June 24th, 2022

Enrolling in insurance can be confusing but don’t worry we can help.

More and more Storage companies are requiring insurance now a days. Tenant insurance is put into place to protect you and your belongings. Sometimes proof of insurance coverage is required before a rental can begin.

How does one go about getting the needed insurance coverage? Does my renters or homeowners insurance cover my storage unit? We can answer these questions and more.

What is tenant insurance and why to get it?

Some homeowners and renters’ policies will cover items stored off site but not all will, separate coverage is important and necessary to ensure you are protected. Tenant insurance specifically protects your belongings stored inside a storage facility and the damages that may happen. The most reputable storage facilities will admit that damages can occur and will offer you a solution with access to a Tenant Insurance Program.

Most Tenant Insurance programs offer a $0 deductible which means you pay nothing when you file a claim. Most homeowners and renters’ policies have high deductibles with low pay outs.

You may have been convinced that insurance coverage is unnecessary when storing your items especially on a short-term basis but there are many reasons to have coverage.

1. Extreme weather
Hurricanes, wildfires and earthquakes are just some of the events that can cause damage to storage units. Just like homeowners and renters’ policies you are covered incase of any of these happen with Tenant insurance. Check with your chosen Storage company to see all their policies cover. It is important to know what disasters are and aren’t covered under your policy.

2. Sentimental or monetary value
When planning to store anything of value inside your unit it is important to make sure you have the right coverage. Reputable Storage companies will have multiple coverage options to suit you needs. It is important to note that most policies, including homeowners and renters do not cover high dollar items and you may have to purchase a special form of insurance for those items

3. Burglary
Even though Storage companies do everything within their power to make sure you items are secure burglaries do happen. It may be more difficult at a more reputable location that has cameras and access control systems, but it does happen. Tenant Insurance covers visible signs of burglary through forced entry, provided there are visible marks of forces entry.

One of the biggest reasons tenants inquire insurance is because it is required by the storage company. Many people want to skip this step but making sure you are covered is crucial to storing with peace of mind. Ask your storage manager what their requirements are for insurance.

How do I get my Storage unit covered?

It is highly recommended that you get tenant insurance coverage. Be smart and do your research.

1. Ask your storage company for recommendations
Most Tenant Insurance programs offered by storage companies have a $0 deductible when filing a claim. If your storage company does not offer policies, they may have preferred providers they can connect you with.

2. Ask your homeowners/renters insurance if your storage is covered
Not all homeowners or renters policies cover off site storage. It is important to ask them if it is covered, also it is important to read that section of your policy in detail to find out if certain items are covered.

3. Research your coverage options.
The things that are important to research when looking into insurance coverage are, Coverage limits, Inventory restrictions, what is covered and policy rules.

Pick a company that suits you and stay in the know about your premiums. It is also important to ask your storage facility if there are any repercussions if you default on any policy you may have.

Self-Storage Insurance Rates

The cost will vary depending on the value of what you are storing and where you are storing, but don’t worry most tenant insurance programs are relatively inexpensive, You can usually include you premium into your monthly rental payment. Most policies offered at StorWise cover $2500 starting at $9 a month, higher coverage amounts aren’t much more expensive either. It is important to determine the value of your storage and choose a policy from there.

We hope we have helped you with a better understanding of tenant insurance and why it is important. If you have any questions about our insurance coverage and requirements, please feel free to contact us at any of our locations.

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