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How Does Insurance Work For Self Storage and Do You Need it?

If you're in the middle of a move, chances are, you'll require a self-storage unit to store your personal belongings. Whether you're waiting for your new home to become available or you don't have the time to move all your things in one weekend, self-storage could just be an extremely practical solution for your moving issues. 

When it comes to keeping your personal property well protected, storage units do a good job. But, like with anything else in life, they're not foolproof. For example, storage companies can't keep a natural disaster from happening. So, you might be asking yourself, "Do I need insurance for self storage?" 

Does your Self-Storage Unit Require Insurance?

If you're in need of a storage unit to store your personal belongings, it's important to know, there are certain insurance requirements that you need to take care of in order to protect your belongings from things like theft and damage. 

There are a number of perils that could affect your stored belongings, such as:

  • Theft
  • Fire
  • Tornado
  • Vandalism
  • Hail
  • Wind
  • Hurricane
  • Smoke
  • Lightning
  • Earthquake
  • Leaking water

Are Items Stored in Storage Units Automatically Insured?

Typically, insurance coverage doesn't come with storage units. Although storage companies often do offer insurance coverage. Either way, most will require that you show proof of insurance for your stored property during your rental agreement signing.

The reason behind requiring storage insurance is simple. Your valuables are being stored in the storage facility and if there should be a theft or a natural disaster like an earthquake, tornado or flood, the facility isn't legally responsible for any damage or disappearance of your personal belongings. 

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Does your Homeowners or Renters' Policy Cover Self-Storage Items?

Many homeowners policies do cover storage units to a certain extent, depending on the items you're storing. You'd need to take a look at the "off-premises coverage" section of your policy to confirm that your valuables and personal belongings being stored will have the coverage you need. In terms of coverage, it's likely that if any items you have stored should become damaged or stolen in your storage unit, you might not have the same coverage for them as you would if you had them stored in your home.

Often, there is limited coverage or, in some cases, none at all on existing homeowners policies for more valuable belongings like:

  • Antiques
  • Firearms
  • Collectibles
  • Art
  • Jewelry
  • Other expensive items

Most renters' insurance policies also offer coverage that will protect belongings in a storage unit. But, again, the coverage might be limited or significantly lower than what you require. And, like with homeowners insurance policies, your existing renters' policy might not cover rare items or valuable items that you're storing. 

If your homeowners or renter's policy doesn't provide self-storage insurance, you may want to speak with the storage unit company about their insurance options. Most will offer different Tenant Protection Plans to provide your stored items with coverage. 

How much you pay for tenant insurance will vary depending on how valuable your items are that you're storing at the storage unit facility. There are other factors that come into play as well. In general, tenant insurance is fairly inexpensive and usually included in the monthly premium you pay to rent the storage unit.

Moving is stressful enough without you having to worry about whether your personal belongings are safe and insured.  Renting out storage units isn't always the most stress-free and easiest thing to do. Blue Mountain Self Storage makes it as simple as possible and this includes making sure you have the option of insuring your personal belongings adequately right there on the spot when renting your storage unit. Contact us today to learn more about our storage units to safely store and insure your personal belongings.

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