Although storage units are not entirely free from risks, they have grown to become a safe spot to keep items you are not willing to part with or don’t have the necessary space to keep.
However, have it in mind that there is a likelihood that your item can get damaged or destroyed. Obtaining the right insurance will serve as a financial safety net in the event that things go wrong. Storage unit insurance will protect your personal possessions in a storage unit from issues such as theft, vandalism, and weather.
Have it in mind that this insurance is more or less provided by the “off-premises” personal property coverage in a homeowners’ policy.
Covered events may encompass fire, lightning, theft, and vandalism, although this will depend on your provider. The primary advantage of storage insurance is that it can help cover the expense of replacing the items you lost. This is very necessary especially if you’re storing expensive items such as furniture or electronics.
For those with many valuable items in storage units, this insurance is imperative even when you are overly confident in your packing and choice of unit. Individuals who reside in a climate with cold winters or heavy weather conditions should ensure the policy they go for takes into consideration the risks specific to the area.
Best Insurance Policy for Storage Unit Content
Although items stored in your storage unit can be covered under the off-premises coverage of your homeowners or renters’ insurance policy; however, you need to understand that it is overly limited. Howbeit, you can choose to purchase a standalone storage unit insurance, the best policies to consider include;
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Renters Insurance
This particular insurance for storage units is available via the off-premises clause in the policy. Simply put, off-premises coverage is a vital part of numerous renters’ insurance policies and it insures personal belongings that may not even be physically present in your home against the events outlined in your policy.
For example, if your bike gets lost from your storage unit or any other off-site location, it will be covered. Howbeit, note that off-premises coverage will most likely only cover you for up to 10% of your personal property coverage.
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Homeowners Insurance
Just as with the renters’ insurance above, off-premises coverage is most often included in a standard homeowners’ policy. Have it in mind that personal belongings kept in your storage unit are covered for only 10% of your personal property coverage limits.
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The Storage Unit Company’s Insurance
A good number of storage unit companies provide insurance coverage to their customers, which can be quite easy since your personal belongings are being insured by the facility housing them.
Note that this sort of insurance safeguards personal belongings stored in a self-storage unit against damage or loss instigated by covered events that may include theft, fire, smoke, and more. Also, note that you can purchase coverage limits higher than what’s noted under the off-premises clause.
How Much Does Storage Unit Content Insurance Cost
You should expect to spend around $8 to $38 per month for $10,000 of coverage; however, note that this will vary depending on your provider.
Although this may genuinely seem low especially when put in contrast to the amount of personal property coverage in a normal renters or homeowners’ policy, howbeit, don’t forget that you won’t have to insure everything you possess. All you need is protection for items in storage.
Same with renter’s insurance, you might be expected to pay a deductible before your insurer will have to cover any losses. Also, note that rates will vary depending on the company and your location.
What Insurance Companies Offer Such a Policy?
While there are not many companies that provide this insurance, here are the top options to consider:
- SafeStor is known to work via self-storage facilities as well as directly with customers. Note that they offer three policy limits with maximum coverage of $15,000 for $24 per month with a $100 deductible. Note that their policies exclude expensive items like jewelry.
- MiniCo is known not to have deductibles, however, you have to note that its policies tend to be more expensive. MiniCo provides over two dozen plans directly to customers, with a maximum policy limit of $75,000 for $240 per month. Like SafeStor, MiniCo also excludes specific items from coverage.
Steps to Purchase Storage Unit Insurance
If you are looking to purchase a standalone storage unit insurance policy, here are steps to follow:
Note what coverage you need: This is a very important step to take before meeting a provider. Ensure to analyze the value of the items you’re storing and the sort of issues you might want to be covered for.
- Check your current insurance policies
Take your time to analyze your current insurance policies because you might already possess coverage for items stored off-premises under your homeowners or renters’ insurance policy.
- Find insurance providers
Invest into finding out the right insurance providers in your location that provide the sort of insurance you need as well as compare their policies and prices.
- Get quotes
After you must have narrowed down your options, get quotes from the insurance providers to ensure you can pick the one that suits your needs and budget
- Review and acquire the policy
Once you know what you want and where you can obtain it, the next step is to review the policy to fully comprehend what is covered and what is not, along with any exclusions or limitations. Immediately you’ve chosen the policy that aligns with your needs and budget, obtain it and ensure you get a copy of the policy documents.
- Re-evaluate your coverage needs annually
It is important you always reassess your storage unit coverage needs on a regular basis. Note that as the value and quantity of the items you’re storing reduce or increase, you might have to modify your coverage limits to suit those needs.
Conclusion
The right insurance will serve as a financial safety net for you when things go wrong. Storage unit insurance will protect your personal possessions in a storage unit from issues such as theft, vandalism, and weather.
To ensure you get the right insurance and benefit from additional coverage for items in a storage facility, go through your policy or reach out to your local agent to understand how your belongings may or may not be protected while in storage.