Many people assume that a self-storage facility will provide insurance and cover the costs of any damage that occurs to their items that are stored there, but this is not true.
In fact, very few storage facilities offer any type of insurance with their standard rental fees. Some may have basic covered included, but that often depends on the size of the storage unit. This basic coverage is also often not enough to replace all of your property if it’s stolen or damaged.
Storage facilities usually don’t make you get insurance, but there are some that do require it. Don’t assume that just because the self-storage facility is gated and has plenty of security in place that your items are safe there. There’s always the chance that a fire or a storm could damage the storage unit and everything inside of it. While your belongings are stored there, you’re entrusting them to the storage facility. While the management will do everything they can to protect them, there are some things that are simply beyond human control.
You’ll want to carefully look at the different insurance options before you rent a storage unit and place items, especially expensive items, in it. First, look at your renter’s insurance or homeowner’s insurance to see if that policy covers items in self-storage. Some do, but that’s not always the case. You may need to pay an additional premium in order to have the policy cover items not kept in your home. That may be cheaper than getting an additional self-storage insurance policy. If you have your own insurance that covers your items in storage, you may need to show this policy to the facility manager before renting the unit, especially if the facility requires insurance.
Do you need insurance? Answering these questions can help determine if you do or not.
- Does your current homeowner’s/renter’s policy cover your items? That includes vehicles, watercraft, etc.
- Does the facility provide any type of basic coverage with the rental fee?
- If the facility is found to be at fault for damages, is your property covered?
- Will your items be covered in the event of a natural disaster?
- Have other renters had to make insurance claims against the storage facility?
- Will your insurance policy need to be amended every time you add/remove an item from the storage unit? Either way, you will want to keep a detailed record of what you’re storing there and the item’s value.
- Are you storing things that are highly sentimental or worth a lot of money? If you are, you may need a climate-controlled unit.