Should I Get Self-Storage Insurance?
We recommend it!
Once you bring your valued items to one of our north Texas Macho Self Storage locations, you may ask yourself, “do I need self-storage insurance?” Although, not legally required to have self-storage insurance, having such coverage for your items will give you peace of mind. Keep in mind, once you remove things from your house and store them in a storage unit, those items may no longer be protected under your homeowner's or renter's policy.
When choosing a self-storage insurance policy, you want to make sure it covers loss due to fire, flood, weather, theft, and things beyond your control. If you keep furniture, collectibles, or anything of value in a self-storage unit, you may want to buy extra insurance to protect them.
If you already pay for homeowner’s insurance or renter’s insurance, it just might cover the contents of your storage unit. Your first step should be to double-check the policy, specifically “off-premises coverage.” If you’re covered, congratulations — you can start moving items into storage! If not, the best next step is to chat with a representative at your insurance company to see how much it would cost to extend storage unit coverage to your existing policy. Sticking with your current provider and simply extending coverage is often more cost-effective than starting a new policy. However, we do have a third-party insurance company who can provide insurance coverage if you need it (see info on this below).
Here are some tips on insuring belongings you don’t keep at home from loss or damage due to theft, wind, fires, and other disasters.
What do Home/Renter’s Polices Cover?
Most home/renters policies provide some coverage for items stored away from the primary residence. Be sure to check the off-premises coverage section in your policy. However, many times, that coverage is limited to a percentage of your personal property limit. That can range from 10% – 20%. That means if you have a 10% limit and $50,000 worth of personal property, you could get up to $5,000 if items in your storage unit are stolen or destroyed. Be sure to check with your personal insurance agent regarding such coverage amounts. Separate policies may be required for flood damage.
What about Costly Items?
If you plan to store expensive collectibles, art, furniture, or other valuable items in perhaps one of our climate-controlled units, you might want to consider adding coverage specifically for those items. Confer with your insurance agent to make sure the coverage you have will apply.
There are several options for insuring your valuable items. First, you may be able to add a rider to your current homeowner’s insurance policy, which increases the coverage limit for that specific category, such as jewelry. Another option with your existing homeowner’s insurance may be a floater policy, which covers a specific item. These policies often require an appraisal for the item, but also provide very broad coverage that includes misplacing or accidentally
damaging the item.
A separate insurance policy on a specific item is also an option. These specialized policies are most commonly available for jewelry. Confer with your agent as this option is mostly used for business purposes since homeowner’s and renter’s policies usually exclude them.
How much does self-storage insurance cost?
When it comes to storage unit insurance, you can expect to pay premiums from $8 to $38 per month for coverage of $10,000, depending on the provider.
Does Self-Storage Insurance Cover Natural Disasters?
While some policies may cover accidental damage as a result of fire or water damage, this may or may not apply to several natural disasters. Ask your insurance agent about possible additional coverage needed for such disasters.
How Do I Value My Items?
This is an important step to take when taking inventory of what items you will be putting into storage. Value your items appropriately to ensure adequate coverage. This can be done by considering information about initial cost of the item, purchase date, brand name, model, and pictures.
Is Self-Storage Insurance Worth It?
Storage features like our climate-controlled units help protect your items, but storage insurance provides protection on the back end if your items do get damaged. Look at it like it is just an extra cost that is really an investment in protecting your belongings that are very important to you.
Where Can I Get Self-Storage Insurance?
We recommend StoreLocal Protection to provide your self-storage insurance coverage.
StoreLocal policies cover fire, lightning, smoke, water damage, vandalism, theft, windstorm, snow damage, building collapse, and more.
Find out more at https://www.storelocal.com/company-pages/storelocal-protection-plan/
Five Common Valuables to Insure While in Storage?
1. JEWELRY. It is the number one exclusion under home insurance due to its high value.
Jewely can include anything such as engagement rings, gold sets, watches, and more.
2. WINE. Valuable insurance is the perfect cover for wine that is considered a
collectable/investment. The insurance usually reimburses the policyholder at market
value due to increased value over the years.
3. ARTWORK. Owners of paintings, sculptures, and other art forms should protect its value for monetary and investment reasons.
4. Vintage Property. These are goods at least 20 years old and hold significant value.
Such assets include furniture, home decorations, and vintage cars.
5. INSTRUMENTS. There are millions of musicians worldwide who spend thousands on their instruments. The insurance will normally reimburse the value of instruments at replacement value.
Insurance for storage units can provide a safety net and peace of mind against unexpected loss or damage to your items. Even though natural disasters, theft and vandalism are rare, the cost of insurance is often a small price to pay for the protection and security it offers. As you evaluate your options, remember to thoroughly read and understand the terms of any insurance policy before you commit.
We’ve taken great steps in terms of security measures, to ensure your items are as safe and secure as possible at each of our facilities. Regardless of the Macho Self Storage location you choose to store your valuable belongings, you can expect them to be stored in a secure, well- maintained facility.
We have convenient storage unit locations across north Texas!
