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Insurance is available at Extra Attic Mini Storage in Richmond, Virginia

Are Storage Units Insured?


Are Storage Units Insured?

Given the importance of your items stored in off-site premises, a common question that many people ask is: are storage units insured?

And most of the time, they’re not.

Many of us use storage units to declutter our houses or when we move somewhere else and need a temporary place to keep belongings. Whatever the case, insurance should not be considered optional – it is a necessity that protects us from loss in case of an accident, theft, etc.

If you are in the process of getting a storage unit or want to rent a storage unit in the near future, you may need answers to questions such as; does renters insurance cover storage units, or, are renters responsible for theft?

Here is everything you need to know about storage unit insurance:

Different Options For Storage Units Insurance

Following are some insurance options you can consider:

  • Homeowner Or Renter Insurance

Both homeowners and renters insurance are similar in the sense that they provide protection against legal liability, property damage, etc.

What differentiates them is the type of property damage they cover; specifically, homeowner insurance covers both the structure and personal belongings of property owners while renters insurance is basically for people who live on rent and only require coverage for their valuables.

Some homeowner and renter insurance policies also cover items that are stored off-premises – if your current insurance doesn’t, then you will have to opt for it additionally.

  • Tenant Insurance

Tenant insurance offers coverage exclusively for items stored in the storage unit; it protects against loss of items, theft, and burglaries.

This type of storage unit insurance is rarely used, but most self-storage facilities provide this coverage as an option.

Where To Get Tenant Insurance?

As all self-storage facilities require their customers to have insurance, they mostly have their own insurance policies or can refer you to a third-party provider.

Self-storage facilities sometimes allow you to use your current homeowner or renters policy for storage unit insurance. In this case, contact your insurance provider and follow these steps:

  1. Ask the insurance company if the items stored in a location other than your home will be covered
  2. Read company policies related to off-site storing
  3. Find out the pricing
  4. Look for exclusions in items coverage; for example, many insurance companies don’t cover cash and jewelry
  5. Ask the storage company about the proof they need for insurance. For instance, many storage facilities require a copy of your declaration page – this is basically the document that shows you are covered for off-site storage

Be sure to check insurance coverage conditions as they may exclude water and smoke damage, despite the fact that both are common culprits of damaging stored goods.

Storage-unit Insurance Price

The cost of self-storage unit insurance is dependent upon the cost of valuables you are storing, location and several more factors.

Overall, insurance is inexpensive and can be paid along with your monthly rental. For example, coverage of $3000 can cost you a monthly premium of $12 – this figure increases with your coverage amount.

A policy covering more options, for e.g. flood insurance, is bound to cost more – this is exactly why it’s important to ensure that you read the terms carefully. Contact Extra Attic Storage today to find out about Virginia self-storage and storage unit insurance options!