Storage unit insurance helps you cover the cost of your personal property in a self-storage location if your belongings are damaged, lost, or stolen. You can purchase this type of insurance either from a third-party insurance company or the self-storage facility that you’re renting the unit from.
Some homeowners and renters policies cover storage units. Before buying storage unit insurance, determine how much coverage you’ll need and check if your existing policies protect you.
Storage unit insurance protects items kept in a self-service storage facility or away from the home. It pays to replace your items against named perils or disasters outlined in your policy. If you must file a claim for your stored items, your policy compensates for repairs or replacements within your coverage limits.
Consider your options before choosing a policy. You can find self-storage insurance through a third-party storage unit insurance company, your storage facility, and often through your home or renters insurer. Be sure to review coverages, exclusions, limits, deductibles, and costs to find a policy that fits your needs.1
Storage unit insurance may cover damage to your personal property, including but not limited to:
Household items, such as furniture, appliances, and goods
Apparel and jewelry
Business inventory
Seasonal equipment
Valuables and collectibles
Hobby equipment
Standard storage insurance protects your items from named perils. Named peril policies only cover perils clearly stated in your policy. The types of losses covered vary by insurer, but you may see coverages for the following perils:2
Fire or lightning
Windstorm or hail
Explosion
Riot or civil commotion
Damage caused by aircraft
Damage caused by vehicles
Smoke
Vandalism or malicious mischief
Theft
Volcanic eruption
Falling objects
Weight of ice, snow, or sleet
Accidental discharge or overflow of water or steam
Sudden and accidental tearing apart, cracking, burning, or bulging
Freezing
Sudden and accidental damage from artificially generated electrical current
Storage unit insurance doesn’t cover all types of perils or property. Belongings damaged by a peril not listed on your policy may not be covered, leaving you unprotected financially.
Common storage unit insurance exclusions include:
Floods
Earthquakes
Sewer backup
Poor maintenance and neglect
Animals, rodents, or pests
Motor vehicles
Keep in mind that exclusions vary based on your insurance company and your policy.
Standard homeowners insurance covers personal items stored at your house, as well as belongings stored off your property. But it has limits. Check policy documents to see if your insurer provides this coverage and if any limits or exclusions may apply.
Sometimes called “off-premise” coverage, insurance coverage for items in your storage unit is typically less than limits at your residence. Consider adding more coverage if you have high-value belongings, like jewelry or collectibles.
In general, storage unit coverage through home insurance only covers named perils. Ask about open peril coverage if you want more comprehensive protection.
In addition, a standard homeowners policy only covers your stuff up to its actual cash value, which is its cost minus depreciation. Talk to your insurer about replacement cost coverage to replace the full cost of your things.3
Renters insurance typically covers items in storage units. But standard renters policies usually limit the perils covered, coverage amounts, and deductibles. These factors affect the amount of coverage you receive.
Renters should check their policy documents to verify their coverage. Customers who need more assistance should speak to their insurance agent.
Find the best storage unit insurance by researching your options and comparing coverages. Here are some tips to get you started:
If you’re wondering if you need storage unit insurance, this additional information may help.
Typically, yes. Most storage unit locations require insurance. Check your current homeowners or renters policy to see if you have coverage. You can also purchase insurance through a third-party storage unit insurance company or from the self-storage facility.
It’s possible. Storage container companies may offer insurance for the items in your container as well as the container itself. It may come at an additional cost or as part of your package, so it’s important to confirm your coverage with the storage company.
It depends. Whether you need storage unit insurance varies on several factors, including the storage facility’s requirements, risk factors, savings, and the value of their items. You may also be able to use your homeowners insurance to cover belongings kept in a storage facility.
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