You’ve decided to move your things — or at least some of your things — into self-storage. While most self-storage facilities are safe and secure places, you do need to think ahead to what happens if your items are stolen, lost, or damaged by weather or another disaster. While your homeowner’s or renter’s policy might provide you some coverage, it’s wise to take out self-storage insurance as well. Here’s what you need to know about self-storage insurance.
Many facilities require it. Many storage facilities require that you present proof of insurance when you take possession of your self-storage unit. You can often buy insurance from the storage facility. However, taking the time to shop around can help you get an affordable policy that gives you the coverage you need.
It doesn’t protect you from flood damage. While most policies cover damage that results from fire, earthquake, and other natural disasters, they do not cover flood damage. You will need to purchase separate flood insurance if you are eligible. This is especially important if you live in a hurricane zone or flood-prone area.
It may not cover all items. Many high-value items, such as furs or jewelry, may not be covered under your storage insurance. You will need to insure these items separately or even reconsider putting them into self-storage. Having an inventory of all the items you plan on storing is helpful as you shop for policies, as it will be easier to spot items that are not covered.
You need to consider your coverage limit. Not all policies are created alike. Your storage inventory also comes in handy when you are choosing your coverage limit. Be sure to choose a limit that is high enough to cover what your items are worth but reasonable and affordable.
It covers your items in transit. Most storage insurance covers your items while they are in transit to and from the facility. This coverage only applies within a 50 mile radius of your unit, however.
You may be able to bundle it with your homeowner’s or renter’s policy. Bundling your storage insurance with your homeowner’s or renter’s policy is a great way to save money and get the coverage you need. Check with the company that provides your homeowner’s or renter’s policy to see what your existing policies cover and if the company offers storage insurance as well.
Vehicles are usually not covered. If you’re planning on storing a vehicle in your unit, be aware that your storage insurance many not cover it. Items like riding lawnmowers and assistive vehicles like riding scooters are an exception to this. Be sure to purchase separate insurance for any vehicle you choose to store in your unit.
Items may only be covered up to 10% of their value. Many policies cover only up to 10% of your items’ value. So if you have $250,000 worth of items, you may only be covered up to $25,000 in damages. You may need to purchase additional coverage for items that are very valuable or hold great sentimental value.