Should I Insure My Storage Unit

Jon Fesmire | January 5, 2021 @ 12:00 AM

You’ve decided to rent a self storage unit here at Storelocal. That’s great! You may be using it for personal belongings that you need, but that takes up too much space at home. You might get a unit for business inventory, as a safe place to keep certain items while you go on vacation, or another good reason. You’ve picked one of our units and worked the monthly rental amount into your budget.


Now, you realize that you may need tenant insurance. We require all renters to have a minimum level of insurance, and we can add a policy to your rental agreement. While you’re signing up, you can choose the level.


However, you can get a supplemental policy as well, or you can acquire tenant insurance before you sign up. Show us adequate coverage and we can waive the requirement to purchase it from one of our facilities.


Why You Need Insurance


Tenant insurance covers the value of your items in case of theft or damage. The type of damage often includes that due to fires, including wildfires, and various weather conditions.


Check your policy carefully. Flood damage often isn’t covered on a basic tenant insurance contract, so if that’s a concern for you, ask how you can get it included. We all make mistakes at times, such as dropping a box with fragile items, so you may want to add liability insurance too. 


Sometimes high-value items aren’t included. You’ll want to ask your insurance company about this, especially if you are storing items with a particularly high monetary or sentimental value.


A Note on Theft


Storage facilities typically have strong security features and are rarely the victims of burglary. At Storelocal, we have 24-hour cameras, alarms, gated access, and excellent lighting. Of course, break-ins can still occur. You can take measures to make sure nothing highly valuable gets taken from your unit, such as hiding the most valuable items in the back of your unit.


The point is, if your unit does get burgled, you’ll be glad you have insurance to cover the value of your lost stuff.


Checking Your Homeowners and Renters Insurance


Homeowners and renters insurance often doesn’t cover items stored off your property. Call your insurance provider and ask about this, and if they tell you it is covered, ask to be directed to the specific part of your contract that explains this. Read it thoroughly and ask them any questions you may have.


If it doesn’t cover your items in storage, or doesn’t cover them to your satisfaction, ask about getting a rider that will cover them.


Otherwise, you can look for a company that specializes in tenant insurance. Feel free to ask us who we recommend. This may change over time as companies change their policies.


Getting Insurance Through Us


We at Storelocal will offer you insurance coverage on the spot, and you can pick from the minimum to the maximum amount of coverage. You’ll find it quite affordable, usually adding less than $20 per month to your rental amount. In most cases, you should only need to seek a third party insurance company if ours doesn’t offer enough coverage. Then, you can decide if you want to get supplemental coverage, using our insurance and another, or if you want to switch fully to a third party carrier.


Whatever you ultimately decide, research your options. You may want to look at several companies before you decide how to handle this.


What Outside Insurance Might Require


Here at Storelocal, we’ll provide you with the level of insurance you choose and not ask what you’re keeping in your unit. As long as you’re not storing anything prohibited, we don’t consider it our business. However, another insurance company may want you to submit a list of your stored items ahead of time for claims purposes. Find out what should be included, and when you’ll need to update the list.


We hope this helps you get the most out of your tenant insurance. While the odds are nothing bad will happen to your stuff while it’s stored with us, it’s best to be prepared.

Jon Fesmire
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