Too often do individuals assume that self-storage facilities automatically provide insurance for items stored there. Most self-storage facilities will offer full or comprehensive insurance policies for property stored on their property, but it’s not automatically built into their rates. Some self-storage facilities may offer basic coverage, depending on the package selected or size of storage unit rented, but it may not cover everything.
It’s recommended to research your insurance options before signing a contract for your storage rental agreement. Your homeowner or renter’s insurance may cover items stored in self-storage facilities, so make sure to check with them first. It’s possible you can extend the insurance policy you currently have with them, which can save money by going with your existing provider. If you choose to go the route of providing your own coverage, make sure to have proof, as the self-storage facility may ask to see proof of policy.
Here are a few questions to ask yourself if you should purchase insurance:
Are the items I’m looking to storage already covered under my existing insurance plan? These items can range from vehicles, to boats, to household possessions.
Is any insurance coverage built in to the storage rates?
In case of a disaster where the facility is at fault, will your items be covered?
In the event of a catastrophic natural disaster, will your possessions be covered?
How many claims has the self-storage facility had a high amount of claims made by their customers?
Does the policy require updates with items added and removed from the storage unit?
Are the possessions you’ll be storing of high monetary or sentimental value?