Auto Insurance For Storage Units: What's Covered?

If you're looking to store your car, you may be wondering if your auto insurance policy will cover it. The answer is that it depends. While you are not legally required to insure a car that is not being driven and is in storage, comprehensive car insurance can protect your vehicle from theft, weather events, and vandalism while it's not being used. This type of coverage is especially important if you have a car loan or lease, as your lienholder will likely require comprehensive coverage to be maintained at all times. Additionally, storage unit companies almost always require insurance, but the type of coverage can vary. You may be able to use your auto insurance policy to fulfil this requirement, but it's important to carefully review the terms of your policy and the storage unit contract to ensure that your vehicle is adequately protected.

Renters insurance and storage units

Renters insurance may cover personal property located in a storage facility against theft, vandalism, and weather-related damage, up to your policy's limits and minus any deductible. However, damage from mould, mildew, and flooding is typically not covered. It is important to note that renters insurance usually has a coverage limit for belongings outside of your residence, often set at 10% of your total personal property coverage. For example, if you have $25,000 of personal property covered by your renters insurance policy, coverage outside of your residence, including a storage unit, would total $2,500.

To increase coverage for items in a storage unit, you have a few options:

• Raise your overall coverage limit.
• Increase the coverage limit specifically for off-premises items.
• Purchase additional coverage from the storage company or a third-party provider.

It is worth noting that some storage companies may require you to carry renters insurance or a self-storage rental insurance policy as part of your contract. Additionally, certain high-value items, such as jewellery, may have sub-limits within your policy, and you may need to add a rider or schedule an item to protect it up to its replacement value.

To ensure adequate coverage, it is recommended to document your items in storage by taking photos, videos, and creating an itemised list with replacement values. This will assist in the claims process if needed.

Home insurance and storage units

Storage unit insurance is typically included in homeowners or renters insurance, so your belongings are likely protected no matter where they are. However, it's important to check with your insurance provider, as coverage may be limited when it comes to off-site storage. For example, homeowners insurance may cap coverage for off-premises items at 10% of your dwelling coverage amount.

If you don't have homeowners or renters insurance, or if you're storing expensive items, you may want to consider purchasing a stand-alone storage unit insurance policy. This can be bought from specialised vendors or directly from the storage facility.

If you already have home or renters insurance, you may still want to consider purchasing additional coverage, especially if you're storing high-value items. You can do this by raising your overall coverage limit or purchasing an endorsement to cover specific items.

When reviewing your options, it's important to compare the coverage limits and exclusions of different policies. For example, some storage unit policies may exclude certain forms of water and smoke damage. Understanding what is and isn't covered will help you make an informed decision about the level of protection you need.

Additionally, keep in mind that even with insurance, some items may be irreplaceable. Taking proactive measures to protect your belongings, such as choosing a secure storage facility and using proper wrapping or storage methods, can help minimise the risk of damage or loss.

Storage unit insurance cost

Storage unit insurance financially protects your personal possessions in a storage unit from problems like theft, vandalism, and weather damage. It is typically included in homeowners or renters insurance policies, covering your belongings anywhere in the world. However, this coverage is usually limited to 10% of your policy limits for items in a storage unit. Therefore, if your policy's personal property limit is $10,000, your insurance will cover $1,000 worth of items in storage.

If you don't have homeowners or renters insurance, or if you're storing expensive items, you can buy stand-alone storage unit insurance from specialized vendors. The cost of this insurance depends on the provider and the level of coverage.

The two largest companies specializing in self-storage insurance are SafeStor and MiniCo. SafeStor offers three policy limits with a maximum coverage of $15,000 for $24 per month and a $100 deductible. On the other hand, MiniCo offers more than two dozen plans with a maximum policy limit of $75,000 for $240 per month.

Other vendors, like SnapNsure, offer storage unit insurance starting at $7.99 per month, providing coverage of up to $25,000 per unit.

It is important to note that storage unit insurance does not cover all types of damage. For example, standard policies typically do not include coverage for water damage, earthquakes, or mudslides. Therefore, it is essential to carefully review the policy details and understand the coverage limits and exclusions before purchasing storage unit insurance.

Storage unit insurance coverage

When considering storage unit insurance coverage, it's important to review the specific details of the policy. Ask about extra insurance for natural disasters like floods, especially if you live in an area where these events are more likely to occur. Additionally, pay attention to coverage limits and exclusions for certain valuable items, such as jewelry or expensive artwork.

Before purchasing storage unit insurance, it's recommended to compare your options. Evaluate the coverage offered by the storage unit company, your personal insurance policy, and any third-party alternatives. Consider the types of items you plan to store and their value to ensure you have adequate coverage. Taking an inventory of your belongings will help you determine if you have sufficient insurance protection in place.

Overall, storage unit insurance provides financial protection for your personal possessions in case of theft, vandalism, or weather-related damage. By understanding the coverage options, exclusions, and limitations, you can make an informed decision to safeguard your valuables.

Storage unit insurance providers

Storage Facility's Insurance

Most storage unit companies offer in-house insurance, meaning you pay the storage company to store and insure your belongings. However, their policies may have limitations and exclude certain forms of damage, such as water and smoke damage. Therefore, it is essential to carefully review the policy and compare it with your personal insurance to ensure you are getting adequate coverage.

Your Own Insurance

Many storage unit companies allow you to use your personal homeowners or renters insurance. You will need to provide proof of insurance, and it is a good idea to check with your insurance agent about the coverage limits for stored items, as these may be lower than the limits for belongings at your home.

Third-Party Insurance

If the storage facility doesn't have an in-house insurance option, they may connect you with a third party for your storage insurance needs. You can also purchase stand-alone storage unit insurance from specialized vendors. This option may be preferable if your personal insurance has low coverage limits for stored items or if you don't have renters or homeowners insurance.

Specialized Vendors

SafeStor and MiniCo are the two largest companies specializing in self-storage insurance. SafeStor offers three policy limits with a maximum coverage of $15,000 for $24 per month with a $100 deductible, but it excludes expensive items like jewelry. MiniCo offers more than two dozen plans, with a maximum policy limit of $75,000 for $240 per month, but it is more expensive and also excludes specific items.

Another option for stand-alone storage unit insurance is SnapNsure, which offers "real" insurance policies for fixed and mobile storage, providing coverage for items that other mobile storage companies may exclude. Their plans offer savings of up to 50% and coverage of up to $25,000 per unit, which is significantly higher than the average coverage provided by renters or homeowners insurance.

Additional Considerations

When choosing a storage unit insurance provider, it is important to compare coverage limits and exclusions carefully. Additionally, consider the safety and security measures of the storage facility itself, as this can reduce the likelihood of needing to file an insurance claim.

Frequently asked questions