Why Do I Need Self Storage Insurance?
Texas Mega Storage
May 2nd, 2023
If you are using a storage unit, you might be wondering if you need to get insurance for it. While insurance is not always required, it sometimes is a good idea to ensure all your things are well protected.
Some storage units require you to have insurance which means you will have to purchase a policy even if you feel like you don’t want to.
Here is more information about self-storage insurance so you can decide if it’s right for you. This guide will also help you choose a policy that benefits you and suits you well.
Storage Unit Insurance in Spring, Texas
Do Storage Units Require Insurance?
This depends on the storage units. Some require insurance while others do not. You will need to ask the storage unit company to determine if you need an insurance plan to rent with them or not.
Most places require you to have insurance for all units including storage lockers, wine storage units, and units with drive-up access. You will also need insurance if you are keeping your car at the unit.
What Does Storage Unit Insurance Cover?
When you have insurance with a storage unit, your belongings will be covered in the case of water damage, fire, or robberies. You will need to review your policy before buying as sometimes they exclude certain items like cars.
You might need to take extra insurance through your car insurance company if you need a car covered or another big item like an RV.
Where To Buy Storage Insurance
One of the most common places to buy storage insurance is through your renters' insurance. They often have add-ons where you can include off-premises coverage like those of a storage unit.
You will need to check exactly how much coverage they offer though as oftentimes they do not give the full amount. You might only receive partial coverage which can leave the rest of your belongings uninsured.
This is when you might want to get coverage from a third-party provider. Another common place to get storage insurance is through the storage unit company itself.
You will pay a monthly fee added to your storage unit fee which will be your insurance payment. You can pick the amount of coverage you need depending on how many items you have in storage and what the value of the items is. One of the most popular companies to purchase insurance from is Allstate.
Extra Insurance
Many times, storage unit insurance caps out at around $10,000. This might not be enough coverage if you have very expensive items in the unit like antiques, money, art, and jewelry.
If you have very valuable items like this, you might want to take out floater insurance. This covers items that personal insurance companies will not cover. This will protect your most valuable items from things like robberies and natural disasters.
Valuing Your Items
One of the most asked questions is how to value your items to determine how much insurance you need to take out. First, make a list of all the items you have in storage or the items you plan to put in storage.
Make sure you include the cost of the item when you bought it as well as when you purchased it. If applicable, make sure to write down the model and brand name. Some people also like to take photos, so they have a record of what the item looked like when it was entered into storage.
While you can do this on paper, it’s best to have a digital copy. Consider using an organizational app or making an Excel sheet so you can have all the information you need.
You can also ask an appraisal company if you have many different items. They can come to the storage unit and give you a value price. This might be especially helpful if you are overwhelmed with how many items you have.
Storage Unit and Natural Disasters
While most storage unit disasters cover fire and water damage, they might not cover severe natural disasters. You might need to add extra coverage if you live in an area where there are many different natural disasters.
This can help you have peace of mind if you live in an area where there are tons of floods, hurricanes, or other issues.
Renters Insurance and Homeowners Insurance
When you have homeowners’ insurance, you might already have insurance for storage units. Make sure you check the exact terms and conditions of off-premises coverage though, so you know what to expect in case you need to use it.
If you find that your homeowner's insurance does not cover storage units, you can take out insurance from the storage unit or another third party.
The same applies to renters’ insurance. Your company might offer it as an add or you might have to take out a policy with another company.
Vehicle Insurance and Storage Units
When you are storing a car or other vehicle in a storage unit, there are extra rules that apply. You need to have it fully insured and registered even if it’s not being driven or used. You also need to have auto insurance for it.
Self-storage insurance does not include cars so you will need to take out another policy plan.
Is Self-Storage Insurance Worth It?
Many storage companies have climate control and other things that can help to protect your items. This does not mean your items are protected from all damage though. You will need to take out an insurance policy to protect all your items. This way you do not have to constantly worry about your belongings.
Texas Mega Storage in Spring, Texas and Insurance
If you need a place to store your items in a safe and secure environment, bring all your items to Texas Mega Storage in Spring, Texas. They are in Spring, Texas, and have amazing customer service. The storage facility offers RV storage, boat storage, mini storage, large storage units, and climate controlled units. You can keep all your belongings protected, even the ones that are the most valuable to your family and loved ones. Book a unit online or reach out at 281-355-7000.