What is a storage unit insurance policy?

Storage unit insurance - Boxes in storage

This coverage can help to protect personal possessions from a number of types of risks.

Storage unit insurance is a type of coverage that provides financial protection for personal possessions where they are being kept.

Possessions can be protected against risks such as damage from weather and vandalism, or from theft.

A storage unit insurance policy is meant to cover the items locked away off-premises from your home such as a house or apartment. While a homeowners’, renters’ or business policy may provide some coverage for what is locked up, that coverage is typically highly restricted when it comes to anything outside the property the policy is linked to. For instance, a home policy will usually have a low coverage cap for items stored outside the dwelling.

Storage unit insurance - Person adding boxes to storage

By purchasing an additional policy, people who have stored their possessions will be able to choose how much coverage they need and can even list specific items that they want to make certain will be protected in case of unforeseen damage or theft. The perils typically covered will include issues such as: fire, smoke, vandalism, theft, lightning, wind, smoke, falling objects, and snow or ice weight.

That said, it’s important to note that standard storage unit insurance will not cover against all perils.

Among the most common exclusions with this type of policy are those that will frequently be excluded from standard homeowners’ coverage. These include earthquakes, mudslides, sinkholes, water backup damage, mold and mildew, neglect, power failure, intentional loss, poor maintenance and upkeep, rodents and insects, and general wear and tear.

It’s important to note that while the abovementioned inclusions and exclusions are true for typical policies, this doesn’t automatically mean that they will apply to all coverage. Consumers looking for protection for stored possessions will benefit from comparing multiple policies not only to find the best deal in terms of premiums but also to ensure the right coverage is found.

Homeowners, renters and business owners can also benefit from knowing what is covered through those policies so that they don’t end up paying higher premiums than necessary for unnecessarily high storage unit insurance.

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