Self storage units tend to be safe, secure places to store belongs that you don’t have space for at your home or office. Some self storage facilities, including AAA Mini Warehouse, employ a variety of security features, such as security cameras, passcoded security gates, on-site staff, and more, to ensure the security of your belongings. While these security measures significantly reduce the risk of theft, they cannot completely eliminate it. And they certainly don’t prevent natural disasters, like fires, floods, and storms. As you do with your home and the belongings in your home, you need to protect the contents of your self storage unit with self storage insurance.
Some people mistakenly believe that the contents of their self storage unit is covered by the self storage company. In general, self storage facilities do not cover damage to or theft of the contents of a self storage unit. Some self storage facilities do offer insurance policies at an additional cost and you pay the nominal premium along with your rent each month.
Another place to check for storage unit coverage is through your homeowner’s or renter’s insurance company. They may or may not cover items stored in a self storage unit for theft and damage from natural disasters. Many policies, however, do not cover damage from flooding, mold, and mildew, so it is important to understand exactly what is covered by your policy.
Regardless of who your insurance coverage is with, it is important to verify the coverage limits. In general, most policies offer coverage of 10 percent of the overall amount of your insurance coverage. Depending on what you are storing in your self storage unit, this amount may or may not be sufficient. If you are storing items of significant value or a large quantity of items, this standard coverage may not be enough. In this case, most insurance companies will offer you the option of increasing the limit of your coverage, which will almost always cost less than taking out a separate policy. While reviewing, and potentially making changes to, your policy, consider also upgrading your policy to include replacement-cost coverage. If your policy only provides cash-value coverage, you will receive only the depreciated value of your belongings in the event of theft or damage.
Before you can determine if your current coverage is adequate, you need determine the value of your storage unit contents. Make a detailed list and take pictures of everything you put into your storage unit. This will also be handy in the event that you have to file an insurance claim. Be sure to verify with your insurance agent that none of your belongings in storage are excluded from coverage. Most people routinely add or remove things from their self storage unit. For this reason, make sure you understand the process for submitting changes to your storage content for the purpose of insurance coverage.