An Introduction to Self-Storage Insurance

An Introduction to Self-Storage Insurance

Self-storage has been around for over 6,000 years. You can trace it back to the Ancient Chinese using storage units to hold different possessions. 

If you’re thinking about getting a storage unit, then you might wonder about self-storage insurance. This article will take a look at this type of insurance and your options. Read on to explore all about this insurance, and why it can help protect you when disaster strikes.

Why Self-Storage Insurance? 

Many facilities will require you to have some form of insurance before you store your items. You’ll want to get insured with one of the best self-storage insurance companies out there to protect your belongings. 

Keep in mind that if you go with the insurance that storage facilities offer you, many don’t cover natural disasters. In order to protect your items from natural disasters, you’ll want to have a separate insurance policy. Find one that covers natural disasters such as earthquakes, floods, storms, fire, and vermin. 

It Needs To Cover the Value Of the Items

Next, you’ll want to inventory all of the items and determine the value of them. The insurance you pick out needs to cover the value of your items.

For high-end items such as jewelry or antiques, have them insured separately. You can take your expensive items to be appraised by professionals before shopping for an insurance policy. 

Understanding Your Insurance Options

You’ll want to understand the policy that you choose including the complete terms and conditions. First, take a look at your liability insurance. This is what covers you or others if someone gets hurt inside your unit. 

While it’s usually not covered, it might be available for purchase at an additional cost. There’s also the cash value. This is where the policy will cover the cost of the loss. 

Next, find out about the coverage limit. This is the top amount the policy will pay out. If your goods are higher than the max amount, then you might want to buy an additional coverage. 

You can either look into whether your home or renter’s insurance will cover your belongings, check out independent insurance providers, or buy insurance from the storage facility. If you have higher-end items, you might want to go with an independent insurance provider. Keep in mind that certain items such as antiques, collectibles, watches, jewelry, and others might not be covered by self-storage insurance. 

Off-site storage insurance covers: 

  • Lightning 
  • Smoke
  • Hail
  • Wind
  • Tornados
  • Theft
  • Fire
  • Hurricanes
  • Water damage

Self-storage insurance might not cover damage due to war, vermin, mold, and flooding. Other items might include firearms, jewelry, art collections, antiques, etc. 

Understanding Self-Storage Insurance

Now that you’ve explored this guide, you should be well-prepared to buy the right self-storage insurance for you. Would you like to read more tips and tricks with how-tos?

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