Self Storage Insurance – Is it Really Necessary?

In today’s world of constant accumulation, it can be a challenge to stay ahead of clutter. A way to remedy this problem is to obtain a self storage unit, as it can house any family heirlooms or large objects that you would like to keep, but do not have room to store it in the basement, garage, or attic. What many fail to consider is whether or not these possessions kept in a self storage unit are covered by an insurance plan.

Do I Need Self Storage Insurance?

The need for self storage insurance is not readily addressed when signing up to lease a self storage space. Most storage units will supply climate-controlled spaces, and some are outfitted with video cameras, which can give the impression that the storage provider is assuming guardianship and responsibility of their customer’s possessions.  Unfortunately, although you are paying for these security features in your monthly rental fee, the majority of self storage providers do not offer insurance for the items being stored. An additional insurance plan is necessary to cover your possessions in the event of a burglary, fire, building collapse, water damage, earthquake, tornado, lightning strike, or any other event that could cause damage.

How to Insure Self Storage Units

Securing self storage insurance is a relatively simple process.

1.    Contact Your Rental/Homeowner’s Insurance Provider
Sometimes, your renter’s insurance policy or homeowner’s insurance policy covers all of your possessions, including those that happen to be in your car, or self storage unit. Likewise, if you already were renting a self storage unit to house your mom’s antique fur collection before you purchased your current homeowner’s insurance plan, you may need to update your policy to be sure these dolls are included.

2.    Ask the Self Storage Provider
Providers of self storage space sometimes offer insurance as well, and it can be added on to the existing monthly payment. If you’re still shopping around for a self storage unit, inquire about insurance, as some may offer discounted packages designed to lure customers away from their competitors. If the self storage provider does not offer insurance, they may be able to recommend a reputable self storage insurer in your town or city.

3.    Browse for Plans Online
There are a handful of companies that cater specifically to those looking to insure their self storage unit. MiniCo, for example, is underwritten by LibertyMutual and can provide fast quotes online for either mobile storage (such as PODS) or self storage.

Average Cost of Self Storage Insurance

The cost of self storage insurance can vary, as it depends on the worth of the possessions being stored.  With SafeStor, $4,000 worth of coverage has a $6 monthly premium, while a $15,000 coverage plan costs $24 per month.

The reason for leasing a self storage unit is to have a place to preserve items that you either do not have room to store or are not ready to part with. Therefore, it only makes sense to take the necessary precautions to protect these valuables by insuring the storage unit.

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