Self Storage Insurance | The Importance of Insuring the Contents of Your Self-Storage Unit

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. Dive in to lear more about self storage insurance. 

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?

insurance may be a good idea.

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

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?

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.

policy’s dwelling coverage limit.

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.

policy limits.

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

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

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

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

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?

What About Vehicles?

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:

What is Not Covered by Self-Storage Insurance?

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. 

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Taylor Johnson