Why is Storage Insurance for Me?

Brenda Morris | Feb 11, 2016 @ 12:00 AM

What is Storage Insurance?

Storage Insurance is an insurance policy that protects your property while it is in storage.

Won’t the storage facility’s insurance cover my goods?

Many people renting storage units believe the storage facility’s property insurance coverage includes their stored goods. However, the property insurance carried by the facility only covers the buildings, not the items stored in those buildings. As one Site Manager noted, “I compare the insurance coverage at my facility to an apartment complex. It helps the customers to understand that they are responsible for insuring their own property, similar to renters insurance.”

What about my homeowners insurance?

Yes, your homeowners insurance may cover your goods while in storage, but policies vary from company to company so it’s important you verify your coverage with your insurance agent. Additionally, your homeowner policy may limit coverage on goods stored outside of your home to as little as 10% of the value of the total policy.

What about my renters insurance?

Similar to homeowners insurance, coverage varies widely, so verify with your agent that your renter policy includes off-site storage.

Where can I get storage insurance?

Many storage facilities offer convenient storage insurance as an add-on to your storage lease.

Do storage facilities require insurance?

Yes, many storage facilities require you to maintain a minimum coverage level in order to lease a storage unit.

Can I use both storage insurance and my homeowners insurance if I have a claim?

Yes you can. In fact, storage insurance policies typically have a low deductible, which allows you to use the storage insurance policy to off-set the deductible on your homeowner policy. Homeowner policy deductibles have seen an increase in recent years.