Do You Need Insurance on Storage Unit Contents?

Generally speaking, self-storage facilities do not provide ANY insurance on the contents of your storage room. With limited exception, self-storage facilities are not legally liable for damage to your property under Washington Law and by the terms of the rental contract. One Stop Mini Storage is no exception; we don’t insure the contents of your storage unit.

The good news is that you don’t need the self-storage facility to provide insurance coverage anyway.

I have Homeowners or Tenant Homeowners (Renter’s) Policy:

Most Homeowner or Tenant Homeowner (also called “Renter’s”) Policies provide property coverage for personal property which is away from your home including in a storage room. However, coverage provided by a Homeowner or Renter policy would not apply to property used in business or inventory intended to be sold as part of a business venture. Special property such as jewelry, stamps, coins, and antiques can be limited. Motorized vehicles generally are not covered by a Homeowner policy. Check with your insurance agent to verify your policy will apply to property in your storage room.

Although an existing Homeowner policy may provide coverage, be aware a loss will be subject to the deductible of the Homeowner policy.

I do NOT have a Homeowner or Tenant Homeowner (Renter) Policy:

Get one. A Tenant Homeowner (Renter) policy is the least expensive option and by far better coverage than policies sold for just storage units. You are eligible for a Renter Policy whether you rent a house, apartment, share a place with others, or live in your mom’s basement. It is absolutely not necessary to have a lease in your own name.

I am storing Business Property:

If you are storing property used in or by a business venture ask your Agent if your business policy provides coverage “off-premise” including a storage room. Business policies vary widely, but many provide some limited coverage away from your business premise. It is always possible to add the storage unit as a “location” on a business property policy, generally for very little cost.

Other facilities offer Storage Unit Insurance:

Policies on just the contents of a storage unit are such a poor value; One Stop Mini Storage no longer offers them. Despite being a profitable add-on, we prefer to give our tenants sound advice than take their money.

Storage Unit policies appear to have a reasonable monthly cost, but when compared to a Tenant Homeowner Policy on a per dollar of coverage basis, they are several times more expensive. And the coverage is inferior to a renter/homeowner policy. Deductibles are usually lower, but that is offset by the high premium cost.

With or without insurance, always take the following precautions:

• Lock your unit with the best lock you can find. We recommend the round-type disc locks.
• Store items that could be damaged by water off the floor.
• Never store jewelry, valuables, or items that can’t be replaced in a storage unit.
• Report suspicious activity to management.