Are you considering renting a storage unit to store your belongings? Did you know that the standard renter’s insurance policy will not typically cover anything in your storage space? If you’re looking for additional protection, you may need to purchase storage unit insurance. In this article, we’ll discuss what storage unit insurance is and how it can help protect your belongings.
What is Storage Unit Insurance?
Storage unit insurance is different from traditional renter’s insurance in that it provides coverage specifically for items stored inside of your storage unit.
It will typically cover the replacement cost of any items lost or damaged due to fire, theft, water damage, and other causes. This type of insurance also covers any third-party liability claims that may arise while using the storage unit.
How Much Does Storage Unit Insurance Cost?
The cost of storage unit insurance will depend on a variety of factors, including the type and value of your stored items.
Generally speaking, you can expect to pay between $10 and $20 per month for coverage up to $2,000. If you have more expensive items or wish to increase your coverage, you can purchase additional coverage for an additional fee.
Businesses like Storage Front charge about 50 cents to $2 for every $100 value amount of storage. Deductibles can range from $100-$500. On average, coverage usually starts at $1,000 for $6 per month and ends at $15,000 for $24 per month.
Do Storage Facilities Offer Add-On Insurance Options?
Many storage facilities offer add-on insurance options to help cover your stored goods. These options typically provide coverage for items such as electronics, jewelry, and antiques.
The cost of these additional policies may vary depending on the facility, but they often provide an added layer of protection for your valuable items. You should always read the policy carefully to make sure you are covered for all possible scenarios.
Also Read: What to Ask Before Renting a Storage Unit
What Items Are Not Covered by the Insurance?
Storage unit insurance does not typically cover certain items, including hazardous materials or illegal goods. Additionally, it may not cover any items that were damaged due to negligence or carelessness on your part.
It’s important to read the policy carefully and make sure you understand what is and isn’t covered to avoid any surprises down the line.
What Are the Benefits of Storage Unit Insurance?
The most obvious benefit to having storage unit insurance is that it provides peace of mind. Knowing your items are protected against unforeseen events gives you the confidence to store your belongings without worry. It also ensures that if an event occurs, you will be able to replace the damaged or lost items.
Additionally, it can help save you money in the long run by protecting against costly repair and replacement costs.
Who Needs the Insurance?
Anyone who rents a storage unit should consider purchasing it. This is especially true if you are storing expensive items such as furniture, artwork, or electronics. Additionally, if you’re storing items that are irreplaceable due to sentimental value, the insurance can help ensure they remain safe in the event of an accident or theft.
Does Insurance Cover a Unit That Doesn’t Stay at The Required Climate Controlled Temperature?
No, insurance typically will not cover items that you store in a unit that does not remain at the necessary climate-controlled temperature. It’s important to make sure your storage unit is consistently maintained at the correct temperature and humidity levels. So, your items are protected from any potential damage.
Also Read: When to Consider Temperature Controlled Storage
How Can I Purchase Storage Unit Insurance?
The best way to purchase the insurance is through your self-storage facility. Most facilities will offer a variety of coverage options and will be able to guide you through the selection process.
Alternatively, you can also purchase insurance through an independent provider. This route may provide more flexibility in terms of coverage options. It is important to make sure you are selecting a reputable insurer that can provide quality service if the need arises.
The insurance can be an invaluable tool in protecting your belongings. You will get peace of mind when renting a storage unit. We hope this article has helped provide some helpful information about storage unit insurance, and how it can help protect the items you store away.
If you have any additional questions or concerns about purchasing the insurance, please reach out to your local self-storage facility or independent insurer. They will be happy to help you further understand the benefits and limitations of coverage.