Self-storage units are a great way to keep things that you don’t actively use safe and out of the way. They come in a variety of sizes to fit your needs and many options include climate-control to protect your belongings and keep them in pristine condition. There are thousands of different self-storage facilities across the country, each offering their own benefits. To make sure that you have a strong peace of mind when keeping your items away from home, it’s important that you find a self-storage facility with good security features and plenty of options to fit your needs. However, even when you utilize a self-storage company that has individual access codes, gated entry, motion-sensor lighting, and CCTV, you still need insurance. Regardless of the situation, a common question asked among prospective renters is, “Can I rent a self-storage unit without insurance?” Here, we’ll answer that question and give you more information on how to find the best protection for your needs.
Some Basic Information Regarding Self-Storage Insurance
Simply put, you cannot rent a self-storage unit without insurance in many reputable facilities. While you might be able to find some sketchy options that forego the need for insurance, you should avoid storing your belongings in these types of places. The self-storage business is a billion-dollar industry and close to 1 in every 10 Americans utilize off-site storage in some capacity. While many buildings have plenty of safeguards in place to deter thieves, it’s still important to be protected from worst case scenarios. While robbery is rare, natural disaster is not and unfortunately, no building is 100% safe from mother nature. The risk for natural disasters tends to depend on where you live, but when you have self-storage insurance, you’ll gain an additional layer of protection.
Self-storage insurance helps you protect yourself from damage or theft of your property. While extremely rare, these instances can occur. If they happen to you, you’ll want to receive compensation for your damaged or stolen property. Without self-storage insurance, you receive no compensation at all.
Benefits of Utilizing Self-Storage Insurance
Instead of thinking about all of the reasons you don’t want to utilize self-storage insurance, consider the benefits. Insurance is your personal safeguard, which is especially important if:
Your Items are Sentimental or Expensive
If you’re going to be storing anything that has sentimental value or that costs a decent amount of money, you’ll benefit from using self-storage insurance. There are limitations to coverage, but it will provide you with the peace of mind that your things are protected to a degree if things go wrong. You may also be able to individually insure specific items of high value, so talk to your policy provider to learn more.
You Live in an Area with Extreme Weather
Some areas of the country experience more extreme weather than others. This can lead to damaging conditions, which many self-storage insurance plans cover. Always discuss which weather conditions or natural disasters are included in the policy to better understand your coverage—many plans do not include flooding damage.
You Want Extra Safeguards for Burglary
Self-storage facilities equipped with high-security features are often more secure than residential homes, but burglaries can still occur. While it’s extremely rare, it’s still important that you’re protected against theft. In addition to insurance, make sure that you used a self-storage approved lock to keep the belongings in your unit safe and secure in case of any break-ins. If you’re worried about theft, find a self-storage facility that offers top-of-the-line security features like surveillance systems, perimeter alarms, and access codes.
While storage companies are legally allowed to require insurance from their renters, it’s always better to be safe than sorry. Luckily, most self-storage insurance plans are affordable and provide adequate coverage to improve your overall peace of mind.
What Does Storage Insurance Cover?
The coverage details for self-storage insurance plans vary depending on your provider, so it’s always a good idea to discuss these details ahead of time. In general, self-storage insurance tends to cover reimbursement in the event of burglary, damage, or loss. Some insurance policies have limits on the amount of reimbursement you would receive while others will cover everything as long as it’s listed on the policy ahead of time. Again, you will need to check with your provider to better understand your specific details. Most storage insurance covers loss or damage due to explosion, fire, lightening, riot or civil commotion, smoke, theft, vandalism, hail, and other instances that are unique to your location. It’s not uncommon for coverage to bypass damage from floods, earthquakes, or mudslides, so talk to your insurance provider to discuss any concerns and additional options for coverage.
There also tends to be a financial limit to the coverage, depending on your policy. Some personal insurance companies limit reimbursement for items in a self-storage facility to only $2,000, while many self-storage facilities cap coverages at a higher level like $5,000 or more. If you’re storing something that’s worth more than these values, you may want to consider utilizing additional insurance.
Different Self-Storage Insurance Options
To fulfill the requirements of holding insurance when renting a self-storage unit, you have a few different options. You can always utilize the facility’s in-house insurance, check to see if your personal insurance would cover it, or open a new policy with a third-party insurance provider.
Most self-storage facilities have some type of in-house insurance plan available for renters to purchase. This coverage varies depending on the facility, location, and size of your storage unit. There may be different levels of insurance that you can use with your facility, so discuss your options when you look at sizing and location. You will pay the storage facility directly, oftentimes in one lump sum that bundles your rent, facility fees, and insurance together.
If you have homeowner’s insurance or renter’s insurance, the items in your self-storage unit may already be covered. Sometimes, the coverage extends to off-site storage, so it’s worth looking into. However, it should be known that items stored outside of your home will not receive the same coverage as the items located on the property you’ve insured. Talk to your insurance agent to learn more about your coverage options. You will need to provide adequate proof of this insurance to your self-storage facility for coverage to be accepted.
You also have the option of using a third-party insurance policy to protect the items in your self-storage unit. This is generally best used for individuals who are storing extremely expensive items and don’t receive adequate coverage with either the in-house option or through a homeowner’s insurance plan. This may also be an option if your self-storage facility does not have an in-house policy.
How to Determine the Best Self-Storage Insurance Option
Any reputable self-storage facility will have their own insurance available to renters. You will need to provide proof of insurance in some form, so a lot of renters wonder which option is the best for them. To determine which insurance is best, discuss the coverage details with your facility and look into various policies. You should determine whether you will have coverage for expensive items, important documents, and motor vehicles if you plan on storing your car. You should also inquire about coverage for damaged items caused by insects, rodents, vermin, and flooding. Water damage is sometimes omitted from standard policies with an insurance agency, but if you’re in an area where flooding is common, it’s worth discussing your options.
The Lock Up Self Storage provides short- and long-term self-storage options in cities across the country. Whether you’re downsizing, relocating, or simply want to enjoy more usable space in your home, The Lock Up has a storage unit for you. We offer flexible leasing options alongside a variety of storage sizes. All of our units are temperature-controlled and climate-controlled to keep your things in the best condition possible. To give you the peace of mind you need, our facilities are equipped with top-of-the-line security features including security-controlled gate access, motion-sensitive lighting, 24-hour camera monitoring, and perimeter alarms. Many of our locations offer electronic coded access specific to each tenant. With our comprehensive Protection Plan, you’ll gain coverage for your property up to $5,000 per unit. To learn more about the pricing and details of The Lock Up’s Protection Plan, or find a storage unit near you, call us at 1-866-327-LOCK today!