The US counts more than 52,000 self-storage units. Industry research shows that 91 percent are in use at any time. The message is clear: storage units are convenient. They’re perfect for storing your stuff as you move or deciding what to do with them. Many rely on storage units for a year, two, or even 10. Well-run storage facilities are a safe place to store your items. But things can and do go wrong. If disaster strikes, you’ll want to be prepared. That’s where insurance comes in. You have a few different coverage options. Know where you stand on insurance for your items in storage units before you sign that contract!
How Does Insurance Work for Items in Storage Units? Understanding Your Coverage Options
Storage Unit Insurance Coverage
Dedicated storage unit insurance policies often cost less than $250 per year. They cover the same perils as homeowners’ or renters’ insurance. This is the gold standard. Anyone who plans to rent a storage unit and store belongings long-term should get storage unit coverage.
A Storage unit insurance policy covers your items if your storage unit is:
- Burglarized
- Vandalized
- Beset by acts of nature like fires and lightning strikes
Check the policy carefully, though; not all storage unit insurance protects against floods and earthquakes.
You won’t receive coverage for preventable hazards like damage caused by pests, overloading your unit, or maintaining it poorly. But that’s to be expected.
Storage unit insurance covers most of the perils that are beyond your control. Peace of mind is priceless.
Homeowners’ or Renters’ Insurance
Always check your existing homeowners’ or renters’ insurance coverage before investing in a separate storage unit policy. Many policies include personal property coverage for belongings stored off-premises, but not entirely.
It’s common to get coverage for 10 percent of the value of the items you put in storage. Or, your coverage limits may be up to a specific value. That level of coverage leaves you with no more than $100 for items worth $1,000. With $10,000 worth of belongings in storage, you won’t get more than $1,000.
That may be enough insurance for you, depending on how valuable your stored belongings are and how long you plan to use the unit.
Storage Unit Liability
The storage firm itself has to carry limited liability insurance as well. This offers unit renters some level of protection against damage caused by the company’s neglect.
You can usually expect some plans to cover in cases of fire, theft, vandalism, and certain natural disasters. Floods and pest damage typically do not receive coverage, and any damage caused by personal neglect also gets excluded. That includes personal neglect on the part of people renting adjacent units.
Don’t simply assume you’re covered and believe your items are safe. Any payouts you can reasonably expect are likely to be symbolic. Check the details before you rent a unit, and shop around for the storage facility with the best coverage.
What Is Your Best Option for Insurance for Items in Storage Units?
Your best choice depends on your situation. It is reasonable to rely on the storage facility’s limited protection for storing low-value items without sentimental value. Renters’ or homeowners’ insurance can offer additional coverage in this case.
Buying a storage unit insurance policy is best if you plan to store valuable items for a while. These insurance plans are usually affordable, and they’ll have you covered if the unexpected happens.
No matter how well-protected storage units are, they always involve some risk. The belongings you store are out of sight, vulnerable to tampering and acts of nature.
That’s why you must consider a fourth “insurance option.” That is not storing items with sentimental value in storage units. You’re better off storing those at home or with trusted relatives or friends.
Clark Storage – Best and Most Secured Storage Units in the Area
Our family business objective is to provide you with the best service and facilities in a secure location. As you get to know our facilities, you will note they were selected for your ease of access, location, and security. Please let us know how we can continue to improve your storage needs and fulfill your high expectations. We have storage units in Council Bluffs, Glenwood, and Pacific Junction. Contact us today. We are also offering a Move-In Referral Program, click here for more information.
