Did you know that one in three Americans use self storage? There’s over 1.6 billion square feet of space set aside for our collective bits and pieces. It comes as no surprise then that the industry is worth a lot of dollars! Especially when you consider what kind of priceless items people are storing away. So, you might be wondering; do storage units require insurance?
Storage Insurance?
Storage insurance covers any personal property or business items that you keep in a facility. Just like at home, belongings can sometimes get damaged or destroyed. With storage unit insurance, your items are covered. So, if something does happen, your stuff will be repaired or replaced.
Some storage facilities require you to insure your unit. At East Bank Storage, we strongly recommend all of our customers do so too. Instead of just another expense, see it as a future investment against possible unforeseen events.
Insurance details will be requested along with ID and payment details to secure your unit. For more information, check out our step-by-step guide here. Our helpful and friendly team is always on hand to help you out.
Why do you need Storage Insurance?
Insurance coverage of valuable belongings or expensive items is a no-brainer. Storage companies put security measures in place to deter burglars and arsonists. Intentional damage might be rare but accidents can still happen. Unfortunately, climate control features don’t extend beyond our storage units. Natural disasters are out of our control!
That’s why we always urge our customers to consider additional coverage. Sure, our services accommodate wine storage facilities and special units for storing documents and records. But not having insurance to cover your items is like renting a unit without a lock or a roof. You want to leave the facility safe in the knowledge that your belongings are fully secured and covered.
What does Insurance Cover?
The majority of storage companies offer insurance that cover the following:
- Burglary
- Theft and vandalism
- Riots or civil unrest
- Fire and lightning
- Windstorms or hail
Bear in mind, coverage limits vary. Standard policies might not include the above. Also, many storage facilities do not cover earthquakes, mudslides and flooding in their policies.
Another factor to consider is the value of your stored property. Antiques, jewelry, money and precious pieces of art require you to take out supplemental insurance. Vehicles kept in storage must also be fully registered on a valid auto insurance policy. Before you put items into storage, check with your insurance company, and chosen storage facility about additional insurance when you choose to rent a storage unit.
Does Homeowners and Renters Insurance Cover Self-storage?
Homeowners insurance typically covers items in self-storage. However, always check off-premises clauses in your policy with an insurance agent. It’s often the case that coverage limits for your items drastically reduce when kept in self-storage.
For example, the full contents of your bedroom could be covered for $20K. Move all of your furniture into a storage facility and that could drop to $2K! Similarly, renters insurance typically allows a percentage of full coverage. Meaning at home, your items are fully covered and in storage they’re partially covered.
Homeowners and renters insurance vary. It’s always a good idea to get the full details of your policy from your insurance company.
Your Storage Insurance Options
Ultimately, your circumstances dictate your options. Moving home and wanting to protect furniture? Relying on your own, separate insurance policy might be the best way to go. Storing valuable items like antiques or paintings? We’d recommend supplemental insurance from a certified appraiser.
Self-storage companies offer flexible, low premium insurance options. For more information on insurance contact our helpful and friendly team today. We’re always on hand to help you out.
