Storage Unit Insurance Guide: How to Protect What You Store

Storage unit insurance helps protect your belongings in the event of a break-in, fire, natural disaster, or any other unforeseen circumstances that can happen, no matter how seriously the location takes security measures. It’s helpful to know the cost of storage unit coverage, what’s included, and how to tell when you need it.

If you want to keep self-storage insurance as simple as possible, Storage Star can help. Many people rent storage space from one company and buy insurance from another. When you rent with us, you can get the unit and the insurance policy in one place.

Have questions? Ready to get started? Find a storage facility near you to get in touch!

What Is Storage Unit Insurance?

If you’re familiar with renters’ insurance policies, storage unit insurance (also called “tenant insurance” or “contents insurance”) works similarly. Your insurance coverage applies to your belongings, not to the storage facility itself.

For instance, if a windstorm comes through and tears the roof off a storage facility, the facility owner could use their own insurance policy to pay to fix it. If the storm destroyed two pieces of furniture in your storage unit, you could file a claim against your policy.

Although specific exclusions vary based on the policy, your belongings are usually safeguarded from certain covered perils.

Theft and Vandalism

Most reputable self-storage facilities use security measures to reduce the risk of theft. For example, Storage Star has gated facilities, on-site staff, and 24/7 video surveillance. However, just like you lock the doors and windows of your home to keep it secure — yet still know there’s always a small possibility of a break-in — the same is true for a storage unit. Strong security greatly minimizes the risk, but storage unit insurance adds an extra layer of protection for your peace of mind.

Fire Damage

If your unit is affected by fire, having the right insurance policy means you won’t have to cover your losses out of pocket.

Water Damage

Burst pipes, roof leaks, and other mishaps can quickly cause thousands of dollars’ worth of damage. Storage unit insurance can pay for damaged or destroyed property.

Natural Disasters

Tornadoes, hurricanes, and other natural disasters can completely destroy a storage unit (and everything in it). When you have enough personal property coverage, you can avoid the financial hit that comes after a major disaster.

Do You Really Need Storage Unit Insurance?

Short answer: Yes! Here’s when and why you need storage insurance: 

When Leasing From a Professional Storage Company

When you lease a unit from a professional storage facility like Storage Star, your rental agreement will usually require you to have insurance coverage. If your storage facility doesn’t require insurance, that’s not a perk – it’s a red flag! Without insurance, your items are at risk, which is a telltale sign of a facility that doesn’t value your business.

When Storing Valuable or Irreplaceable Items

You shouldn’t assume that just any policy will be sufficient to cover high-value items. If a particular item exceeds your policy’s coverage limits, you may need an endorsement or additional coverage.

Just like renters’ insurance, some storage unit insurance policies have sub-limits. For example, imagine you purchase a policy with a $20,000 limit. At first, you think that’s enough to cover your $10,000 jewelry collection. But when you look closer, you see your policy has a jewelry sub-limit of $5,000.

To make sure all of your belongings are covered, you would need to purchase additional insurance for the other $5,000 of jewelry.

When Your Homeowner’s or Renter’s Policy Doesn’t Extend Coverage

You might wonder, “Does my homeowner's insurance cover my storage unit?” It might. Usually, a renters’ or homeowners’ insurance policy will cover items stored away from home (up to a certain percentage of your total personal property coverage limit, which is usually 10% to 20%).

Here’s an example. Imagine you have a home insurance policy with a $20,000 personal property limit. Your policy will cover up to 10% of your personal property limit for off-site losses, or $2,000.

How Much Does Storage Unit Insurance Cost?

Depending on your insurance company and level of coverage, the cost of storage unit insurance can vary. However, it’s more affordable than many people think.

Generally, monthly premiums range from $8 to $40, and most policies are in the $10-$20 range. However, many factors can influence the cost of your policy.

The Value of Your Stored Items

Storage unit insurance policies with higher coverage limits typically cost more. With all else being equal, you’ll pay more in premiums for a policy with a $50,000 limit than one with a $20,000 limit.

The Storage Location and Level of Risk

Storage unit insurance policies tend to cost more in areas that are more prone to fires, floods, and other disasters. The greater the chance that you’ll file a claim, the more insurance companies charge.

Facility Features

Renting a storage unit with gated access, climate control, and other premium features tends to cost more on average. However, insuring items stored in these units usually costs much less because they’re less likely to be damaged.

