Storage Unit Insurance

The popularity of storage units is increasing, as people don't always have the room to store things in their homes. However, if you choose to store something in a location other than your home, you may need to get insurance specifically for your storage unit. Once you remove things from your house and store them somewhere else, they usually are no longer protected under your homeowner's or renter's policy. Although not legally required, some places will not let you rent a storage unit without it. For only a few dollars a month, you can know your belongings are protected. When choosing a policy, you want to make sure it covers loss due to fire, flood, weather, theft, and things beyond your control. You have three options when insuring your self-storage items -- insurance at the self-storage facility, insurance though an independent self storage insurance agency, or insurance through a private insurance agency.

Insurance through the storage facility

Some self storage facilities have made it easier for renters by offering their own insurance policies. This type of policy typically covers only $2,500-$5,000. There may not be a deductible, but rates are higher and coverage is lower. It is usually very basic coverage, as well. Certain items and types of damage may not be covered. The cost is usually higher than if you were to insure your storage unit through an insurance agency.

Independent self-storage insurance

This type of insurance will have a much higher coverage amount than what the self-storage facility will offer. It will insure a higher dollar amount of valuables and also protect against damage that the other insurance might not. Most independent companies offer up to $15,000 of coverage for about $20-$25 per month. Smaller amounts of coverage also are available.

Private insurance company

If you already have renter's or homeowner's insurance, you may be able to add storage insurance to your current policy. Your rates will be much lower than if you were to insure with a specialty storage insurance company and you may even qualify for a multiple-line discount.

Cost of self storage insurance

The cost of self storage insurance depends on the company you use and the amount for which you want to insure the items. Most insurance policies for self-storage units are relatively cheap. They usually cost about 50 cents to $2 for every $100 value amount of storage. Deductibles can range from $100-$500. On average, coverage usually starts at $1,000 for $6 per month and ends at $15,000 for $24 per month. Just because a facility has security cameras and personnel on the premises does not mean that theft and damage cannot occur to your belongings. It's important to insure your items because you never know what can happen. The advice on this website is provided as a courtesy for informational purposes only. "Storage Tips" are offered as-is and no warranty is expressed or implied. For more information, see StorageFront's Terms and Conditions.