You may think that successful self-storage
means your extra stuff is
out of sight, out of mind. But it’s just as easy to overlook insuring
your prized possessions when they’re stored remotely. In most cases,
your homeowner’s or renter’s insurance policy may offer some coverage
for the contents of a storage unit.
Self-storage facilities' insurance should include coverage of
damage that occurs to the storage building itself, this protection does
not extend to your business or personal belongings. Tenant insurance is
usually offered for a minimal monthly fee that is combined with your
rental fee for one easy payment. This small investment translates into
some notable benefits:
- Low cost / low deductible: You may be able to save quite a
bit on the
cost of insuring your items by going with a self-storage facility
policy. This insurance covers damage to your belongings in the event of
a variety of accidental circumstances, including fire, water damage,
and theft. This policy could be used in conjunction with a homeowner’s
insurance policy that has a high deductible.
- Separate deductible: Claims are filed through the tenant
company, rather than your own insurance company. Therefore, these
claims will not affect the amount of your monthly homeowner’s or
renter’s insurance premium, nor cause your personal or business policy
to be cancelled.
- In-transit coverage: Some tenant insurance policies cover
are damaged in transit up to a 50-mile radius. This is coverage that
might not be offered through your homeowner’s or renter’s insurance
- Supplemental coverage: If you are a business owner, you may
have insurance that covers equipment and other items you’ll be storing
in a self-storage unit. However, you may wish to consider investing in
the insurance offered by the storage facility, as it provides good
supplemental coverage for your items.
Most items commonly stored are covered under self-storage insurance
policies, one exception is vehicles. Most require stored vehicles to be
covered by an auto insurance policy. You will need to provide proof of
this coverage when you sign your storage rental lease. Review a tenant
insurance policy to find details about what is covered and what is
excluded from coverage.
Whether you are planning to store your personal belongings or items for
your business, make sure to calculate how much you estimate your items
are worth. That way, you can purchase the appropriate amount of
insurance and have peace of mind that your belongings are covered.