There are many misconceptions about self-storage insurance: what insurance is provided by storage facilities and what you as a renter need to purchase. So we wanted to provide you with some information to clear the air next time you use a public storage facility.
Your possessions are not covered under the facility’s insurance. Belongings stored in a public storage facility are only covered under your own optional insurance. Yes, the facility you rent the unit from has its own insurance, but it only covers their business.
Self-storage insurance is not required at all facilities. Here at South Gate Mini Storage we do not require our renters to purchase insurance unless your stored property is more than $5,000. When it is more than $5,000, we need a copy of your insurance policy, whether that’s through your Homeowner or Renter insurance, or from a third party. We do provide information in our office for options where you can purchase self-storage insurance if you don’t already have a Homeowner’s or Renter’s Policy.
However, there are other facilities that require insurance no matter the valued amount. Whether or not a facility requires you to have it, it’s always a good idea to make sure your personal belongings are insured.
Check what your homeowners or renters policy covers. Personal property coverage is typically included in your policy, but you’ll want to determine the risks that are covered and what the limits are. If the value of your stored belongings is greater than what your policy covers, you might want to either increase your policy to insure the full amount or purchase a third party insurance.
Approved belongings stored in a unit would be covered by theft, vandalism, fire and lightning. Unfortunately, insurance does not cover if your items were destroyed or damaged due to floods, earthquakes or pests.
If you are stowing high value items in a public storage unit, such as jewelry, antiques, instruments, art, etc., you may want to purchase scheduled personal property insurance. It’s another add-on to your Homeowner’s policy specifically tailored to high-value items. You would just need to provide to your insurance company a professional appraisal or recent receipt of the items.
Not everything can be stored and insured. There are many items that are prohibited from being stored in your unit and if you do store them, your insurance will not cover the cost if anything were to happen to them. Plants, firearms, food, waste storage or hazardous materials, and cash are all items that do not belong in your self-storage unit.
Self-Storage Insurance can be affordable. Depending on the coverage amount, the monthly cost ranges from under $10 to $30. It all depends on where you purchase your policy from and what your policy covers.
If you have any more questions about self-storage insurance or just have general questions regarding public storage needs, please feel free to call us at (707) 255-1677.