Insurance for Your Storage Unit: Protecting Your Valuables

What is Storage Unit Insurance?

Storage unit insurance is a type of insurance policy that protects the contents of your storage unit from damage or loss. It can cover a wide range of items, including furniture, appliances, electronics, and personal belongings.

Why Do You Need Storage Unit Insurance?

There are many reasons why you might need storage unit insurance. Here are just a few:

• Fire: Fires are one of the most common causes of damage to storage units. According to the National Fire Protection Association (NFPA), there were over 28,000 structure fires in storage facilities in the United States in 2019.
• Theft: Storage units are often targeted by thieves, who may break into the unit and steal your belongings. The FBI estimates that there were over 7,000 burglaries of storage units in the United States in 2019.
• Water damage: Water damage can occur from a variety of sources, including leaks, floods, and storms. According to the Insurance Information Institute (III), water damage is the second leading cause of insurance claims in the United States.
• Other perils: Storage units can also be damaged by other perils, such as earthquakes, windstorms, and hail.

What Does Storage Unit Insurance Cover?

Storage unit insurance policies typically cover the following:

• Personal property: This includes all of the items that you store in your unit, such as furniture, appliances, electronics, and personal belongings.
• Loss of use: If your unit is damaged or destroyed, you may be able to receive compensation for the loss of use of your unit while it is being repaired or replaced.
• Additional expenses: You may also be able to receive compensation for additional expenses that you incur as a result of the damage or loss, such as the cost of moving your belongings to a new unit.

How Much Does Storage Unit Insurance Cost?

The cost of storage unit insurance varies depending on a number of factors, including the size of your unit, the value of your belongings, and the location of your unit. However, you can generally expect to pay between $10 and $30 per month for storage unit insurance.

How to Get Storage Unit Insurance

There are a few different ways to get storage unit insurance. You can purchase it from your storage facility, from an insurance company, or from an online insurance broker.

If you purchase storage unit insurance from your storage facility, the cost of insurance will typically be included in your monthly rent. However, it is important to read the terms of your lease carefully to make sure that you understand what is covered and what is not.

If you purchase storage unit insurance from an insurance company, you will need to provide the insurance company with some basic information about your storage unit and the items that you store in it. The insurance company will then provide you with a quote for insurance.

If you purchase storage unit insurance from an online insurance broker, you can compare quotes from multiple insurance companies to find the best deal.

Tips for Comparing Storage Unit Insurance Policies

When comparing storage unit insurance policies, it is important to consider the following factors:

• Coverage: Make sure that the policy covers all of the items that you store in your unit.
• Deductible: The deductible is the amount of money that you will have to pay out of pocket before the insurance company starts to cover your claim. A higher deductible will typically result in a lower premium.
• Premium: The premium is the amount of money that you will pay for the insurance policy.
• Company reputation: Make sure that you purchase insurance from a reputable insurance company.

Common Mistakes to Avoid

When purchasing storage unit insurance, avoid the following common mistakes:

• Not buying enough insurance. Make sure that you purchase enough insurance to cover the full value of your belongings.
• Not reading the policy carefully. Before you purchase a policy, make sure that you read the terms and conditions carefully to make sure that you understand what is covered and what is not.
• Not keeping your policy up to date. If you make any changes to your storage unit or the items that you store in it, be sure to update your insurance policy accordingly.

FAQs

Q: What is the difference between storage unit insurance and renters insurance?

A: Storage unit insurance is designed to protect the contents of your storage unit, while renters insurance is designed to protect your personal belongings in your apartment or house.

Q: How much storage unit insurance do I need?

A: The amount of storage unit insurance that you need depends on the value of your belongings. You should purchase enough insurance to cover the full value of your belongings.

Q: What is the deductible on a storage unit insurance policy?

A: The deductible is the amount of money that you will have to pay out of pocket before the insurance company starts to cover your claim. A higher deductible will typically result in a lower premium.

Q: How do I file a claim on my storage unit insurance policy?

A: If you need to file a claim on your storage unit insurance policy, you should contact your insurance company as soon as possible. The insurance company will provide you with instructions on how to file a claim.

Conclusion

Storage unit insurance is an important way to protect your belongings from damage or loss. By following the tips in this article, you can ensure that you are getting the best possible coverage for your needs.

Tables

Table 1: Causes of Storage Unit Damage

Table 2: Average Cost of Storage Unit Insurance

Table 3: Common Mistakes to Avoid When Purchasing Storage Unit Insurance

Table 4: FAQs About Storage Unit Insurance