It is often assumed that storage facilities will automatically provide storage unit insurance for the items being stored. This is not generally the case. Few self storage unit facilities will offer full or comprehensive item insurance within their standard storage rental fees. Some may offer basic coverage as part of the package based on the size of storage unit rented, but this may not be enough coverage for your needs.
Although some facilities will not insist that you provide storage unit insurance coverage, others will. It makes sense to put adequate storage unit coverage in place. Don’t be lulled into a false sense of well-being just because the facility you’ve chosen has implemented good security measures or has a smoking ban on site for example. Your items are technically out of your hands in self storage and, although the facility may be doing everything it can to avoid theft, they can do little against accidents and damage caused by fires, floods, storms and other natural disasters.
It is recommended that you check your storage unit insurance options carefully, before signing your storage rental agreement and placing your items into self storage. In fact, your first step should be to contact your homeowner/renter insurance agent to see if the items placed in the storage unit facility will be covered by your current policy. It may already be fully covered for items stored away from home or you may be able to pay an additional premium to get such coverage. This option could be cheaper than taking out a separate storage unit insurance policy. If you do provide your own insurance coverage, be aware that the self storage facility you choose may ask to see proof of your policy before renting you space.
Should you purchase insurance? Ask yourself these questions: