According to the Self-Storage Association, one out of every 10 households in America rents a self-storage unit. That means 10.8 million Americans are comfortable that their possessions are safe, secure, and well protected at their local self-storage facility. In most cases, they are absolutely correct. 

The majority of self-storage facilities have strong security systems, including digital surveillance, electronic gates with keypad access and full perimeter fencing. Many facilities have added smart units, and keyless systems that require only an app on your mobile phone. Despite these precautions, you want to be prepared for anything. There is no storage facility that  automatically takes responsibility for all damages to your possessions.

The National Association of Insurance Commissioners states that even though items in a storage unit are not physically in your home, your homeowner’s policy may help protect those items (“off premises” items) from certain hazards. Homeowners insurance typically includes personal property coverage, which may include protection from certain risks for clothing, appliances, electronics, and furniture. These items are covered only up to the coverage limits on your policy.

Keep in mind that It is critical that you check with your insurance agency to verify exactly how much coverage you have for “off-premises” items.

Why should I purchase self-storage insurance?

• If certain damages are not included in your homeowner’s policy, storage facility

insurance may be a good idea.

• If you don’t have homeowners/renter’s insurance, you should probably purchase self-

storage insurance because it is specifically tailored to hazards that might be encountered in self-storage.

• Filing a claim with self-storage insurance will be less complicated.

The following information will better explain the benefits and restrictions of insurance coverage,

both personal and self-storage.

Will homeowners/renters insurance cover your storage unit contents?

• According to the Insurance Information Institute, coverage for items in a storage unit is

generally provided by the “off-premises” personal property coverage in a homeowner’s

policy. Check your policy to determine the types of risks covered. Typically covered are

fire, lightning, theft, and vandalism.

• “Off-premises” personal property typically has a coverage limit of up to 50% of the

policy’s dwelling coverage limit.

• Many homeowner’s policies have lower limits for property located away from your

home. For example, if you have $75,000 coverage on your personal property under your

homeowner’s policy, coverage for “off-premises” property may be capped at 10% or

$7,500.

• Renters insurance typically covers items in a self-storage unit for up to 10% of your

policy limits.

What if the value of your stored items is greater than your “off-premises” coverage?

• You can increase the coverage limit in your homeowner’s insurance policy. This may

provide you with an increased limit for “off-premises” items.

• If you’re placing high-value items in your storage unit, such as art or jewelry, you might

want to explore “scheduled personal property” coverage. This coverage is specified to

protect those items. This may involve professional appraisal of certain items.

• The facility that you choose may offer self-storage insurance that will add an additional

layer of protection to your belongings. This insurance may be part of your contract or

may incur an additional cost. You can discuss this coverage with the manager of the

facility.

What is covered by self-storage insurance?

What Events are Covered by Self-Storage Insurance?

• Fire
• Theft
• Hurricane
• Tornado
• Wind
• Hail
• Lightning
• Leaking Water (excluding flooding)
• Smoke
• Earthquake

What About Vehicles?

• Cars, boats, motorcycles, RVs and other vehicles must be insured separately. 

What About Valuable Items?

Certain items may be covered up to a specific dollar amount or not covered at all.

You may be able to get a rider or endorsement for extra coverage. This is another discussion that you need to have with the facility manager

These items include:

• Furs
• Jewelry/Watches
• Artwork Collections
• Antiques
• Deeds and Legal Documents
• Stamp Collections

What is Not Covered by Self-Storage Insurance?

• Vermin
• Mold and Mildew
• Flooding
• War

Purchasing self-storage insurance is an individual decision, dependent on your needs. As mentioned above, you need to check with your insurance agent  and discuss your options with the manager of your chosen facility.