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Do You Really Need Insurance for Your Storage Unit? What To Know

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The NFPA reports an annual average of 22,439 storage fires between 2015 and 2019. They estimate these fires caused $644.7 million in property loss.

Imagine how much you‘d lose if your storage unit got destroyed. Do you even have storage unit insurance to cover the damages?

Don’t rent a self-storage unit without thought of insurance coverage. Consider all you could lose due to one unforeseen event. This article serves to answer common questions about insurance for your storage unit.

Is Self Storage Insurance Necessary?

Only you can answer that, and it depends on how much you value what’s stored. Here are some other things to consider before making your final decision:

Storage Unit Requirements

Does the company managing your storage unit require insurance? You’ll find this is often the case no matter your unit size or term of rental. And if you don’t already have insurance, you can buy it from the storage facility.

But what if their insurance conditions don’t meet your needs? Some storage unit policies don’t cover all your belongings. And even if they do, it’s not enough to reimburse you for the actual value of all items.

Your Current Insurance Policy

Does your home or renters insurance policy also cover storage? Review the terms of your insurance policy to find out if it includes stored items. Make a list of everything you have in storage and confirm they’re all covered.

Your Insurance Policy Limits

What’s the reimbursement limit if your storage gets destroyed or broken into? And how much is your deductible to receive insurance benefits?

If you store a vehicle or other expensive items, you may need an extra policy to cover all possible damages.

The question isn’t whether self-storage insurance is necessary. It’s more about how much insurance you need. Take inventory of your storage unit and research the insurance cost to cover loss or damages.

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Here’s a guide to help you put your insurance needs in perspective.

Risks of Having a Self-Storage Unit

There’s no telling when something may cause your storage unit to suffer damage. Possible fires are only one concern. Other risks include wind and rain damage during a heavy storm.

And by no fault of your own, mold and mildew can ruin everything you have in storage. Some facilities don’t regulate the air well enough to protect every unit.

Theft is another big risk with having a storage unit. The facility may not have security measures in place to deter criminal activity. You could return to find your storage vandalized and items missing or destroyed.

Choose Insurance for Your Storage Unit

Nothing can replace the sentimental value of personal belongings damaged while in storage. Whether due to fire, flood, or other unfortunate events, the destruction can wreak havoc in your life. But insurance for your storage unit eases the stress of losing and rebuilding.

Did you find this guide helpful? Check out more articles on things that make life a little easier.

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