Most people will have heard of renters insurance, homeowners insurance, and auto insurance, but have you considered storage insurance? While other types of insurance will cover damages or theft, it can be difficult to know what is covered. Since you are storing personal property and sentimental items in a storage unit, you should take the time to ensure they are protected. In this blog, we will share some of the most common questions about storage insurance and how you can benefit from investing in an insurance plan.
Does Renters Insurance Cover Storage Units?
While some homeowner or renter insurance options cover items stored off-premises, they will have their limitations. Renters or homeowners insurance may only cover certain items or provide coverage for some accidents. Getting storage insurance will ensure you are completely covered in any situation.
What Is Covered In Storage Unit Insurance?
The tricky thing about insurance is that it won’t cover everything. Storage insurance can help protect you from a significant loss, but it won’t always protect your items from damage. There are also some items that insurance does not want to cover because it is either too expensive or highly susceptible to damage.
Here are the most common things that are covered by storage insurance:
- Property Damage: This typically covers damages that are caused by accidental damage. Property damage refers to fire, theft, vandalism, and water damage.
- Liability Coverage: This covers damages or injuries that occur while inside your storage unit.
- Additions: Some insurance policies will offer additional coverage for specialty items. You may have to pay extra to insure things like jewelry, electronics, artwork, or appliances.
Cost Of Storage Insurance
Different storage facilities and insurance companies will offer different prices and insurance options. Adding storage insurance to your existing policy can just add a few dollars to your monthly payment. Typically, storage unit insurance costs $8 to $30 per month for $10,000 of coverage for your belongings. This lower coverage number is because you don’t need to insure everything you own but rather just the belongings that will be kept in your storage unit long term.
Document The Items Inside Your Unit
Taking photos and videos of all the items you place in your storage unit will help you in the future if you need to file a claim. Having an itemized list with replacement values for each item will help you get your insurance money faster. Your insurance adjuster will be able to help you get the most for your belongings, especially expensive items like televisions, computers, art, etc. For purchased items, keep the serial number and purchase dates on expensive items as well.
Do Storage Units Offer Insurance?
Many storage facilities offer their insurance because it saves them from major issues and legal fees. Purchasing insurance from another insurance company, or the insurance company you hold other policies with, will still provide you with similar coverage as insurance from the storage facility.
Third-party insurance companies often won’t cover water or smoke damage to your items, especially if they are not on your property. This can put you in a situation of financial loss if your items get damaged. Make sure you read the contract thoroughly before signing onto an insurance policy.
Benefits Of Insuring Your Belongings
There are a multitude of benefits that can come from obtaining proper storage insurance. Here are just a few of the benefits you can look forward to when purchasing insurance.
- Protection against unforeseen events
- Additional protection that other insurance doesn’t offer
- Peace of mind about the safety of your items while they are not in your immediate vicinity
- More flexible coverage options compared to renters insurance
- Limit legal expenses coming out of your pocket
- Coverage for transit of items to and from your storage units
Storage Units From 700 Block Storage
Our storage facility has climate-controlled storage units for military personnel, college students, families, and more. Storing your items in our facility will provide you with peace of mind about your personal belongings that you have spent your hard-earned money on.
Our booking process is easy and can help you move in your items within 24 hours after renting a unit. There are multiple different sizes to choose from so that Utah residents of all backgrounds can benefit from a self-storage facility.
Our company also works with preferred movers at Rocky Mountian Movers to help make the process of storing items less taxing. Working with movers and a storage team will help keep your moving experience safe and efficient.
