Monthly rental charges were increased in October of that year, supposedly due to an “escalation of costs” and “property maintenance.” None of this maintenance was in evidence on March 11, 2015, when Packwood entered his unit to find the floor covered in water, and what he estimated to be around $7,500 in damage to his stored furniture and other items. In March 2014, Packwood entered a rental agreement with a major storage facility operator in Monmouth Junction, declining to pay extra for their in-house policy on the assumption that his existing renters insurance would be enough. Self-Storage Insurance Claims – At the Mercy of the WatersĪ case of “Don’t assume that your renters insurance will cover everything – because maybe it won’t” caught out New Jersey resident Scott Packwood, when he rented a self-storage unit while in the process of selling his home in Somerset, and moving to new digs. In this article, we’ve assembled some real-life horror stories, to illustrate just how true this is. Self-storage customers who rely on their existing homeowners or renters insurance policy to keep them covered may also face disappointment, when incidents occur. Disappointing, in the size of any payments that are actually made.Laced with loopholes permitting the storage facility to renege on making any payments, and.These dangers are particularly acute if you’ve chosen to protect your items in self-storage under an insurance policy offered by the storage facility. And for items that simply can’t be valued in terms of money, there’s the emotional loss associated with having personal collections, family heirlooms or keepsakes wrecked or stolen. If a disaster strikes and you don’t have comprehensive insurance coverage for your valuables, the cost of replacing or repairing them will have to be met by you, and you alone. We’ve spoken here often about the dangers of renting a self-storage unit without first adequately insuring the precious belongings that you’ll be putting into it.
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