Life Storage Insurance: Is It A Requirement?

Life storage facilities offer a convenient way to store your belongings, but what happens if your items are damaged or stolen? In most cases, life storage companies do not provide insurance for your stored items. This means that you are responsible for obtaining your own insurance policy to protect your belongings. There are specialized insurance companies that offer coverage for items in storage, and some homeowners or renters insurance policies may also provide limited coverage for stored property. It's important to carefully review the terms and conditions of your insurance policy to ensure that your stored items are adequately protected.

Life Storage requires insurance to protect your belongings

Life Storage requires insurance for your stored items as a necessary precaution. While Life Storage takes extensive measures to ensure the safety and security of your belongings, unforeseen events can occur. Obtaining insurance for your stored possessions provides an additional layer of protection and peace of mind.

Life Storage values the safety and security of your items above all else. To that end, they have implemented robust security measures across their facilities. These include 24-hour video surveillance, well-lit premises, electronic entry systems, and secure access protocols. Additionally, their facilities are constructed with sturdy materials and meticulously maintained to prevent potential damage from pests, water, or fire.

Despite these comprehensive safety measures, Life Storage still strongly recommends obtaining insurance for your stored belongings. This insurance serves as a safeguard against unpredictable events, such as natural disasters or unforeseen circumstances, that may result in damage or loss. By having insurance, you can rest assured that your possessions are protected, and you won't incur financial hardship in the event of an unexpected incident.

When selecting insurance for your stored items, it's essential to consider your specific needs. Evaluate the value of your belongings and choose a coverage plan that aligns with that value. Carefully review the terms and conditions of the insurance, understanding what is covered and the process for making a valid claim. Be sure you know the steps to take in the event of damage, loss, or theft.

Obtaining insurance for your stored belongings is a prudent decision that complements Life Storage's security measures. By prioritizing insurance, you enhance the protection of your items, safeguarding them from any unforeseen circumstances. This way, you can have peace of mind and full confidence in the safety of your valuables while utilizing Life Storage's solutions.

You may need to buy separate insurance for stored items

When you rent a storage unit, it's important to consider the insurance coverage for your stored items. While your items are important to you, to your storage facility, they are just property left on their premises, and they will not be responsible for any damage or loss. This is why you may need to purchase separate insurance for your stored items.

Life Storage, for example, might require tenants to have insurance for their stored items. Their website could state that "tenants are required to maintain insurance on their stored property". This is to ensure that tenants are protected in case of any damage or loss.

Most storage facilities do not provide insurance for your stored items. This means that you need to take out a separate insurance policy to cover the value of your possessions. There are several insurance options available, including purchasing a policy through the storage facility or adding a rider to your existing homeowner's or renter's insurance policy.

Purchasing a separate insurance policy for your stored items can give you peace of mind and protect you financially in case of any damage or loss. It is important to carefully consider the value of your stored items and choose an insurance policy that provides adequate coverage. Additionally, be sure to read the fine print of any insurance policy before purchasing to understand what is and is not covered.

Renters insurance may cover stored items, but with limits

Life Storage requires you to insure your belongings for your own protection. If your renters, homeowners, or other insurance policies do not cover your belongings in a storage facility, Life Storage can provide an easy solution that is payable with your monthly rent.

Renters insurance may cover your 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 mold, mildew, and flooding is typically not covered.

The majority of standard renters insurance policies automatically cover storage units, protecting your personal belongings whether they are stored at home or in a storage unit. This means that if your personal property is stored in a storage facility and is damaged by a covered peril, your renters insurance company will reimburse you up to the policy's limit.

Items in your storage unit are covered by your renters insurance but are subject to a sub-limit, which is the maximum amount your insurance company will pay for them. For example, if your renters insurance policy has a limit of $50,000 for personal property, you'll likely only get $5,000 of coverage for your belongings in a storage unit.

It's important to note that renters insurance does not cover high-value possessions like furs and jewelry. These items commonly need a special form of insurance, which may be purchased separately from your local insurance agent.

Additionally, just like homeowners and renters policies, flooding is not typically covered unless special flood insurance is purchased.

Self-storage insurance is a popular alternative

Customization: With self-storage insurance, you have the flexibility to choose the level of coverage that suits your specific needs. You can select a plan that takes into account the value of your possessions and the specific risks you want to protect against. This customization ensures that you're not overpaying for unnecessary coverage or left underinsured in the event of a claim.

Affordability: Self-storage insurance is often more affordable than standard insurance options. By opting for a specialized plan, you can benefit from competitive rates tailored to the unique nature of self-storage. This cost-effectiveness makes it accessible to a wide range of customers, especially those with budget constraints.

Simplicity and Convenience: Self-storage insurance is typically easy to obtain and manage. It can be purchased directly from reputable insurance providers, the storage facility, or through online platforms. The straightforward application process ensures you can secure coverage without delays or complications.

Comprehensive Coverage: Self-storage insurance policies cover a wide range of risks, including damage from fire, water, smoke, and natural disasters. They also typically provide protection against theft and vandalism, ensuring your belongings are safeguarded against various threats.

Specialized Protection: Some self-storage insurance providers offer enhanced coverage for unique or valuable items like collectibles, antiques, artwork, or expensive equipment, taking into account their specific risks.

When considering self-storage insurance, carefully review the terms and conditions, exclusions, limitations, and any requirements for filing a claim. Self-storage insurance provides peace of mind, ensuring your stored items are protected.

Life Storage insurance may not cover all risks

• Coverage Limits: Most insurance policies, including renters and homeowners insurance, have coverage limits for items stored in a storage unit. For example, your renters or homeowners insurance may only cover up to 10% of your policy's personal property limit for items in a storage unit. If the value of your stored items exceeds this limit, you may not be fully covered.
• Excluded Items: Certain items, such as jewelry, furs, cash, and other high-value possessions, are typically excluded from storage unit insurance policies. If you plan to store any of these items, you may need to purchase additional coverage or a separate policy specifically for these items.
• Specific Exclusions: In addition to excluded items, there are usually specific perils or events that are not covered by storage unit insurance. For example, water damage, earthquakes, tremors, sinkholes, mudslides, and poor maintenance may be excluded from coverage. Be sure to carefully review the policy to understand what is not covered.
• Deductibles and Reimbursement: Storage unit insurance policies often have deductibles, which is the amount you must pay out of pocket before the insurance coverage kicks in. Additionally, reimbursement for covered losses may be based on the actual cash value of the items, rather than the replacement cost. This means you may not receive enough money to replace your damaged or lost items with brand new ones.
• Policy Requirements: To ensure coverage, it is important to follow any requirements specified in the insurance policy. For example, some policies may require you to maintain an updated inventory of your stored items or submit an inventory with your claim. Failure to meet these requirements could result in a denial of coverage.
• Pre-existing Damage: Life Storage Insurance, like any other insurance policy, will not cover pre-existing damage. If your belongings are already damaged or destroyed before you obtain the insurance, you cannot make a claim for those items.

It is always important to carefully review the terms, conditions, and exclusions of any insurance policy before purchasing it. Don't hesitate to ask questions and seek clarification from the insurance provider to fully understand the coverage provided and any limitations or exclusions that may apply.

Frequently asked questions