In Case of Fire: Could You Get Compensation for Your Storage Items?

Loud shouts of fire, fire, fire filled the facility followed by the ringing of the fire alarm. This scenario could one day happen in the storage facility where you store your things. No matter how you try to avoid it, there is no way around it when it actually happens. Therefore, you must always have the answer to this sacred question: can you get compensation for your storage items in the event of a fire?

You should understand that when you rent a storage unit from the company, you are simply the tenant. The company acts as the landlord and generally is not responsible for what happens to its tenants. When things are lost or accidental events occur, the storage company does not have to compensate you at all. In fact, this clause is set out in the lease that you must sign before storing with them. However, the only exception is when the company commits a negligent act that leads to the fire. A negligent act includes poorly maintained wiring that leads to an electrical fire. Only when something like this happens can you demand compensation from the company.

So what happens if there is a fire due to an act of God? This is when personal storage insurance can help you. Self-storage insurance is optional and some companies provide minimal coverage that is added to your storage fee. Self storage insurance works the same as travel insurance or personal accident insurance. You pay a low premium each month for a certain amount of coverage that you decide based on the perceived value of the items you intend to store. You can change coverage when needed and it covers just about everything from fire to flood to even theft. In the event of a fire, you simply need to assess your damage and submit your claim to the insurance company that will compensate you. As a general rule of thumb, you should always get coverage that is approximately 10% higher than the value of your items.

When a fire occurs in the facility, you can claim compensation from the company if it is due to negligent act on your part or the insurance company if you have opted for self-storage insurance.