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Storage Unit Insurance: What You Need To Know Before Renting

We all know that losing our belongings would be a huge pain. We lose the sentimental value of those items and have to replace them, and it can be tough to do that on our own.

Storage unit insurance is one way to protect yourself from loss if something happens to your belongings while they’re in storage. 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 storage unit insurance, storage facility insurance requirements, and the difference between protection and insurance plans.

What is storage unit insurance?

Storage unit insurance covers your stored property while it’s away from your home. It 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.

What does self-storage insurance cover?

Storage unit insurance covers everything from fire and theft to natural disasters and vandalism.

Most policies cover a variety of causes such as:

  • Explosion
  • Fire or lightning
  • Riot or civil commotion
  • Water damage
  • Smoke
  • Theft
  • Vandalism
  • Windstorm or hail.

However, policies vary from location to location, ensure to inquire for specifics.

What does self-storage insurance not cover?

Basic storage unit insurance does not cover losses due to:

  • Floods
  • Earthquakes
  • Mudslides

If you reside where natural disasters are more common, consider purchasing additional coverage from an insurance company.


How much does self-storage insurance cost?

When it comes to storage unit insurance, you can expect to pay premiums from $8 to $38 per month for coverage of $10,000, depending on the provider. This is relatively low compared to the amount of personal property coverage you would get with a standard renters or homeowners policy.

Is self-storage insurance required?

Yes, you do need insurance. Most self-storage facilities require tenants to have insurance for their stored belongings. However, you do not have to buy the insurance from them if you don’t want to. You can find and purchase storage unit insurance from a third party insurance company, and then show proof of coverage to the facility.

You may also not need to get storage tenant insurance if you are already covered by your homeowners or renters insurance. Just make sure to show proof of third party coverage when renting your unit. Remember that such policies often have coverage limits for items stored outside the home to as low as 10% to 20% of the total value. That might not be sufficient if you are storing valuables like jewelry, antique furniture, large appliances or even collectibles like vinyl records. Adding self-storage insurance could make up the difference.

Differences between storage unit insurance and a tenant protection plan

Storage unit insurance is more comprehensive than a protection plan, as it protects against damage caused by events like fires or storms.

A tenant protection plan is a type of coverage offered by self-storage facilities that protect tenants from building damage or loss. For an additional monthly fee, the plan agrees to compensate the tenant from property damage or loss within specified coverage limits.

Tenant protection plans and tenant insurance plans seem a lot alike, but there is one key difference. Tenant protection plans are not regulated by the state like insurance policies are.


What do storage unit insurance and tenant protection plans protect against?

Storage insurance will assist you in repairing or replacing any of your items that were harmed or destroyed during storage.

A tenant-protection plan typically covers a self-storage customer’s property loss due to burglary, water, fire, and smoke damage. Some insurance providers also cover explosions, building collapses, theft, wind damage, and lightning.

The average cost of storage unit insurance vs. tenant protection plans

When it comes to storage unit insurance or a protection plan, you can expect to pay anywhere from $8 to $38 per month for coverage of $10,000, depending on the provider. This is relatively low compared to the amount of personal property coverage you would get with a standard renters or homeowners policy.

However, keep in mind that you only need protection for items stored in your unit, so you won’t need to insure everything you own.

The cost of renters insurance will vary depending on your location and risk level, with an average nationwide cost of about $13 per month for $20,000 of personal property coverage, $100,000 liability coverage, and a $500 deductible.

Can storage facilities offer insurance for purchase?

Yes, most self-storage facilities offer insurance for purchase. However, policy specifics and storage coverage limits differ, so double-check your contract before signing anything.

Storage companies that offer insurance for purchase include Public Storage, Extra Space Storage, CubeSmart, StorageMart, and Life Storage. However, the insurance coverage of these companies vary, so it’s important to compare policies before deciding which one to purchase.

Some storage companies offer protection plans that cover damage to items in the self storage unit, while others provide insurance plans for loss or theft. Other companies offer additional services like online billing, 24-hour security monitoring, climate control, etc.

Ultimately, the best choice will depend on your individual needs and budget.



Image courtesy of WTIC-TV, WVIT-TV, Flickr/David Hilowitz, Flickr/James Vaughan

Categories Storage