If you choose to store something in a location other than your home, you may need to get insurance specifically for your storage unit. Once you remove things from your house and store them somewhere else, they usually are no longer protected under your homeowner’s or renter’s policy.
When choosing a policy, you want to make sure it covers loss due to fire, flood, weather, theft, and things beyond your control.
Insurance through the storage facility – some storage facilities offer their own insurance policies. This type of policy typically covers only $2,500-$5,000. There may not be a deductible, but rates are higher and coverage is lower. It is usually very basic coverage as well.
Independent self-storage insurance – this type of insurance will insure a higher dollar amount of valuables and also protect against damage that the other insurance might not. Most independent companies offer up to $15,000 of coverage for about $20-$25 per month.
Private insurance company – if you already have renter’s or homeowner’s insurance, you may be able to add storage insurance to your current policy. Your rates will be much lower than if you were to insure with a specialty storage insurance company and you may even qualify for multiple-line discount.
