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Storage Company Scam Alert
Posted on 12/12/22 at 10:13 am
Posted on 12/12/22 at 10:13 am
Just a heads up if you have a rental storage unit.
Storage companies have partnered with insurance companies to force place insurance coverage on storage units that have no proof of insurance coverage on the contents.
This is a pure money grab and the premiums do not align with the risks. A $10 monthly premium for a policy policy will get the renter $2,000 of coverage.
I can get much cheaper home forced placed insurance.
It is a money grad scam that, of course, will negatively impact the ones that can least afford it.
Storage companies have partnered with insurance companies to force place insurance coverage on storage units that have no proof of insurance coverage on the contents.
This is a pure money grab and the premiums do not align with the risks. A $10 monthly premium for a policy policy will get the renter $2,000 of coverage.
I can get much cheaper home forced placed insurance.
It is a money grad scam that, of course, will negatively impact the ones that can least afford it.
4
Posted on 12/12/22 at 10:56 am to KillTheGophers
storage units are a scam. Why pay thousands a year to store stuff you don't care enough about to keep at your home
Posted on 12/12/22 at 11:03 am to tigerbacon
When you sign up for a storage unit, this is a requirement in 9 out of 10 I’ve seen. Not sure what the big deal is. Don’t like the requirement, don’t rent a storage unit.
It’s just like a bank and taking out a mortgage. They require insurance. If you don’t buy insurance they’re going to force place it on you.
And in both cases of course they are higher than what you would pay. It’s higher risk coverage for those that write it and the bank is also spending personnel’s time on having to deal with it since the customer refuses to play by the rules.
I’m just not seeing what the point is to your post. Sorry.
It’s just like a bank and taking out a mortgage. They require insurance. If you don’t buy insurance they’re going to force place it on you.
And in both cases of course they are higher than what you would pay. It’s higher risk coverage for those that write it and the bank is also spending personnel’s time on having to deal with it since the customer refuses to play by the rules.
I’m just not seeing what the point is to your post. Sorry.
Posted on 12/12/22 at 11:07 am to tigerbacon
quote:
storage units are a scam. Why pay thousands a year to store stuff you don't care enough about to keep at your home
They are everywhere in BR. I don't get it other than just for some short period of time like when you are moving.
Posted on 12/12/22 at 11:17 am to fallguy_1978
quote:
They are everywhere in BR. I don't get it other than just for some short period of time like when you are moving.
Exactly, We rented one a few years ago before we moved just to unclutter the garage and some of the house so it would look better during showings. I think we had it 2 months and the first month was free due to a promotion they were running.
Posted on 12/12/22 at 11:18 am to fallguy_1978
quote:
I don't get it other than just for some short period of time like when you are moving.
People are naturally hoarders, though. Most have a grip on it, but a solid percentage let it get out of hand.
Posted on 12/12/22 at 11:31 am to KillTheGophers
The insurance is for others that may be hurt by your old junk that you’re too cheap to throw away
Posted on 12/12/22 at 12:38 pm to Im4datigers
quote:
It’s just like a bank and taking out a mortgage. They require insurance. If you don’t buy insurance they’re going to force place it on you.
The back requires insurance on the structure, not your belongings.
Posted on 12/12/22 at 12:50 pm to Ace Midnight
(no message)
This post was edited on 12/13/22 at 10:25 pm
Posted on 12/12/22 at 12:59 pm to XanderCrews
quote:
The back requires insurance on the structure, not your belongings.
Thanks, I’m a banker and insurance agent too. Understand the difference.
It’s still the force place concept dwelling or belongings.
Posted on 12/12/22 at 1:07 pm to Ace Midnight
quote:
People are naturally hoarders, though. Most have a grip on it, but a solid percentage let it get out of hand.
When my wife and I moved in together we got one for the duplicate stuff we had. After about 5 months of paying that bill, I told her to get what she wanted and we were donating the rest to charity. Thankfully, neither of us like clutter and don't have any problems throwing things out.
Posted on 12/12/22 at 2:21 pm to fallguy_1978
quote:
They are everywhere in BR. I don't get it other than just for some short period of time like when you are moving.
We build houses with no storage and no room for a shop or shed on property (tiny lots). Or HOA's don't allow them. Then we pay for storage units.
Makes no sense.
This post was edited on 12/12/22 at 2:22 pm
Posted on 12/12/22 at 2:33 pm to KillTheGophers
This is likely a requirement the storage company’s insurer requires since most commercial property policies exclude coverage for property in the “care, custody, and control” of the storage company.
In the event of a loss, the renter’s own homeowners or renters policy would provide coverage for damage to the personal property stored offsite under the Coverage C limit.
If the renter fails to produce a COI, then the force placement is actually very prudent since the renter would be without recourse in the event of a loss.
In the event of a loss, the renter’s own homeowners or renters policy would provide coverage for damage to the personal property stored offsite under the Coverage C limit.
If the renter fails to produce a COI, then the force placement is actually very prudent since the renter would be without recourse in the event of a loss.
Posted on 12/12/22 at 6:00 pm to KillTheGophers
You can sometimes cancel that insurance after the first month once you rent. Also you can find companies that do not force the insurance. I am a district manager for property management company that does these. We have some of both I mentioned.
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