Guide to Self Storage Insurance

Al Storage Online | Aug 01, 2018

You have health insurance, car insurance and homeowners insurance, so do you really need self storage insurance? The answer is yes—and not just because it’s required. Self storage insurance is a low-cost insurance that is designed to protect your items while they’re in storage.

Because self storage isn’t as common as all of those other forms of insurance you’re already factoring into your monthly budget, a lot of customers tend to bristle at the idea of it. That’s okay! We’re here to break down what exactly self storage insurance is, what’s required of you when you store at All Storage and approximately how much it’ll cost you.

The Basics of Self Storage Insurance

If you’ve never had self storage insurance before, remember that it’s a lot like renter’s insurance for apartment owners. It’s very affordable. Like your Netflix subscription, the cost is a nominal amount that you likely won’t even notice spending every month. Self storage insurance covers the items in your storage unit. All Storage, like most storage facilities, requires that you have it.

Self Storage Insurance vs. Homeowners Insurance

When addressing the subject of self storage insurance, many tenants often say, “But I already have homeowners insurance. Do I really need self storage insurance on top of that?”

Here’s the deal: a homeowners insurance policy does include personal property coverage, which protects the items inside your home. Often, this covers those same items outside of your home. The problem is, homeowners insurance might not protect all of those items and it might not protect them against every kind of risk. Self storage insurance fills that gap.

Cost

Let’s get into the real reason you’re reading this article. How much does self storage insurance cost? As we mentioned, the price of self storage insurance is comparable with the price of renter’s insurance. You can expect to spend about $9 a month for $2,000 in coverage. Price fluctuates depending on how much coverage you need, but given that All Storage does not permit tenants to store more than $5,000 worth of items (this is called a value limit in the self storage industry), you likely won’t be needing an astronomical amount of coverage and therefore won’t be shelling out too much cash per month. Self storage insurance is an additional fee, so if you haven’t rented a storage unit yet, consider this when comparing prices of storage unit sizes.

What Self Storage Insurance Covers

When signing up for self storage insurance—as with any type of insurance—it’s good to know what’s covered. Be sure to read your policy documents carefully (yes, we know that they’re boring), but in the meantime, here’s a cheat sheet to help you understand what’s covered:

  • Fire
  • Lightning
  • Vandalism
  • Snow
  • Ice
  • Sleet
  • Wind damage
  • Burglary
  • Sinkholes
  • Riots

What Self Storage Insurance Doesn’t Cover

Let’s take a look at what it doesn’t cover:

  • Rodents (All Storage has pest control that should prevent this)
  • Floodwater from below
  • Earth movement

What Else You Should Know

The best insurance policy is the one you never have to use, but in the event that the items in your storage unit are damaged or stolen, you can take comfort in knowing that self storage insurance claims are much easier to file and receive payment from than other types of insurance. To make the process even easier—and to help prevent even needing to file a claim—be sure to avoid storing items of extremely high value or items that are irreplaceable. You might also consider making an inventory of your belongings with photos, descriptions and value.

Lastly—and we can’t stress this enough—read your insurance policy. Ask the insurance provider and All Storage if you have any questions about what’s covered, how to file a claim or anything else.