What You Need to Know About Storage Insurance

Wednesday December 20, 2017

Do I Need Insurance for Self Storage?

Even though most facilities do not require or sell storage insurance, it is highly recommended that you purchase it. Having your valuables insured provides you with peace of mind that you can repair or replace them should something out of your control occur, such as a severe storm or flood.

We recommend you take inventory of everything in your storage space in case you ever need to file a claim.

Does Homeowners Insurance Cover Storage Units?

Many companies that provide insurance policies for homeowners or renters offer some coverage for items stored at an off-site location. If your policy doesn’t offer this coverage or it isn’t enough to meet your needs, be sure to inquire about the possibility of purchasing additional protection. Most policies require you to meet a deductible before receiving a payment and they may disqualify certain things from storage insurance. Your insurer might also impose limits on the total amount of coverage.

What Does Storage Insurance Cost?

Coverage is typically inexpensive, at up to $2 for every $100 worth of coverage provided.

What Does Storage Insurance Cover?

A typical storage insurance policy covers losses for events outside of your immediate control. These include:

  • Vandalism
  • Heavy wind
  • Lightning
  • Hurricanes
  • Tornadoes
  • Smoke damage
  • Fire
  • Theft
  • Plumbing leaks
  • Explosions

Since many policies don’t cover damages such as rodent damage and mold, you should take steps to prevent these things from happening. Keeping moisture to a minimum and choosing a climate-controlled unit are two ideal ways to go about this.

What Other Security Measures Should You Look for to Protect Your Belongings?

Storage security starts with controlled access to the facility. When you go to your unit to drop off or pick up your items, you want to make sure your storage facility provides monitored access, such as a code or keycard access pad. Some facilities even go so far as to require this again as you leave and any time you access elevators or sliding glass doors.

Additionally, it is important that all activity is supervised with security cameras and trained, experienced security staff on site. To increase the security of your valuables, your storage facility should enforce defined access hours to monitor visitors and traffic. Your storage unit should have its own lock as well.

You may also wish to consider renting a climate-controlled unit to prevent damage from mold, heat or humidity.

Investing in Storage Insurance

If your homeowner’s or renter’s policy doesn’t offer the option of storage insurance, Big Tex Self Storage can provide you with contact information for local storage insurance companies that offer it. Contact us to learn more.

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