Article takeaways
- Self storage insurance rates range from $8 to $38 per month for $10,000 in coverage, depending on the provider and your state’s insurance laws.
- Most self-storage facilities require proof of insurance, but you don’t have to buy it from them — you can use a third-party provider, renters insurance, or homeowners insurance, as long as coverage limits are sufficient.
- Standard storage insurance covers theft, fire, water damage, vandalism, and more — but does not cover floods, earthquakes, or mudslides.
- Tenant protection plans and storage insurance policies may look similar, but protection plans are not regulated by state insurance laws the way true insurance policies are.
- The best way to protect your belongings is preventative: find a facility with the security features and climate control you need before you ever have to file a claim.
Losing your belongings is a pain, regardless of their value – but when it comes to expensive, sentimental items, or especially high-ticket items, that small headache transforms into a beast to overcome. Sadly, we can’t always avoid these unsavory situations. There are many things in life that we can’t control – but we can control how protected we are from the unexpected.
That’s where storage unit insurance coverage and self-storage unit storage insurance plans come in. You may not be able to recover your items, but at least you will be compensated for your loss.
Here’s what you need to know about self storage insurance rates, storage insurance plans, storage rental insurance, insurance policies, and the difference between protection plans and tenant insurance.
What is storage unit insurance coverage?
Storage rental insurance and self-storage unit insurance policies for property stored outside your home will help you recoup any losses incurred and provide peace of mind that there will be no expensive out-of-pocket replacements if anything goes wrong.
Some self-storage facilities and storage companies offer in-house storage insurance plans and storage rental insurance coverage.
Other facilities require insurance policies for self-storage unit access, so you need to acquire a property and casualty insurance policy or renters insurance coverage elsewhere.
In the latter case, your renters insurance or homeowners insurance personal property coverage limit must include enough coverage for items stored in your self-storage unit.
For example, if you store expensive items like jewelry and high-value items like artwork in your self-storage unit, and the contents are worth $300,000, your property and casualty insurance or storage rental insurance policy limit must be at least $300,000. In this scenario, you’ll probably want 24/7 security coverage.
But if you’re using your self-storage unit for vehicle storage like dirtbikes, ATVs, or camping gear, then your renters insurance or storage rental insurance personal property limit only needs to cover the value of those items.
What does self-storage insurance cover?
Storage insurance plans and insurance policies cover everything from physical damage, natural disasters, water damage, weather-related damage, or vermin damage coverage, to theft.
Most policies offer coverage for damage caused by:
- Explosions
- Pest Damage
- Damage from Mold
- Damage from Leaks
- Fire or lightning
- Riot or civil commotion
- Water damage
- Smoke
- Theft
- Vandalism
- Windstorm or hail
However, insurance policies and self storage insurance rates vary from location to location, especially when insuring your items in storage through the storage company’s storage insurance plans. Ask your facility about insurance laws in your state, the kinds of damage they cover, the claims service process, and the maximum cost of damage their insurance policies reimburse.
What does self-storage insurance not cover?
Basic storage unit insurance does not cover losses due to:
- Flood Damages
- Earthquake Damage
- Mudslides
If you reside in an area where natural disasters are more common, consider purchasing additional property and casualty insurance coverage or specialized storage insurance plans from an insurance company that understands insurance laws in your region.
How much does self-storage insurance cost?
When it comes to self storage insurance rates, you can expect to pay insurance premiums from $8 to $38 per month for coverage of $10,000 in storage unit rentals, depending on the provider and insurance laws in your state, in addition to the storage unit price.
These self storage insurance rates and monthly premiums are relatively low compared to the personal property coverage with a standard renters insurance or homeowners insurance policy.
Is self-storage insurance required?
Most self-storage facilities require tenants to have tenant insurance or storage rental insurance for their stored belongings in storage unit rentals. However, you do not have to buy the insurance from them if you don’t want to.
You can find and purchase storage insurance plans or tenant insurance from a third-party storage company, compare self storage insurance rates and insurance premiums, then show proof of coverage to the facility.
You may also not need tenant insurance if you are already covered by your homeowners insurance or renters insurance policy.
Just make sure to show proof of insurance policies and coverage when renting your self-storage unit. Remember that renters insurance and homeowners insurance policies often have coverage limits for items stored outside the home as low as 10% to 20% of the total value—check insurance laws in your state for specifics.
That might not be sufficient if you are storing valuables like jewelry, antique furniture, large appliances, vehicle storage items, or even collectibles like vinyl records in storage unit rentals. Adding storage rental insurance or supplemental storage insurance plans with appropriate insurance premiums could make up the difference.
Storage Unit Insurance vs Storage Tenant Protection Plans
Storage insurance plans and full insurance policies are more comprehensive than a protection plan, as they protect against water damage, natural disasters, and damage caused by events like fires or storms.
A tenant insurance protection plan is a type of coverage offered by self-storage facilities and storage companies that protects tenants from building damage or loss in storage unit rentals. For an additional monthly fee, the plan agrees to compensate the tenant for property damage or loss within specified coverage limits.
Tenant insurance plans and tenant protection plans seem very similar, with comparable monthly premiums and self storage insurance rates, but there is one key difference. Tenant protection plans are not regulated by insurance laws or the state like insurance policies and property and casualty insurance plans are.
Need Self-Storage Insurance Coverage for Your Unit? SelfStorage.com Can Help
Most storage facilities offer storage insurance plans and tenant insurance directly. These insurance policies offer basic coverage, with a typical coverage limit of $2,500-$5,000 and self storage insurance rates starting at monthly premiums of around $8-$15. But if the items you’re storing in your self-storage unit cost more than $5k, an external storage rental insurance policy or property and casualty insurance plan may be the way to go.
An independent insurance provider will offer renters insurance or storage rental insurance personal property coverage up to $15,000-$20,000. The insurance premiums and self storage insurance rates of these insurance policies range from an average of $20 to $30 per month. The monthly premiums of these policies range from an average of $20 to $30.
That said, whether you’re storing fragile items or just your standard personal items, filing an insurance claim and getting the damage covered is a time-consuming pain, regardless of who your policyholder is.
And even if they pay you out of the value of your damaged belongings through the claims department or claims service, those irreplaceable items might be hard or impossible to track down, regardless of how much insurance money you’re working with.
Our suggestion? Preventative maintenance. Find a storage company or storage facility with all the amenities and security features you need to keep your valuables safe in storage unit rentals. A climate-controlled storage unit with 24-hour on-site security offers the best protection against extreme weather, water damage, natural disasters, and theft—reducing the likelihood of needing to file a claims service or claims department report.
And even if you’re covered by insurance, proving your claim can be tricky without evidence. We suggest finding a storage unit with security cameras to be sure you’ve covered your property.
SelfStorage.com hosts an easy-to-use Storage Unit Locator Tool that can help you find storage unit rentals near you with all the features you need, including climate control, vehicle storage options, and facilities that work with your storage insurance plans and renters insurance. How? Our site searches the best units in your area and tailors the results based on the detailed search parameters you set.
You can narrow your search results to facilities that offer climate control units, on-site security personnel, cameras, and transparent self storage insurance rates and insurance premiums, all organized from lowest price to highest!
