Do You Need Storage Unit Insurance?

Woman researching on laptop

When you’re in the market for a storage unit, you may be wondering whether or not you need storage unit insurance. The short answer is that many storage unit facilities require tenant insurance. Luckily, storage unit insurance is a benefit as it protects you from potential risks such as fires, theft, vandalism, and hail damage. We’ll walk through what all storage unit insurance covers, where to find tenant insurance, and more. 

What insurance do I need for a storage unit? 

While storage unit insurance coverage can vary depending on the storage facility, many require a standard insurance policy. Accidents happen, and it’s better to be safe than sorry. Many storage unit insurance coverage protects basic risks that can occur. If you want additional layers of protection, adding on additional insurance is always an option. In terms of what type of insurance is accepted by storage facilities, most accept homeowner’s insurance, renters insurance, or a policy purchased from the storage facility itself.

Does homeowners insurance cover storage units?

Many homeowners insurance policies cover personal belongings that are placed in storage. However, the amount of coverage can be significantly lower than items stored inside your home. Many policies only cover stored items for up to 10% of the overall cover limit. An alternative option is to increase the overall limit of your insurance policy.

Does renters insurance cover storage units? 

A document that reads "renters insurance," underneath a pen and a pair of keys

Similar to homeowners insurance, you can use renters insurance to cover your storage unit. However, the same caveat applies that your items may be only covered under a small percentage of your overall renter’s insurance policy. Renters insurance is interchangeable with tenant insurance in that it applies to both a place you rent to store your belongings and a place you rent to live.

Should I buy insurance from the storage facility? 

When considering whether or not to purchase tenant insurance directly from the storage facility, there are a few things to take into consideration. First, find out whether or not the storage facility you are renting from requires it. Second, if you already pay for renters or homeowners insurance, find out if your current policy will cover your storage items. If so, determine whether the storage facility offers a better value of storage insurance.

What does storage insurance cover?

Most tenant storage insurance covers your belongings in your storage unit from situations including fires, lightning strikes, theft, vandalism, or damages caused by a windstorm or hail. Situations in which you might not be covered by tenant insurance include floods or earthquakes. If you live in an area where inclement weather or natural disasters are common, consider investing in additional insurance coverage. 

How much does storage insurance cost? 

Depending on the total value of items you’re storing in your storage unit, your tenant insurance cost per month may vary. Standard tenant insurance policies cost anywhere from $8 to $38 per month in exchange for $10,000 of coverage. If you already have tenant or homeowners insurance, talk to your provider for information on coverage for your storage items.

Determining the Value of Your Storage Items 

A room full of storage items in boxes and protective wrap

You might be thinking, “How in the world do I guess how much all of my stuff is worth?” You’re not alone. To begin, take an inventory of all of the personal items you plan to store. Even if you don’t remember the exact cost, having a rough estimate can help. As you take inventory, notate brand and initial cost, or look up a similar brand if you aren’t positive. 

For high-value items, it’s recommended to hire a certified appraiser. Contacting the Appraisers Association of America (AAA) or the American Society of Appraisers (ASA) is a good starting point. Accurately estimating the value of the items inside your storage unit is essential for investing in adequate insurance coverage. 

Does Otter Self Storage require storage insurance?

Otter Self Storage does require tenants to maintain insurance on their storage unit. Our tenants are free to purchase their own insurance policy or use our insurance provider. Bader insurance policies start at $11 per month, and covers flood damage and rodents in addition to standard protection.

Even when your items are covered by insurance, it’s important to take precautions to protect your stored belongings. It’s a good idea to keep your items slightly elevated off the ground in case of moisture or flood damage, especially when storing electronics, fabrics, or any valuable items. Additionally, make sure not to store any food items in your storage unit, as it can attract rodents and other pests.

Rent Secure Storage at Otter Self Storage 

Whether or not your storage facility requires tenant insurance, investing in it can allow you to enjoy peace of mind while storing your belongings. While many storage facilities provide secure storage features, there are things outside your control that can happen.

When you rent from Otter Self Storage, you can take advantage of advanced storage features, including gated access, well-lit storage facilities, and keypad-enabled entrances. Our team of storage experts is committed to providing secure, convenient storage features that make your storage experience hassle-free. If you’re looking for secure storage, find an Otter Self Storage facility near you to get started. We have a wide selection of storage units available to cater to your storage needs.

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