Earlier this year, a very large public storage facility near
where I live had an accidental fire that caused over a million dollars’ worth
of damage. While it was troublesome to the facility itself, it was extremely
costly to many of those who had personal property in the facility because many
of them did not have renter’s insurance.
You might say, “Well, the owners of the storage facility
should cover their losses! I mean, the facility itself has insurance, right?”
While the fact that the facility itself is required to have insurance is true,
the law prohibits the storage facility from covering the contents of the storage units themselves.
Why? Because you cannot insure something you do not own.
In the case of life insurance, no, you don’t own the other
person, but you have a vested interest in them. Life insurance has its own set
of rules.
If you are renting a home or facility to store anything of
value to you, do yourself a favor and get renter’s insurance. It’s very
inexpensive. Regarding our local unfortunate event, I learned of one renter who lost all the appliances and furniture for the new home he was building. That’s a
hard loss from which to recover. Protect yourself. You work too hard to watch your belongings go up in smoke.
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