What are the Different Types of Insurance Options for my Storage Unit?

By UStorage.com Staff

When you decide to use a self storage facility for your items you will be asked to purchase a basic insurance policy for your belongings. Many facilities will require you to sign up for basic coverage and include charges in their rental fees. However, there are other types of coverage, which depending on you’re the value of the items you may want to learn more about and invest in.

Basic Insurance:
This type of coverage is usually very minimal at $0.30 per pound per item. For example, if you were to store a 100-pound couch under a basic insurance plan and the couch happens to break, you would only receive $30.00 towards replacing it because 100 x $0.30 = $30.00. This is essentially nothing compared to the actual cost of a couch. For further coverage options while your items are in storage, you will need a more extensive plan.

Preferred Insurance:
This type of insurance is specific to every storage facility. It is common that storage facilities that offer additional insurance might require you to accept their preferred insurance program. However, other storage facilities have relationships with various insurance companies due to the bulk discount they receive. This will offer you more options at competitive rates.

You may be eligible for coverage while your goods are in a storage unit through your homeowner's insurance policy. It is a good idea to check with your insurance company before agreeing to any additional insurance plans. When you have decided on a particular insurance plan, you should inquire about what you will need to do when you add or remove items while they are in storage. This is because your insurance needs will change as you add or remove items; if you add an item later on and it is damaged, it may or may not be covered by your insurance if it was not accounted for from the beginning.

Additional insurance options:
Whether you are storing extremely valuable items, you may decide to take out additional insurance that will cover the complete cost of your goods. For example, if you are storing a $20,000 dining room set insured for 20 percent of its value, you will receive only $4,000 in the event it becomes damaged beyond repair. Damage caused by moisture as a result of high humidity levels or damage caused by pests may or may not be included in any standard insurance policy-you may have to pay more. To prevent these additional costs, it may be wise to also opt for climate or pest control services through your storage company.