Self Storage Insurance: Do You Really Need It?

You've found the perfect self storage unit – the right size, convenient location, and a price that fits your budget. But now you're faced with another decision: do you need to buy self storage insurance?

While it might seem like just another added expense, self storage insurance can provide valuable peace of mind and financial protection for your belongings. Let's dive into the details to help you make an informed decision.

Understanding the Risks

Although storage facilities take measures to protect your belongings, unexpected events can still occur. Consider these potential risks:

• Theft: While most facilities have security measures in place, break-ins can happen.
• Fire: Fires can be caused by faulty wiring, arson, or even natural disasters.
• Water Damage: Leaking roofs, burst pipes, or flooding can damage your stored items.
• Pest Infestation: Rodents, insects, and other pests can damage belongings, especially fabrics, furniture, and paper items.
• Vandalism: Unfortunately, vandalism can occur, leading to damage or destruction of your property.

Why Self Storage Insurance Matters

Self storage insurance provides financial protection against these risks. It can help cover the cost of replacing or repairing your belongings in the event of damage, loss, or theft.

What Does Self Storage Insurance Cover?

Coverage varies depending on the policy, but typically includes:

• Fire damage
• Water damage
• Theft
• Vandalism
• Pest infestation
• Natural disasters (depending on the policy)

Do You Already Have Coverage?

Before purchasing a separate self storage insurance policy, check if your existing insurance policies provide coverage:

• Homeowners or Renters Insurance: Your existing policy might extend to belongings stored off-site, but coverage may be limited. Contact your insurance provider to confirm the extent of your coverage and any exclusions.
• Auto Insurance: If you're storing a vehicle, your auto insurance policy might provide some coverage.

 

Evaluating Your Needs

Consider these factors when deciding if self storage insurance is right for you:

• Value of Your Belongings: The higher the value of your stored items, the more important insurance becomes.
• Storage Facility Security: Assess the security measures in place at the facility. Do they have 24/7 surveillance, gated access, and individual unit alarms?
• Climate Control: If you're storing sensitive items like electronics or antiques, climate control can reduce the risk of damage, but insurance is still recommended.
• Length of Storage: The longer you plan to store your belongings, the higher the chance of an incident occurring.

Where to Get Self Storage Insurance

• Storage Facility: Many self storage facilities offer insurance policies through third-party providers. This is often a convenient option, but be sure to compare coverage and pricing with other options.
• Independent Insurance Providers: You can also purchase self storage insurance from independent insurance companies. This allows you to shop around and compare policies to find the best fit for your needs.

Tips for Choosing Self Storage Insurance

• Understand the Coverage: Carefully review the policy details to understand what is and isn't covered.
• Compare Deductibles: A higher deductible will lower your premium, but you'll pay more out-of-pocket in the event of a claim.
• Check for Exclusions: Some policies may exclude certain items or events.
• Read Reviews: Research the insurance provider to ensure they have a good reputation for customer service and claims processing.

In Conclusion

JustStorage requires self storage insurance to protect both our company and our customers. It's important to consider the value of your belongings, potential risks, and any existing insurance coverage you may have to determine if self storage insurance is necessary for you. Having the right coverage can provide peace of mind knowing your valuables are protected while in storage.