Deductibles and Coverage Tiers

Your deductible is the amount you have to pay out of pocket before your insurance policy kicks in. Higher-deductible plans tend to cost less in premiums over time. However, if you need to file a claim, you’ll have to pay significantly more out of pocket.

What Does (and Doesn’t) Storage Insurance Cover?

Before you start looking for insurance for a storage unit, it can be helpful to understand what’s usually covered (and not covered). These are some of the most common covered perils:

• Fire damage

• Wind damage

• Hail damage

• Lightning damage

• Theft or vandalism

• Water damage from leaks or burst pipes

• Smoke damage

Damage from pests is sometimes covered, but this can vary considerably from policy to policy.

These are some of the perils that usually aren’t covered:

• Mold and mildew

• Flood or earthquake damage

• Gradual deterioration

• High-value collectibles, jewelry, or cash (unless you have specialized coverage)

• Damage due to negligence or improper storage

These are some general trends, but you should never assume something is or isn’t covered without reading the policy first. If you’re unsure, your insurance agent or storage facility staff should be able to help.

Once you have your policy, take detailed inventory photos of your belongings. These can be very helpful for proving the condition (or existence) of your items.

How to Choose the Right Storage Unit Insurance

If you’re shopping for storage unit insurance coverage, make sure to look for the following:

• The right coverage limit based on your property’s value

• Low deductibles and flexible or affordable monthly premiums

• Quality customer support and a straightforward claims process

• Compatibility with your storage provider (some storage facilities only work with approved insurance companies)

Don’t forget to compare your options before you buy. Before committing to a policy, look at the coverage offered by your homeowners’ or renters’ insurance, the storage facility’s in-house option, and third-party insurance providers.

Storage Star’s Storage Unit Insurance Program

Are you looking for an easy way to protect your belongings? Storage Star’s monthly insurance plan might be the answer:

• It’s an affordable monthly add-on to your bill with no extra paperwork

• You can activate it instantly when you start renting

• It covers water damage, theft, fire, natural disasters, and other common perils

• You get peace of mind without having to deal with third-party insurance providers

Ask our team about adding insurance to your rental today. It’s the easiest way to protect what matters most.

Tips for Protecting Your Belongings in Storage

Insurance and prevention go hand in hand. To keep your belongings as protected as possible, follow these quick, practical tips:

• Store wooden furniture, musical instruments, electronics, and other sensitive items in climate-controlled units

• Elevate items off the ground

• Don’t store anything perishable or flammable

• Before putting items in your storage unit, make a detailed inventory list with photos

One of the best ways to reduce the risk of problems down the line is to choose a reputable facility like Storage Star.

Frequently Asked Questions About Storage Unit Insurance

Does my homeowners' or renters’ insurance cover my storage unit?  

Usually, these policies will cover storage units up to a percentage of your personal property limit. They often exclude very valuable items. Before declining storage insurance, talk to your insurance agent to make sure you know what’s covered.

How much is storage unit insurance per month?

Storage unit insurance is usually around $8 to $40, with many policies in the $10-$20 range. This is a national average and depends on your area, policy, and the items you’re insuring. 

What types of damage does storage insurance cover?

Storage insurance usually covers damage from burst pipes and water leaks, fire, theft, and natural disasters. Always look closely at a policy’s list of covered perils before purchasing it.

What’s the difference between a storage protection plan and storage unit insurance?

A storage protection plan is a contract with the storage provider where the provider agrees to accept some liability for damages. An insurance policy is a contract with an insurer, and it generally offers higher coverage limits and more comprehensive protection. Learn about Storage Star’s tenant protection and insurance policies.

How do I estimate how much coverage I need?

Add up the replacement cost (not the actual cash value) of each piece of property. Your policy limit should be high enough to replace all of your stored property. 

Will storage insurance cover my vehicle?

Yes, storage insurance can cover a variety of vehicles, including recreational vehicles, motorcycles, commercial vehicles, and even antique and collectible cars. Coverage details may vary, so check your policy to ensure your specific type of vehicle is protected while in storage.

Will storage insurance cover my boat?

Yes, storage insurance can cover boats. This includes traditional boat storage as well as options to store your jet ski or other personal watercraft. Always confirm with your insurance provider to make sure your boat or watercraft is fully covered while in storage.

Store More, Stress Less

Storage unit insurance is an essential part of protecting your belongings, and it fills in gaps that renters’ or homeowners’ insurance might not cover.

When you rent a unit at Storage Star, you can add insurance in minutes, giving you peace of mind and full protection for your stored belongings. Find a storage facility near you to get started.