Protecting Your Assets

by Tom Simplot

Feb 14, 2016

Storage space, particularly in an apartment, can be at a premium. Some communities offer additional on-site storage to rent or many people choose an offsite storage location to keep their goods safe and nearby.

 Just like any lease, a renter needs to understand the terms and conditions of renting storage space before signing. Making timely payments is also very important. We’ve all seen the reality shows about the storage companies that hold auctions for abandoned units — don’t let this happen to your stuff.

 Be sure to read the terms of the lease before signing.

 It’s important to notify your self-storage company when you move. If you are late on payments or the facility is planning to dispose of your items, they must notify you. But this notice only works if they have the right contact information.

 Most rental contracts allow the storage facility to establish a lien against your personal property for late payments, missed rent and labor costs. There also may be additional fees if your unit has to be opened and cleared, auctioned or disposed of.

 Know insurance options. The storage company likely offers some coverage against theft and damage.