Self-Storage Units & Your Coverage

There are plenty of reasons to put some of your belongings into a storage unit. You could be moving, jumping into spring cleaning or just needing more room to keep your stuff. According to the Self-Storage Association, 1 out of every 10 households in America rents a storage unit. The options are numerous and you can find one that will meet your every need. When it comes to insuring your property at a self-storage facility let’s clear this up and make it very simple for you.  The insurance the Self-Storage facility owner has on their property does not cover your property. They own the unit but not the property inside, there for they have no insurable interest in your property. Most unit owners will require you to get insurance before they will rent to you. Some will try to sell you insurance at their office which is always an option, but first you should look into your home-owners or renters insurance. Some home and renters insurance policies provide some form of coverage for items stored away from the house or apartment. This is when you will want to reach out to your insurance agent and have them look into what is covered and how much coverage you have because there may be limited coverage. Usually most companies will cover 10% of the policy limit under homeowners so if you have a $100,000 policy, you would have up to $10,000. Most storage insurance depends on the carrier and policy, but will protect you against events that are out of your control. Some of these named perils could be lightning, fire, smoke, hail, explosions, plumbing leaks, vandalism, tornadoes, hurricanes and burglary. It’s a good idea to know the damages that may not be covered like damages caused by vermin, natural flooding or mold. Don’t let all this scare you away from buying the insurance. You want to make sure your belongings are covered so you will have to see how much property you are going to put in storage and how much coverage your current policy provides. If you need more coverage it can easily be added to your insurance policy at very little cost.

A few suggestions for someone who has a storage unit are make an inventory list and take pictures so you know what is in storage. If someone does break into it you will need to know what if anything was taken. When picking a facility you want to make sure it has enough security options to make you feel your belongs will be safe. For example, locked and gated facility, security cameras, keypad access and onsite management.

So remember always contact your insurance agent to discuss what coverage may or may not be provided on your current policy and if any additional off-premise coverage needs to be added.

If you would like to discuss any of your insurance needs and questions, please contact one of associates by calling 517-337-6000 or visiting our website