What Is Storage Unit Insurance?
Storage unit insurance helps you cover the cost of your personal property in a self-storage location if your belongings are damaged, lost, or stolen. This type of insurance can either be purchased from a third-party insurance provider or the self-storage facility that you’re renting the unit from.
In its most basic form, self-storage insurance offers personal property coverage, also known as tenant insurance. However, some plans also include additional coverage, like liability insurance. This protects you if an item in your unit causes damage to other units in the facility, such as an electrical item causing a fire.
While you may think you don’t need storage unit insurance, the decision isn’t always yours to make. Some storage providers require that you have insurance before renting a unit, and they’ll request to see your proof of insurance before handing over the keys.
Luckily, purchasing self-storage insurance outright isn’t the only way to get coverage for your belongings. You can also get coverage through another policy that you might have, such as:
Home insurance: If you have renters insurance or homeowners insurance, check your policy for off-premises coverage. This could extend your coverage to a storage unit for use after a natural disaster or fire in your home. Keep in mind that this is limited coverage that likely won’t offer the same dollar amount of coverage as your regular home coverage.
Auto insurance: To protect a stored vehicle, check your existing auto insurance policy, or look for a policy that offers coverage for storage. Comprehensive coverage for vehicles can include protection related to weather, theft, fire, and vandalism.
Boat insurance: If you’re looking to place a boat in storage, boat insurance will likely cover natural disasters, theft, and other damage. You might also find a winter-only policy for the boating off-season.
Storage unit insurance can come from several sources, and determining what types of items you need covered will help you narrow down your options.