Bensman Risk Management, Inc.


Insurable Interests

Bensman Risk Management, Inc.
2333 Waukegan Road Suite 275
Bannockburn, IL 60015
847-572-0800 Phone
847-572-0502 Fax

Insurable Interests may offer general financial, insurance, tax and business ideas. However, due to the ever-changing tax laws as well as the complexity of the financial industry, you should seek professional advice before implementing any of the ideas contained in this newsletter. The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C. assumes no liability whatsoever in connection with the use of this newsletter.

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Securities offered through Kestra Investment Services, LLC (Kestra IS), Member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC (Kestra AS). Kestra IS and Kestra AS are not affiliated with The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C.

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Insurable Interests

Vol. 10, Issue 9May 2015

MONTHLY MESSAGE

How to Choose a Storage Facility

Spring is the traditional time for moving to a new home or for remodeling a current home. It also is when college students come home for the summer, often leaving some belongings behind until fall. These situations – and more – might cause you to need a storage unit where you can put some or all of your belongings for a while.

If you need a storage unit, what should you look for? Experts suggest you start with some basic questions:

  • How much space will you need? Decide what you need to store. If at all possible, go through your things beforehand and sell or otherwise dispose of things you don’t want going forward; it makes no sense to pay to store things you will get rid of when you take them out of storage. Then look at how much you have left, and decide how big a unit (or units) you need. Be prepared to stack things, because most storage units give you a lot of vertical space.

  • What kind of access do you want? If you plan to visit your unit often – for example, to add more things – you want a unit that is relatively close to you and is accessible at the times you are likely to want to visit. If you plan to put your things in and leave them until you take them out – for example, if your college student is putting things in storage over the summer – location and accessibility make less difference.

  • How long will you be storing your things? If you are going to be storing things for a relatively long time, you might be able to realize some savings by renting for several months rather than on a monthly basis.

  • How much security does the facility have? At the very least, you want to be sure that you are safe when you are in the unit. Make sure the facility has sufficient working security cameras and good lighting inside and out.

  • Do you need climate control? If you are storing boxes of clothes or paper records, for example, you might not care if it gets very hot or very cold in the unit. But climate control is important for items such as furniture, artwork, photos, etc. And if you plan to spend much time in the unit, such as going through things, it probably is important to you even if it is not as important to your stored items.

  • Do you need insurance? While most storage facilities offer insurance, you might not need it. Your homeowner’s insurance often covers your belongings in a storage unit, subject to your deductible. Talk to your insurance agent about whether you need separate coverage. And bring proof of insurance with you when you rent the unit. Many storage facilities require it and, if you don’t have it, they require that you buy their insurance until you can produce the proof.

    At The Bensman Group, we are happy to talk with you about your storage unit needs or any other insurance or investment questions you might have. Just contact us at 847-572-0820 or dmiller@bensman.com.

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