Self-Storage Insurance Coverage
Self-storage insurance is designed to enable coverage for your belongings while stored at a self-storage facility. Unlike standard home or renters’ insurance, self-storage insurance providers offer policies that specifically protect your possessions against risk when storing them away from home.
Do I Need Self Storage Insurance?
Deciding to purchase self storage insurance depends on a few key factors, including the value and nature of your stored items, the duration of storage, and the applicability of your existing insurance coverage. In considering whether or not you require self-storage insurance, ask yourself the following questions:
- Will you be storing your items long-term? The longer you plan to store your items, the higher the risk of unforeseen events. Self-storage insurance can be an important precaution when storing belongings for any duration, but especially for extended periods of time.
- Is your existing home/renters’ insurance limited? Carefully review your existing insurance policies. If they offer minimal or no coverage for stored items, getting supplemental storage insurance might be a smart move.
Weigh the value and importance of your stored belongings against the cost of insurance and your risk tolerance. This will help you get a better understanding of whether self-storage insurance is right for you.
Questions to Ask Your Insurance Provider
To get an accurate self storage insurance quote, it’s vital to be aware of what various insurance providers can offer you before opting into an insurance policy. For a better idea of what to expect, be sure to ask potential providers about the following aspects of storage insurance policies:
- Deductibles: Deductibles represent the amount you’ll pay out-of-pocket before your insurance coverage would kick in to cover an expense or loss. These amounts can vary significantly between insurers and policies.
- Coverage amounts: The coverage amount is the maximum value that your insurance provider will pay out in case of a covered loss. Understanding this limit helps you determine if the coverage aligns with the value of your stored items.
- Coverage against specified incidents: Different policies cover different types of perils. Some may cover theft, fire, and water damage, while others might include natural disasters or pest infestations. It’s important to understand what specific risks your policy protects against.
- Included and excluded items: Not all items are eligible for coverage under self-storage insurance. Some items may require additional coverage or have specific limitations. Knowing what’s included and excluded ensures you’re not left with unexpected gaps in protection.
- Premiums: The premium is the cost of your insurance policy. Comparing premiums from different insurers allows you to find the most competitive rate for your needs.
- Valuation of items: Insurance companies use different methods to determine the value of your stored belongings. Understanding their valuation process ensures you will be properly compensated if the need to file a claim does arise.
While online research is important, contacting insurers directly will allow you the opportunity to ask specific questions, compare options, and make an informed decision about the best self-storage insurance policy for your needs.
Self-Storage Insurance FAQs
Here’s a breakdown of frequently asked questions about self-storage insurance:
Why is insurance highly recommended?
A key reason self-storage insurance can be highly recommended is to ensure that you’ll have adequate coverage for your belongings while storing them away from home. At Public Storage, insurance coverage for stored items is required, unless you choose to store everything at your own risk.
Is self-storage insurance worth it?
For the marginal extra cost of insurance premiums, the additional peace of mind could well be worth it. Storage insurance can reimburse you for losses due to a variety of common perils, preventing unexpected expenses which could potentially be quite costly. Having a policy in place can be especially valuable for long-term storage or when you’re storing items of high importance to you.
Can I get storage insurance from Public Storage?
At Public Storage, the Orange Door storage insurance program is available as an option for you through a trusted third-party insurance provider.