Do you need storage unit insurance? ~ Bellhop Bellhop Blog


Many people still refuse to buy storage unit insurance, either because they don’t think it’s worth the money or because they don’t want to deal with the hassle. People are deterred from purchasing insurance because they believe “it will never happen to them,” and unfortunately, many regret their decision. Insurance companies share some of the blame, too. Individuals and businesses alike have been discouraged from the different forms of insurance themselves and their valuable items due to high rates, ambiguous contracts, and unethical activities.

However, there are several things to consider when it comes to renters insurance policies. What is covered by storage insurance? Is it necessary to insure my storage unit? Is it included with my storage unit agreement with the storage company, or would I have to go shopping for a proof of insurance? Insurance is necessary when it comes to protecting your home’s belongings from major events such as an event of burglary. Even if your home already has top-notch security measures in place, it’s something you purchase. You never know when or if unexpected events will occur that will have a negative impact on your home.

Just as your home isn’t impervious to harsh weather, fire, break-ins, or other unforeseen catastrophes, neither does a storage facility. Even though such activities are extremely low-risk, these facilities are covered by commercial insurance. If you’re like most people, you assume that renters insurance coverage extends to any items you put in storage.

Although this is a reasonable assumption, it is a widespread misconception regarding this aspect of self-storage, particularly when you are considering putting all of your expensive items in storage. However, before you start worrying about how you’ll insure your stuff, it’s always a good idea to double-check your current insurance options to ensure you’ll have adequate coverage.

Insurance is nearly always required by storage unit companies, although coverage options differ from one to the next. The most frequent methods for obtaining coverage are:

Bellhop - "Best Movers Ever'
  • Insurance can be purchased from the storage facility: The majority of the storage facility firms provide in-house insurance. That means you pay a storage unit business to store and insure your goods.
  • Make use of your own insurance coverage: Many storage businesses will allow you to use your own current policy or renters insurance. Just keep in mind that you’ll need to provide evidence of insurance (if you can’t find it, your insurance company can give you another copy), for your self-storage insurance claims.
  • Use a third-party service: A storage unit facility may be able to connect you with a reputable third-party insurance provider for storage insurance. This is most common when the self-storage facility lacks an in-house insurance option.

 This article will answer all of your questions and lead you through everything you need to know about insurance for storage units, including how our partners provide free protection at no additional cost.

What is storage insurance?

Self-storage insurance is a type of policy that covers your storage items and business assets while they are being stored. There is a wide range of self-storage insurance policies available, and many storage facilities will need you to get storage insurance before accepting your belongings and high-priced items. Some form of insurance will even cover your items while they are being transported to and from the storage facility.

Do I need insurance for my storage unit?

Yes, most storage firms demand insurance before renting a unit. There are, however, exceptions. Some storage facilities do not need you to get insurance but strongly advise you to do so. Many storage facilities that require mandatory storage insurance will only allow consumers to purchase it from them, or may even include it in the overall storage charge without informing the customer. Because of this lack of choice and outright abuse of clients, self-storage customers pay three times as much for insurance coverage than they would if they shopped about. Generally, in most circumstances, you will be required to carry insurance to rent a property.

So, do I really need insurance for my storage unit?

Yes, you do. While the vast majority of self-storage facilities are incredibly secure with sophisticated surveillance systems and fires are very rare because of strict safety practices and fire regulations, there will always be some risk associated with any stored items. Storage facilities can do all they can to minimize risk by complying with safety standards and fire regulations but it is in everyone’s interest that storage items are properly insured. If your personal possessions or business goods are important enough to store in the first place, they should be important enough to insure too. The risk of theft or damage may be minuscule but fire incidents act as a timely reminder of the real and substantial costs when disaster strikes.

Why do I need insurance for my storage unit?

Storage unit insurance (sometimes called renter insurance) is required for the same reason that homeowners insurance is required: things might go wrong. Insurance protects you from natural disasters such as floods, fires, and break-ins. Furthermore, most companies will not rent you a storage container unless you have it.

The Better Way to Move

What does storage unit insurance cover?

