What To Do If The Self-Storage Facility Raises The Rates
Posted on: 26 September 2016
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Self-storage units are a good way to obtain extra space to store belongings that may not fit in your home. Though facilities typically offer competitive rates for units, sometimes an owner will raise the monthly fee he or she charges for space because of increased business costs or other issues. If your budget is too tight to fit in the extra amount, here are two things you can do to save money.
Sign a Long-Term Contract
A month-to-month contract is nice because you have the freedom to end your tenancy at the storage facility and remove your belongings at any time. Unfortunately, this type of contract makes you vulnerable to price fluctuations. One way to prevent your rental cost from going up is to sign a long-term contract before the date the price is set to increase. This will lock in your current rate and give you enough time to prepare your budget for the price change when the contract ends.
If the rate has already increased, you can still use the allure of a long-term contract to get the manager to agree to keep your rate the same. It costs a lot of money to attract new customers to a business, and signing a current tenant for a set term will help the business save money it otherwise would have spent trying to fill your vacant space if you move out; savings the company may be willing to pass onto you.
Many people hesitate to sign long-term contracts because they'll still be responsible for paying for the remaining months if they move out early. However, some self-storage companies will let you transfer your unit to someone else. So you can get around this issue by finding someone to take over your rental when you're done.
Reconsider the Insurance
Insuring your belongings against damage or theft is a smart move. If you opted for the insurance the storage facility offers, then you may be paying for something you may not need. Most homeowner's and renter's insurance will also cover property placed in storage facilities, so you could potentially save money by dropping the coverage offered through the storage company and relying on your personal policy.
It's important to note, though, that homeowner's and renter's insurance typically doesn't cover flood damage. You generally have to purchase a separate flood insurance policy, which may not cover items being stored outside the home. Read the contracts for your insurance products to determine what's covered to help you decide whether you need additional coverage through the self-storage facility.
For more ideas on ways to save money on your storage unit, talk to the manager at a facility like AA All American Airborne Self-Storage.