Renting A Storage Unit: Don’t Overlook The Insurance

Renting a storage unit is a relatively easy process, but even so it's still possible to overlook one very important detail. When storing items in a rental unit, it's virtually always a good idea to have the items insured so that you are protected in case of any unforeseen event. This article examines some of the key aspects of insuring your possessions at a storage facility. 

Homeowner's Policy 

In many instances, you will be covered against any loss by your homeowner's or renter's insurance policy if you have one. These policies generally protect your belongings regardless of whether they are on your property or somewhere else. The amount of coverage is typically limited to 10 percent of the policy's personal property limit. Various coverage limitations may apply, depending on the specific language of your of policy, so check the details of your agreement carefully. 

Facility Policy  

If you do not have your own insurance coverage or are not happy with the coverage amount, you can usually purchase coverage at the facility itself. At some facilities, in fact, you might need to purchase coverage or prove that you already have insurance before being allowed to rent a unit. If you have possessions that are not especially valuable, such as belongings worth $1,000 or less in total, the monthly cost could be as low as $5. More coverage, of course, will require paying higher monthly premiums.                              


Whether you have your own coverage or purchase it at the storage business, the types of hazards that are covered are generally the same. You should be protected against events such as fire, hail, explosions, tornadoes, hurricanes and damage from insects among others. One special situation involves a loss due to burglary. Although you should be covered for this hazard, the insurer may require evidence that forced entry was used and that a police report was filed on the incident. 

Not Covered 

Floods are not covered by standard insurance policies. If you live in a floodplain or are concerned about flooding, you will probably need a special rider added to your policy. Earthquakes might or might not be covered, depending on the individual insurer. In addition to these two hazards, certain types of very valuable items, such as art works, jewelry and antiques might not be covered.

Don't forget to insure your possessions when placing them in a storage facility. The expense involved is usually reasonable and paying a small monthly fee is much better than not being compensated if something untoward occurs.

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