Insure Your Things in Storage

Insure Your Things in Storage

By Jessa Diebel,

If you’re placing your belongings in a storage unit, it’s a great idea to invest in storage insurance. Storage insurance is an inexpensive way to protect your items from theft or natural disaster.

Contrary to popular belief, your items aren’t automatically protected by the self storage facility, nor are they always included on your homeowners’ insurance policy. Whether you’re using a mobile storage unit or a unit located inside a storage facility, getting insurance can end up saving you a lot of time, money, and hassle.

How can you get it?

Many storage facilities offer low-cost insurance plans for their tenants. Inquire with your facility when you sign your lease to find out if the facility offers a plan. Home insurance policies might offer some self storage coverage, but they’re usually limited, and it’s likely that your items won’t be fully covered (depending on how much you’re storing and how expensive your items are).

What does it cover?

Every insurance plan differs in price and coverage, depending on where you live, but most storage insurance plans cover lightning, hail, fire, water damage, building collapse, rodent damage, and theft. If someone breaks in to your unit, your policy will cover the repairs to your items or replace any stolen items. Keep in mind that standard plans generally do not cover flood damage, so you should look into whether or not your homeowners’ flood insurance covers off-site property. Also, valuable items like cash, fine jewelry, and furs are usually not covered by a standard storage insurance policy because they’re considered high-risk items.

Vehicles are generally not covered by basic storage insurance plans. To be covered, your vehicle must remain under an auto insurance policy. Depending on your facility, you may need to show proof of insurance when you sign your lease so contact your facility in advance to find out specifics.

After you’ve secured your insurance policy, remember to take pictures and create an inventory of the items you’re storing. In the event of damage, the pictures will save you a lot of time in the claims process. Storage insurance can give you confidence that your items will be covered, even in the event of disaster!