Self Storage Insurance 101

storage insurance

When you place items in self storage, you expect them safe. Most reputable storage facilities take measures to ensure the security or your items, but you should also be proactive about protecting your belongings. By purchasing an insurance policy for items in your self storage unit(s), you are protecting the value of your assets. In the event of theft or damage, the insurance company provides you with a sum of money to replace or repair the items.

Some homeowners or renters insurance already includes protection for your belongings when they are being kept in a storage unit. Speak with your insurance provider to make sure you have this coverage. You will need to keep your insurance policy in effect in between moves so that you can receive your policy awards and benefits. If you cancel the policy and something damages your possessions, you will be required to pay to replace them or repair them on your own.

Coverage Options
In general, insurance companies pay about 10 percent of the amount offered in the policy for items damaged in a storage unit. However, you do have other coverage options that you can discuss with your agent if you need these limits to be higher. You can also decide whether you would like to receive the actual cash value or the replacement value. The actual cash value will offer you the price of the damaged item minus depreciation, but the replacement value would allow you to replace the item at current costs.

If You Don’t Have a Self Storage Insurance Policy
If you don’t currently have coverage for items in your storage unit, your self storage facility may be able to offer you a policy that covers your belongings. Check with the management to see if they offer coverage. If not, you can purchase it from an insurance company that can offer you a policy with a wide range of limits and benefits.

It’s always a good idea to have extra protection for your valuable items by utilizing self storage insurance. For more information on the types of items that storage insurance covers, read our guide to storage insurance. To find a self storage location near you, search