IN LAYMAN’S TERMS EXPLAIN STORE AT YOUR SOLE RISK; INSURANCE WITHIN THIS RENTAL
ID: 382033 • Letter: I
Question
IN LAYMAN’S TERMS EXPLAIN STORE AT YOUR SOLE RISK; INSURANCE WITHIN THIS RENTAL AGREEMENT
RENTAL AGREEMENT-STORE AT YOUR SOLE RISK; INSURANCE (See Insurance Addendum to rental agreement)
6.
You store property at your sole risk. You are required to have some form of insurance covering the property in your space.Insurance is your sole responsibility. If you do not insure the property you store, you bear the full risk of loss or damage.We will not purchase insurance on your behalf.
6.1
You may purchase the insurance that we offer as a convenience to you but you, but you are not required to purchase it.If you elect to purchase that insurance, your monthly payment will include an additional amount for the coverage you select.See paragraph 2.1.3 about how payments or applied.
6.2
You understand that the storage insurance program offered at Public Storage is reinsured by a wholly owned subsidiary of Public Storage, and we may benefit financially if you purchase that insurance.
Explanation / Answer
In the above-said case, the Store at your sole risk means that whatever property is stored on the premises would be the responsibility of the owner, no blame could be made is there is a loss of the property on the premises. for safety, an insurance policy could be taken which would cover the risk of loss of the owner's property on the premises.
The agreement says that the insurance could be taken from the storage facility, which would attract an additional charge, which would be deducted which charging the rent, there is no compulsion to purchase the insurance from the storage facility, one can purchase it from outside or choose to stay uninsured. IF the owner selects to buy insurance from the facility company, they would earn monetary benefits from your purchase, which is clearly mentioned.