Self storage continues to be a popular service, with one in three people renting a storage unit in 2021. Furniture, clothing and appliances are some of the most popular items put in storage. At times, people choose to store more valuable items such as jewelry or family heirlooms. Whether you decide to store typical belongings, safety is a major concern. To help out in this sense, self storage insurance is a way to get coverage for your stored items in case of damage or theft.
Here are some common questions about self storage insurance that you might ask yourself before renting a unit:
1. Why do you need self storage insurance?
Self storage insurance, also called tenant insurance, protects your stored belongings from theft, burglary, fires, damage and more. Besides, a lot of storage facilities require you to have your items insured.
2. What does insurance typically cover?
While self storage insurance coverage varies, there is coverage in the event of some common types of loss and damage, such as:
3. What doesn’t insurance cover?
There are situations that a standard policy doesn’t cover. Floods, earthquakes and mudslides are some of the most common ones. Consider buying an additional policy that covers natural disasters.
4. How do you get coverage?
There are several ways you can get self storage insurance coverage. Here are the main ways to get your belongings covered while using self storage:
- Homeowner’s or renter’s insurance
You can turn to your homeowner’s or renter’s insurance to check whether they also cover your belongings while in storage. Check with the storage company first to make sure they accept your policy. Then, check your homeowner’s or renter’s insurance policy to see what kind of coverage you get. Damage caused by flooding, earthquakes, mold and mildew or vermin is not typically reimbursed.
- Self storage company insurance
A lot of self storage companies offer in-house insurance. It’s typically an added cost that’s part of your monthly self storage rent. Inquire with the company of your choice about what sort of coverage they offer. Some policies may not cover water- or smoke-related damage. Then, decide whether you need additional insurance or not.
- Third-party self storage insurance
You can also turn to a third party to get coverage as a stand-alone policy. This is typically done when the self storage company can’t offer its own policy or when you store something valuable. However, you shouldn’t typically store extremely valuable items or important documents in a storage unit.
5. How much does self storage insurance cost?
If you use your renter’s or homeowner’s insurance policy, it covers up to 10% of the policy. For instance, a $25,000 policy results in about $2,500 of self storage coverage. If your stored belongings surpass this value, you’re better off seeking additional coverage.
When you choose a dedicated self storage policy, quotes begin at around $7/month, but you can pay between $11-$60/month depending on how much coverage you need. If the policy of your choice doesn’t cover the entire value of your stored possessions, you can also add endorsements. This is additional insurance that covers specific items that are rare or expensive, such as jewelry.
6. What else can I do to keep my items safe while in storage?
A self storage insurance policy gives you peace of mind, but there’s more you can do to make sure items are safe when kept in storage, such as:
Know all the facts about your self storage facility of choice
When you look for the perfect facility to put your belongings in, make sure they have basic security. Inquire whether they have a fenced-in facility, access by card, security guards and video surveillance in place. These are all basic security measures meant to prevent theft and break-ins.
If you plan on storing furniture, appliances or paper products, you will most likely need a climate-controlled unit. This is especially useful in cities where there are either high or low temperatures and humidity. For instance, renting a climate-controlled storage unit in Houston is the best option to keep your belongings undamaged if you live in Space City. Additionally, there’s an element of security when you rent a climate-controlled unit, as they’re usually indoor units.
Moreover, a clean facility is more likely to keep your items protected against natural pests. Check to see if the facility is clean and cleaned regularly.
Make an inventory of all your stored items
Before putting your belongings in storage, make a list of everything that you plan on keeping inside the unit. Update it every time you visit the unit and take out or bring more belongings. This way, you will have a good handle on everything that you have stored.
What else would you like to know about self storage insurance? Let us know in the comments section below.