this insurance is for.

Locker rental for high-value goods

Storage units are also used to store works of art and other types of special collections, as works of art require a separate policy. The insurance broker can provide a special policy for these and related collections.

It's also important to remember that there are restrictions on the materials that can be stored in a storage unit. These include chemicals, paint, gasoline, motor oil or other flammable items. These items may render the rental contract null and void.

Property in a storage unit is covered under the personal property section of the owner's policy. This coverage includes fire, theft, lighting and vandalism. Coverage is limited, and the insurance company will only pay a certain amount for the loss. There are several options available should the value of stored items exceed the off-premises coverage.

Increasing coverage limits: The owner can increase the personal property coverage limit if the off-premises coverage is only a fraction of the personal property.

Increased coverage for high-value items: The owner can purchase coverage for personal property if the storage unit contains a high-value item such as jewelry, art, etc.

Why insure storage lockers

This coverage includes property protection, which may be part of the contract, or the owner must pay an additional cost for this coverage. The owner should consider whether to include storage unit coverage in the homeowner's insurance policy, or to purchase it separately.