Is My Stuff in My Self Storage Unit Insured?

June 28, 2023

This is a crucial question that many people face when relocating or utilizing storage facilities for their personal belongings. In this blog post, we will delve into the various aspects of insurance coverage for items stored in such units.

We'll begin by discussing the different insurance options available to you and how they can provide financial protection for your possessions. Next, we'll examine existing homeowners and renters insurance policies to determine if they cover storage units, and explore any limitations that may apply.

Lastly, we will consider purchasing self-storage specific insurance as an additional layer of security for your valuable items. By understanding these key elements of insuring your personal property in a storage unit, you can confidently make informed decisions about safeguarding your belongings while they are stored away from home. So let's dive right in and answer the pressing question:

1. Know Your Insurance Options

Protecting your stuff in a self storage unit is crucial, so it's important to understand the different types of insurance available.

Tenant Insurance: Specifically designed for items stored in self storage units, it covers damage or loss due to theft, fire, water damage, and other perils.
Homeowner's or Renter's Insurance: Some policies may extend coverage to items stored off-premises, but this coverage might be limited compared to tenant insurance.
Self Storage Facility Coverage: Some facilities offer their own protection plans, but these can vary greatly between providers, so read the fine print before signing up.

Weigh the worth of your items and any special dangers that come with the site you've picked for storage before deciding which choice is best.

Research each provider thoroughly by reading customer reviews and comparing policy details side-by-side online through resources like Insure.com.

Check Your Existing Insurance Policy

Don't be caught with your pants down, check your current home or renter's insurance policy before you start looking for additional insurance options.

Review the Coverage Limits

Make sure to check the coverage limits of your current policy, which is usually around 10% of your total personal property coverage.

Identify Exclusions and Restrictions

Natural disasters: Some policies may not cover damage caused by natural disasters such as floods or earthquakes when items are stored away from home.
Type of items: Certain high-value items like jewelry or collectibles might have limited coverage or require separate endorsements to be fully insured while in storage.
Duration: There could also be time restrictions on how long your belongings can remain insured within a self storage unit under your existing policy.

If your current insurance doesn't provide adequate protection or has too many restrictions and exclusions, consider purchasing additional self storage insurance.

Consider Purchasing Self Storage Insurance

Don't let natural disasters or theft ruin your stored items - purchase self storage insurance for extra protection.

Why buy insurance? Basic security measures may not be enough, so having insurance can give you peace of mind.
Different coverage levels: Choose from basic policies covering fire and theft to more comprehensive plans including flood damage and mold growth.
How to get it: Purchase a standalone policy through specialized insurers like SnapNsure, or add it as an endorsement on your existing homeowner's or renter's insurance policy.

Make sure to compare quotes from multiple providers before making a decision.

Conclusion

Don't be caught off guard - make sure you understand your insurance options when storing items in a self-storage unit.

Check with your existing insurance policy to see if they cover off-site storage or consider purchasing self-storage insurance for added protection.

Don't assume that the facility's insurance will cover all damages or losses as policies can vary widely.

Properly insuring your belongings can provide peace of mind and financial security.

For more information on self-storage insurance, check out this helpful article.