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Storage unit insurance

Over the years, we accumulate a lot of stuff - souvenirs, trophies, letters, and keepsakes. We may not use them every day, but when we’re standing over the bin, we just can’t seem to bring ourselves to throw them away.

There’s not always room for these things in our home or apartment, so a self-storage unit can seem like the next best thing. However, before you go entrusting your most cherished items with the best self-storage facility in town, it’s important to make sure your things are protected. That’s where renters insurance for self-storage units can help.

Most storage units will suggest insuring your things, and in some cases, the storage agreement requires it. Buying insurance directly through the storage company is an added expense that can get pretty pricey, but if you’re a renter, thanks to your renters insurance, you might already have all of the storage insurance you need.

What is Covered Under Renters Insurance for Self-Storage Units?

Similar to homeowners insurance, most renters insurance policies include a special caveat for storage units. Most of the personal property you would typically store in your home are also covered when you keep them in an off-site storage unit. This includes personal property like your clothes, furniture, appliances, and electronics.

The average renters insurance policy will cover your stored personal property for up to 10% of your policy’s total value. For example, if your total policy is worth $50,000, you would receive up to $5,000 in renters insurance coverage (after paying your deductible) if your stored belongings were damaged or destroyed. 

There are some exclusions, which vary from company to company, and are often addressed in a rider within your policy. It’s not unusual to see some popular types of valuables and other items subject to different coverage limits.

These are some of the most common coverage limits you will see for storage items.

What is Covered Under Renters Insurance for Self-Storage Units

If you plan to store any of these items, check your renters insurance policy or call your agent to discuss recommended additional coverage. It may be as simple as purchasing an additional rider of limited value to round out the coverage you already have in place. If that’s not feasible, this could be a great opportunity to purchase additional self-storage insurance from your storage facility.

How Much is Renters Insurance for a Storage Unit?

The average renters insurance rates are $326 each year, which breaks down to about $27 each month. For less than $30 a month, you can secure the majority of your belongings both at home and in a self-storage unit. That covers the recommended coverage limits of $40,000 for personal property coverage and $100,000 of liability protection with a $1,000 deductible. It is some of the most affordable security you can buy today.

When Can You File a Renters Insurance Claim for a Storage Unit?

Your renters insurance policy specifically covers some perils while explicitly excluding others. Before you move any of your beloved belongings to storage, check to see which perils are included with your renters insurance.

These are some of the most common named perils in a renters insurance policy.

  • Aircraft damage
  • Explosion
  • Falling objects
  • Fire
  • Hail
  • Lightning
  • Riot or civil commotion
  • Smoke
  • Theft
  • Vandalism
  • Vehicle damage
  • Windstorm

Should your belongings be damaged by any of the named perils in your policy, you can then file a claim, so your insurance company reimburses you for your loss. The most crucial part is knowing what is not included, so you’re not caught off-guard in an emergency. This is a look at some of the most prevalent causes for loss.

Does Renters Insurance Cover Storage Unit Flooding?

Floods are one peril that is generally excluded from the average renters insurance policy. This is a coverage that usually requires the addition of a specialized policy. You can buy flood insurance from some renters insurance companies or through FEMA’s National Flood Insurance Program.

Does Renters Insurance Cover Earthquake Damage to a Storage Unit?

Earthquakes are not commonly covered by renters insurance. There are some similar perils like windstorms, hail, and falling objects that may offer protection. However, if you experience a full-blown earthquake, your renters insurance probably won’t be enough to cover your storage unit belongings.    

Does Renters Insurance Cover Storage Unit Fires?

Renters insurance does typically include protection from fires. Additionally, policies generally provide coverage for smoke damage to give you extra peace of mind. There’s often even coverage for damages due to lightning.

Does Renters Insurance Cover Storage Unit Theft?

Thefts are a standard peril named in most renters insurance policies. There are also usually specific protections for vandalism and malicious mischief. Even if someone manages to break past the security barrier of your storage facility, your belongings will likely still be covered by your renters insurance.

Can I Buy Additional Coverage for Storage Units?

Sometimes, additional coverage may be needed to supplement or replace traditional renters insurance coverage. When you sign up for your new storage unit, you also have the option to purchase additional storage insurance. However, just like storage units limit what items you can store there (like not allowing firearms), it’s also typical for them to limit what items they insure. 

This is what storage unit insurance typically includes.

Storage Unit Coverage

How Much Does Storage Unit Insurance Cost?

The price of self-storage insurance varies, depending on a few factors. Rate factors typically include how much coverage you choose, what you are storing, the value of your items, and your storage unit's size. Every company prices its policies differently, so be sure to explore your options before choosing a policy.

Where Can I Buy Storage Unit Insurance?

Storage unit insurance is available directly from most storage companies. When you sign up for your new unit, there is typically an offer for insurance. This may be sold through the storage unit and fulfilled through a third-party provider, so it’s important to research who you will be working with should you need to file a claim. Other companies that offer storage unit insurance include Geico, Nationwide, Progressive, and USAA

How to File a Storage Unit Insurance Claim

When you file an insurance claim for a storage unit, the process can vary a bit. Some storage unit companies will maintain the insurance policy themselves with their coverage, while others will outsource your policy to a third-party provider. The process of filing a storage unit insurance claim will ultimately depend on how your storage company maintains its insurance.

When you need to file a storage unit insurance claim, you should first contact your insurance provider to disclose the damage and inquire about the next steps. 

Renters Insurance vs. Storage Unit Insurance

Spring cleaning can come early this year now that you have a plan. Regarding renters insurance vs. storage unit insurance, it’s always best to evaluate your belongings and shop coverage before choosing coverage. If you are a renter or homeowner, you may not need a new policy at all. You could already have all of the extra protection that you need, thanks to the coverage that your renters insurance or homeowners insurance affords you.