The Importance of Insuring the Contents of Your Self-Storage Unit
For the most part, you can have peace of mind when you store your belongings in a great self-storage facility; the majority of self-storage facilities prioritize security and protection from outside elements. Many utilize high-end security systems, including security cameras, full perimeter fencing, electronic gates, and keypad access,
However, it’s always better to be safe than sorry. Despite their dedication to keeping your belongings safe, no storage facility automatically takes responsibility for all damages to your possessions. That’s why you should make sure you’re prepared for anything by insuring the contents of your self-storage unit.
Below, we’ll emphasize the importance of having proper insurance for the items in your self-storage unit and explain how you can find the best self-storage insurance.
Always be prepared
Even with maximum security and precautions from the best self-storage facilities in the business, there is always a certain level of risk that comes with storing your personal belongings in a self-storage unit–just as there will always be a certain amount of risk surrounding your own home.
Accidents like fires, natural disasters, and burglary do happen. While this can be troubling to consider, it’s also a good reason to stay proactive and ensure the belongings you store in your self-storage unit. That way, if you ever run into any of these issues, you can at least know that you won’t take too large of a financial blow and your lost or damaged items will be reimbursed.
How can I insure the contents of my self-storage unit?
There are a few ways you can get insurance for the items in your self-storage unit. Some storage facilities even require that renters already have some form of insurance before renting a unit.
If you don’t already have insurance that covers items in self-storage units, here are some options to consider:
Self-storage insurance through homeowner’s or renter’s insurance
Typically, your standard homeowner’s or renter’s insurance will cover up to 10% of your policy limits if your belongings are in a storage facility. Certain homeowner’s and renter’s insurance policies will even fully reimburse the cost of replacing or repairing your lost or damaged possessions if you are unable to store them in your home.
For example, if your home is undergoing renovation and therefore unfit to store your belongings and your items stored in a self-storage unit are then damaged, your homeowner’s insurance may cover the full cost. Otherwise, it will likely cover 10% of your policy’s maximum value.
Self-storage-specific insurance
Since insurance is an important part of renting a self-storage unit, many self-storage facilities offer their own policies to renters. This policy will usually have a lower maximum than your standard homeowner’s or renter’s insurance, but it’s still a good option–especially when you consider the value of the belongings you stow away versus all of the items in your home, and the fact that your typical insurance will likely only cover up to 10% of the maximum for items in storage.
Keep in mind that self-storage insurance policies will typically not cover missing items without a proof of a break-in, and will probably exclude many items, including:
- Jewelry
- Motor vehicles
- Collectibles
- Other high-value items
Additionally, insurance offered by your self-storage facility may not cover damage from particular incidents such as floods, earthquakes, smoke, damage from pests, and more–so you should always read the fine print and be aware of what the policy covers and what it doesn’t.
Third-party providers
Another option is to buy insurance for the items in your self-storage unit from an independent insurance provider.
To find the best self-storage insurance provider for you, take a little time to research different providers and their policies. Always opt for a free quote when possible.
It’s also helpful to speak with an independent insurance agent in order to assess the policies you already have in place and find the best options for additional coverage for the items in your self-storage unit. An agent will help you make the most informed decisions regarding your insurance.
Better safe than sorry
At the end of the day, you shouldn’t lose too much sleep over the safety of items you keep in a self-storage unit. Many self-storage facilities, like the ones we develop at Tymac, are up-to-date with top-notch security measures. However, should an incident occur that puts your belongings at risk, you’ll want to be prepared. For this reason, you should always make sure your items are secured. Whether that’s through the renter’s insurance you already have, policies offered by your storage facility, or through an independent provider, it’s always better to be safe than sorry.
At Tymac, we’re dedicated to creating worthwhile investment opportunities for our partners, and that means developing only the best storage facilities in the area. Trust Tymac for all your self-storage needs (including when it comes time to store all of your decorations!) and partner with us today to start your investment journey. Fill out the Investor profile here.
