What is Self-storage Insurance?

What Does Self-storage Insurance Cover?

A typical self-storage insurance policy covers an average of $25,000 in property damage. If something happens to your belongings, you can file a claim with your insurance provider to receive compensation for your losses. 

If you own homeowners’ or renters’ insurance, your stored property is likely already covered. Your policy may cover damage to stored property caused by events such as: 

• Theft 
• Vandalism 
• Fires
• Lightning
• Wind and weather damage
• Damage caused by heavy and/or falling objects

If you do not already have homeowners or renters insurance, consider buying a stand-alone self-storage policy to cover the above damages. Some stand-alone policies also cover damages that typical homeowners or renters policies will not, such as:

• Mold
• Mildew
• Water damage
• Pest infestation
• Earthquakes

To ensure you receive compensation, the cause of the damage must be listed explicitly in your self-storage insurance policy. Every insurance policy is different, so comparing before buying a policy is crucial. 

What Isn’t Covered by Self-Storage Insurance

Whether you have homeowners, renters, or stand-alone self-storage insurance, some damages will likely not be covered by your policy, including:

• Water damage
• Neglect
• Wear and tear

Carefully research policies to review their exceptions, or contact your provider to learn more. If you are storing exceptionally valuable or delicate property, a specialty policy may be the right choice to ensure full protection.

Who Needs Self-Storage Insurance?

If you’re in one of the following situations, storage unit insurance may be right for you:

• You do not already have homeowners or renters insurance: Without an active insurance policy, any property you have in storage remains unprotected. Purchasing a stand-alone self-storage policy ensures your belongings are fully covered. 
• You’re between renting and buying: If you’re transitioning from renting to buying, you may need somewhere to store your things while moving. Consider a self-storage insurance policy to protect your possessions while transitioning between phases. 
• You’re storing highly valuable property: Fine jewels, fur, art, wine, and other valuable items are often not covered by homeowners’ or renters’ policies. Self-storage insurance ensures full protection of your high-value belongings.

Choosing the Best Self-Storage Insurance Policy

To choose the best self-storage insurance policy to protect your belongings, ask yourself the following questions:

• What am I storing in my unit?
• What is my budget for self-storage insurance?
• Is my storage unit adequately protected by a policy I already have?
• What damages will the self-storage insurance policy cover?
• What exceptions does the self-storage insurance policy not cover? 

Carefully review the details of each potential policy to find the coverage that best suits your storage needs.

Homeowners and renters insurance

If you rent or own a home, you likely have already invested in homeowners or renters insurance. Most insurance policies cover items in self-storage at up to 10% of the policy’s overall homeowner coverage. If the property you have stored is worth over this amount, purchasing an additional policy or extended coverage is recommended. 

Self-storage insurance by storage providers

Many storage providers offer their own form of self-storage insurance, which is available for an additional fee on top of your monthly storage costs. If you currently are not covered, this add-on may be a convenient way to protect your property. Carefully review the policy before signing, as some storage providers do not cover damage from water, smoke, or mildew.

Leading Self-Storage Insurance Providers

Many reliable self-storage insurance providers can ensure your property is protected. The following guide provides an overview of four top storage insurance providers, including coverage options and the average cost of their policies. 

Storage Protectors

Storage Protectors insures millions of dollars in goods in self-storage nationwide, offering inexpensive and flexible plans that cover a wide array of potential damages. However, they do not offer flood coverage. If you live in an area likely to be affected by flooding and hurricane damage, consider another provider.

SnapNsure

SnapNsure offers self-storage and mobile storage insurance policies for as little as $7.99 monthly. In addition to their basic self-storage policy, you can add expanded coverage for flood, rodent, pest, storm, and earthquake damage for as low as $1 a month. To learn more about their policies, visit SnapNsure’s FAQ page.

MiniCo

MiniCo partners with self-storage providers to reduce both parties’ liability in the event of serious damage. You can add insurance through the facility to your monthly rental fee or directly from their website. Your policy will include a $0 deductible and coverage for rodent, vermin, vehicle, fire, and water damage. 

Safestor

Safestor offers three tiers of self-storage insurance coverage, with plans available for as little as 20 cents a day. These policies cover damages such as fire, hurricanes, burglaries, and vandalism. To learn more about their coverage options, visit Safestor’s page on self-storage insurance.

More Self-Storage Related Resources

• Do You Need Storage Unit Insurance?
• A Guide to Full-Service Storage
• Your Guide to Self-Storage Units
• How Much Does a Storage Unit Cost?