When you rent self-storage space, the sales agent will typically ask whether you would like to purchase an insurance policy to cover your belongings. It may be tempting to decline the offer, especially if you already have renter's or homeowner's insurance. However, here are two important reasons why you should probably sign up:

It Covers Flood Damage

One reason people decide not to purchase insurance through the self-storage facility is that they believe their renter's or homeowner's insurance policy will cover any damage to their belongings. While it is true your policy will pay for damage to items you place in the unit, not all types of damage are covered.

Specifically, these policies typically do not include coverage for items damaged by flooding. So, regardless of whether your unit was flooded due to a natural disaster or because a pipe burst at the facility, any claim you make for flood damage will be rejected by your insurance provider. You must purchase a separate flood insurance policy (or rider) to obtain this type of protection.

If you don't want to buy another policy, the other option is to pay for insurance offered by the facility. Their policies tend to cover all elemental damages including flooding. Be aware, though, that there may be a cap on the amount of money the policy will pay out. For instance, the policy may max out at $5,000. That's all you'll receive, even if your actual damages exceed that amount. Be sure to read the fine print on the contract carefully to ensure you know what is available and how to file a successful claim.

To Bridge Gaps in Coverage

Another reason you may want to opt into self-storage insurance is to bridge the times when you won't have coverage from your renter's or homeowner's insurance policy. If you're moving from one home to another, for instance, there may be a gap between when your old policy ends and your new one kicks in. Anything that happens to your belongings during the time period may not be covered, leaving you stuck with damaged items and no way to pay to replace them.

If you opt to use the self-storage insurance for this reason, it's important to talk to the sales agent about when you can start and stop the policy. Some companies only let you sign up for insurance when you first sign the contract, and you won't be able to add it one if later if you decline coverage at that time. Others will let you start and stop it at any time, which can help you save money.

For more information about self-storage insurance or to rent a storage unit, contact a local facility. Pop over here for more information and assistance!