Self-storage units are becoming popular among homeowners and people who don’t have enough room or space to store their possessions safely and securely. Storage units provide not only more space but also a safe location for belongings you don’t want to store in your house or need extra space when you move.
Storage facilities are usually well-constructed, with security cameras and fencing to prevent theft and destruction. However, storage fasciitis can’t stop natural disasters from occurring, and your items inside the unit still need to be protected by a form of insurance coverage. If you’re going to rent a storage unit, there are specific insurance needs to protect you from damaged items.
What Is Storage Unit Insurance?
Storage unit insurance protects your personal belongings in a storage unit from problems such as theft, vandalism, and weather. While your business, renters, or homeowners insurance policy may provide coverage, it's likely to be limited when it comes to off-premises insurance for things stored outside your home.
The following are typical problems covered by an existing policy, such as home insurance:
- Fire, Lighting, or Wind
- Smoke
- Vandalism or Theft
- Falling Objects
- Weight of Snow or Ice
However, when items in a storage unit are covered under a policy you already have, common exclusions can include:
- Water Damage
- Earthquakes, Sinkhole, and Mudslides
- Mold and Mildew
- Power Failure
- Neglect
- Intentional Loss
- Insects and Rodents
- Poor Maintenance and Upkeep
- Wear and Tear
Some of these problems listed above might be covered in a separate storage unit policy. Check with your insurance to see what problems are covered and not covered in your policy.
If you're looking for storage unit insurance, start your search to see what your current insurance policy covers. You may be able to choose to purchase additional coverage through your insurer or as a separate policy.
Who Needs Storage Unit Insurance?
Incidents such as theft, arson, and accidental fires can cost thousands of dollars in damage to a storage rental business. To protect your possessions in a storage facility, you must have the right coverage to protect your belongings from damage or destruction.
Even if your storage unit has 24/7 monitoring and catches a burglar in the act, your stolen things will likely not be recovered. Having storage unit insurance assures that you can recoup some of your losses.
If you decide to get storage unit insurance, make sure you read the policy thoroughly because some storage facility policies can be restrictive. You want to guarantee that you have enough coverage to protect your stored belongings at the value you estimate they are worth.
Should I Get Insurance on My Storage Unit?
While storage features such as climate control help protect your belongings, storage insurance protects you in the event that your items are stolen or damaged. Although it's an additional cost, investing in storage insurance can be worthwhile for those who want to self-storage their valuables.
If you're looking for clean, secure, and ready-to-rent storage units, Jumbo Storage in Asheville offers a wide variety of storage unit sizes and types to meet your needs. For more information about our available storage unit sizes, give us a call.