Many people still do not know how essential self-storage insurance is today. The only way to protect yourself in case the items you have in your storage unit are stolen or damaged is by buying a self-storage insurance cover. This is even more crucial if you have valuable items in your storage facility. There are a lot of self-storage insurance companies in the market today, making having to choose one a daunting task. You need to be careful and consider all your options before you settle on any company. In this article, we will be looking at some of the factors you need to consider when choosing a self-storage insurance company.
Before you select which company to buy self-storage insurance from, ensure that you check if it is recognized by the law. You can do so by asking for licensing and checking whether it is up to date. It is important to note that licensed self-storage insurance companies stick to the rules better than those that are not recognized by the Government.
Secondly, you need to look into how well a self-storage insurance company treats its customers before you buy your insurance from them. You should only think of buying your insurance from a company that responds fast to your calls and answers all the questions you have. Do not buy your cover from a company with staff who are unsure of the benefits and coverage of self-storage insurance. Do not underestimate the need for good customer service because this is what will help you when filing a claim.
Thirdly, ensure that you consider the financial stability of a self-storage insurance company before you buy your cover from them. Many people today have lost their covers because of choosing companies that are not financially stable. To protect yourself from such great losses, you need to evaluate a company’s growth rate and its profits over a number of years. Do not buy your self-storage insurance from a company that has had reducing profits or continuous losses over the years since this is an indication of poor management and probable failure. Dealing with such companies is risky because they will not be in a position to compensate you should the risk you are insured against occur.
You should choose a company with a full disclosure policy. They should be willing to disclose all the terms and conditions of the product you are about to buy. Avoid insurance companies that are in a hurry to make you buy their products since most of them will come up with reasons why they cannot pay your claim after the occurrence of the risks you are insured against.
Finally, ensure that you consider whether you will be in a position to afford the premium payments of the cover you want to buy. Try to find a balance between cost and coverage.