Because storage unit insurance coverage differs by location, it’s critical to inquire about specifics. The majority of plans cover your items against a variety of losses and damages. Following are some of what a storage unit insurance covers:

  • Explosion
  • Fire or lightning
  • Riot or civil commotion
  • Smoke
  • Theft
  • Vandalism
  • Windstorm or hail
  • Insect or vermin damage

What doesn’t self-storage insurance cover?

Self-storage insurance, like any other sort of insurance, has some policy limits that you should be aware of. While each insurance provider’s policy requirements will vary slightly, there are a few instances where you may need a separate policy:

  • In the event of damaging events such as floods (there is special flood insurance ), earthquakes, or mudslides, standard plans often do not protect your stored belongings. You may need additional coverage. If you reside in a region where natural catastrophes are more frequent, consider obtaining supplemental disaster insurance for your high-value possessions in storage units. 
  • No coverage for storage units containing dangerous contents e.g. flammable liquids or toxic chemicals.
  •  No coverage for storage units containing any form of currency e.g. cash, coins, credit cards, cheques, bank drafts, vouchers, lottery tickets, etc.

It’s essential to confirm with your insurance provider the types of damage your policy covers and what it doesn’t. All of this should be included in the insurance contract or rental agreement, so double-check the policy terms before signing on the dotted line.

Should I buy the storage unit company’s insurance?

Before acquiring storage facility insurance, there are a few things to think about. To determine whether you should consider the storage facility’s insurance, go over this basic set of questions:

Is it mandatory?

Some storage providers require you to use their insurance and will battle you if you refuse. It may come down to whether you want to buy their renters’ policy and insurance, or consider another facility owner. While you should do what makes you feel most comfortable, we believe that any refusal to enable you to use your homeowners or renters insurance is a symptom of bad customer service.

Is it affordable?

Examine the storage unit company’s coverage to evaluate whether it offers enough storage unit protection. Call your insurance agent if you’re not sure what a good rate is. A five-minute phone conversation will help you figure out whether the insurance is reasonable—or a rip-off.

Is it adequate?

Check to see if the storage facility’s insurance satisfies your requirements. Keep track of what’s covered and what the coverage limits are. If a storage unit provider doesn’t cover jewelry (or just covers a small amount of jewelry), it’s usually not the ideal option for your necklaces, earrings, and bracelets.

Other things to know about renting a storage unit

You may never have to submit an insurance claim since the top storage facilities maintain your belongings so safe. However, the following features at storage facilities are of utmost importance:

  • Basic security: Renters of storage units may be concerned about theft of stored items such as jewelry items. Look for a storage facility that has a fence around it and an electronic keypad at the door. Inquire with the on-site manager about the company’s surveillance cameras. If you have video evidence of what went wrong, it may be easier to file a successful insurance claim. 
  • Climate control: Although not everyone requires heating and air conditioning, excessive temperatures and extreme weather can harm furnishings and appliances in self-storage units. Climate-controlled units eliminate this concern from your list of concerns when looking for reputable storage facilities.
  • Cleanliness: A storage company that doesn’t even clean up its trash probably doesn’t have the best security. If a storage unit facility appears to be a slum, it’s probably advisable to keep driving and hunt for another option. Pests that eat garments and cardboard are more likely to be found in filthy facilities.
  • In-house insurance: If a storage unit provider accepts your insurance and offers its own, that’s a good sign. Avoid a storage company that needs you to jump through hoops to insure your property.

How our partnership with our trusted self-storage providers can help you

At Bellhop, we have our trusted and preferred self-storage partners with who we’ll give you peace of mind with everything about storage and storage insurance. When you visit our partners’ local storage facilities, you’ll no doubt notice the security features onsite, like cameras, electronic access points, sprinklers, and other safety measures. Naturally, these features are there as safeguards to protect goods in storage.

However, our storage partners recommend that all of our self-storage customers insure their items. But while we encourage insurance coverage, it is not compulsory. Our partners’ policies are varied, flexible, and competitively priced to ensure you are getting the best deal possible. Get in touch with us today for a free insurance quote or to discuss your self-storage options. Additionally, if you need assistance with moving your items into storage, here is a guide on tips for comparing moving company quotes. Of course you can always give us a call as well!

Harrison Stevens