The Smart Renter’s Guide to Storage Insurance
You’ve found the right storage unit: a secure, clean, conveniently located space. Your items are packed and ready to store. But before you consider the job done, there’s one important question. Do you have storage insurance?
If you’re not sure whether you need it or how it works, this guide is for you. Whether you’re storing seasonal items or furniture, storage insurance offers valuable protection. Your Cincinnati-area experts at Circle Storage are here to share our tips and insights. Here’s what every smart renter should know.
What, Exactly, Is Storage Insurance?
Storage insurance is a policy that protects the belongings in your storage unit. Typically, they cover loss or damage caused by:
- Fire and smoke
- Theft or burglary
- Vandalism
- Water damage
- Natural events
Much like homeowners or renters insurance, storage insurance provides financial coverage when the unexpected strikes. Without it, you may have to cover the full cost of replacement on your own.
Is Storage Insurance Required?
In many cases, yes. At Circle Storage, we require renters to carry insurance on their stored items. This can be accomplished through a homeowners/renters policy or a specialized storage insurance plan. We’re happy to recommend trusted providers if needed!
Even if insurance isn’t required at a facility, it’s highly recommended. While we do everything we can to secure our environment, some events are beyond anyone’s control. It’s best to be proactive about protecting your possessions.
Will Homeowners or Renters Insurance Cover Stored Items?
The short answer? Sometimes, and usually with limitations. Many policies extend a portion of your coverage to personal property stored off-site. In general, this is around 10% of the policy’s limit. For example, if your policy covers $50,000 in personal property, only $5,000 might apply to a storage unit.
Of course, coverage varies by provider. Some types of damage may also be excluded. If you aren’t sure what is and isn’t covered, contact your insurance company. Here are some questions to ask.
- Does my policy include offsite storage coverage?
- What is the coverage limit for stored belongings?
- Are there exclusions or limitations I should be aware of?
- What is my deductible?
How Much Coverage Do You Need?
The amount of coverage you need depends on what you’re storing. A small unit with personal items will differ from a large unit filled with expensive business inventory. To assess your needs, take an inventory of what you plan to store and estimate the replacement value. For example:
- A few boxes of clothing and decor: $2,000 may be enough
- Furniture, electronics, appliances, or tools: $5,000 or more
- Business equipment or large household moves: $10,000+
In most cases, it’s better to overestimate than risk being underinsured in the event of a claim.
3 Simple Steps to Getting Coverage
Choosing the right policy can feel like a daunting task.
- Review Your Current Insurance Contact your insurance provider to confirm whether offsite storage is covered and what the limitations are.
- Choose a Storage Insurance Plan from Circle Storage If you don’t have adequate coverage, we make it simple to purchase a policy when you rent your unit.
- Document Your Stored Items Make a basic inventory and take photos of your belongings before placing them in storage. This will help expedite claims if ever needed.
Additional Tips for Renters
Take photos of and keep receipts for your high-value items. If you have to file a claim, this will be integral for documentation. If items have strong sentimental value, don’t leave them in a storage unit. While insurance may cover the financial loss, it can’t replace the item’s significance.
If you have questions, don’t hesitate to ask the Circle Storage team. We’re always happy to explain your insurance options.
Discover the Circle Storage Advantage
Storage insurance offers a reliable safety net to help you protect what matters most.