Insurance and Your Storage Unit: What You Need to Know About Renter's Insurance

Published on 9/13/2023

When it comes to using a self-storage unit, people often think about size, location, and price. However, one important aspect that is commonly overlooked is insurance. Ensuring that your belongings are adequately insured can save you from a lot of stress and financial burden in case of unexpected events like theft, fire, or natural disasters. In this blog post, we'll guide you through the essentials of storage unit insurance: why you need it, what it covers, and how to go about securing it.

Why Do You Need Insurance for Your Storage Unit?

You might be asking, "Isn't the storage facility responsible for keeping my items safe?" While it's true that reputable storage facilities offer robust security measures, no facility can completely guarantee that your items will be 100% secure from unforeseen incidents. That's where insurance comes in. It serves as an additional layer of protection for your valuables, providing you with peace of mind.

Types of Insurance Coverage

Here are the main types of insurance coverage you can consider for your storage unit:

1. Tenant Insurance

Tenant insurance is specific to storage units and covers events like fire, theft, and some natural disasters. This is often the most comprehensive type of insurance for self-storage, and facilities may offer it at a low cost as part of their service.

2. Homeowner's or Renter's Insurance

Your existing homeowner's or renter's insurance might offer some level of coverage for items stored off-site. However, this is usually limited and may not cover all risks. Always check your policy's details.

3. Third-Party Insurance

Some people opt to purchase insurance from third-party providers. This option allows you to customize your coverage but can sometimes be more expensive than tenant insurance offered by the storage facility.

What Is Generally Covered and Not Covered?

Most insurance policies for storage units will cover:

  • Theft
  • Fire
  • Vandalism
  • Certain natural disasters (like windstorms or hail)

However, most policies do not cover:

  • Floods
  • Earthquakes
  • Mold and mildew
  • Vermin infestation

Cost and How to Get Covered

The price of storage unit insurance can vary based on the coverage amount and the value of items being stored. Tenant insurance can sometimes be as cheap as a few dollars a month, added to the cost of your storage unit rental.

To get covered, you can usually:

  1. Purchase tenant insurance at the same time you rent your storage unit.
  2. Contact your current homeowner's or renter's insurance provider to extend your coverage.
  3. Seek out a third-party insurer who specializes in self-storage coverage.

While it may seem like an extra step and an added cost, securing insurance for your storage unit is a wise decision. The small monthly fee can end up saving you a lot in the long run, especially if you are storing valuable items. So don't overlook this important aspect of using a self-storage unit. Make sure to consult with your storage facility and insurance provider to find the best option for your needs.