17 Oct Private Storage Spaces Have Risks – Renters Beware These Pitfalls
While private storage spaces may seem like an economical solution for personal storage needs, you may want to consider the downside before you decide. Private storage rental has inherent risks, which is why most people choose commercial storage. While a commercial storage unit may cost more than someone’s private garage or spare building storage space, you do get what you pay for.
While Valleyview Mini Storage may have a vested interested in dissuading people from renting storage space in someone’s garage, spare room or basement, the purpose of this article is to make you aware of the risks so you can make an informed choice. At the end of the day, private storage may be fine for you, provided you are okay with risks, or if what you plan to store isn’t particularly valuable.
Theft, Fire, or Flood in a Private Storage Rental? You’re Likely Not Covered
If you assume that your personal belongings stored in someone’s garage, home, or other private storage rental space are covered by their homeowner’s insurance, you’re very likely mistaken. Even the most comprehensive homeowner’s insurance only covers the policy holder’s personal property. Just as personal insurance is recommended to cover items stored in a commercial storage facility, you’ll need personal coverage if you want to protect belongings stored in a private storage space. However, it may be difficult to find renter’s insurance for items in an unsecure, private space because the risk to the insurer is too high.
If you forego personal insurance when you rent a commercial storage unit, you’re far less likely to experience loss from fire, water or theft than when you rent a space in someone’s garage. Whether private or commercial, you need personal insurance to guarantee coverage.
Private Storage Rentals vs Commercial Storage Rentals
The table below compares the benefits and risks of renting a private storage space compared to renting a storage unit at our Kamloops storage facility. The comparison assumes you are renting in a typical private storage rental: garage, basement, shed, unused carport, spare storage room or closet in a business.
|Private Storage Space||Valleyview Mini Storage|
|Storage options available?||You get what you get||Many storage unit sizes available|
|Vulnerable to theft?||Often||Rarely does theft occur|
|Vulnerable to moisture?||Often||No|
|Vulnerable to heat?||Often||No|
|Shared?||Frequently shared space with owner’s belongings in the same space (i.e., garage, basement, spare building storage)||No|
|Easy access?||Often need to arrange a visit with homeowner or property owner||Yes, you can access storage 7am to 7pm, seven days/week|
|Moving and packing supplies available?||No||Yes|
|Contents covered by insurance?||Your contents are probably not covered by the homeowner’s insurance. Need your own personal insurance, though will be difficult to find||Your contents aren’t covered by any storage facility’s insurance. May be covered by your homeowner’s insurance or you may need a personal insurance policy|
Questions About Commercial Storage Options and Costs?
If you have questions about residential or business storage in our Kamloops storage facility or need a quote for storage rental, please contact us. We have over 45 storage unit sizes available in a secure, climate-controlled building. Moving boxes and packing supplies are available for sale on site.