Best Types of Insurance for Storage Units | Legacy Covered
Storing your valuable items in a storage unit can be a great way to free up space at home, but it comes with a key question: What if something goes wrong? Whether your things are damaged, stolen, or lost due to an accident, it’s crucial to protect them. This is where insurance for storage units comes into play. In this guide, we’ll walk you through why types of insurance for storage units matter, the different types of coverage available, and how to pick the right one for your needs.
Why Is Insurance for Storage Units Important?
Many people use storage units to declutter their homes or store seasonal items. However most self-storage facilities don’t provide insurance that fully covers your belongings. In the event of theft, fire, water damage, or other unexpected disasters, you could be left to foot the bill for any loss or damage to your stored items.
Here’s why types of insurance for storage units are a smart idea:
- Protection Against Theft: If someone breaks into your storage unit and takes your belongings, insurance helps ensure you’re not left empty-handed.
- Coverage for Damage: From fire to water damage, storage unit insurance can help pay for repairs or replacements.
Peace of Mind: Knowing your things are protected helps you sleep easier, especially if you’re storing valuable or sentimental items.
Different Types of Insurance for Storage Units
- Facility-Provided Insurance (Basic Insurance)
Some storage facilities offer basic insurance as part of your rental agreement, but this is often limited. It may not cover the full value of your items, especially if you’re storing high-value possessions like electronics or antiques.- Pros: Simple to set up and usually included in your rental contract.
- Cons: Coverage is often minimal and may not protect all your belongings.
- Third-Party Insurance
Independent insurance providers offer third-party coverage specifically for storage units. This type of insurance tends to be more comprehensive and customizable than facility-provided types of insurance for storage units.- Pros: Better coverage and flexibility to meet your needs.
- Cons: May come with additional costs and require some research.
- Homeowners or Renters Insurance
You might be surprised to learn that your homeowners’ or renters’ insurance could extend coverage to your storage unit. Check with your provider to see if your policy covers stored items. This can be a great way to save on extra coverage if your current policy applies.- Pros: Can be an affordable option if your home insurance already covers storage.
- Cons: May not cover all types of damage or theft, and coverage limits can vary.
- Contents Insurance
Contents insurance is designed specifically for items stored outside of your home, like in a storage unit. You can buy this coverage separately or add it to your existing policy. It covers your belongings in case of theft, damage, or loss.- Pros: Tailored specifically for the needs of those using storage units.
- Cons: Extra cost on top of standard renters or homeowners insurance.
Key Factors to Consider When Choosing Insurance for Your Storage Unit
Before you purchase types of insurance for storage units, it’s important to consider a few things that could impact your decision. Here’s what you should think about:
Value of Your Stored Items
How much are your items worth? If you’re storing expensive electronics, family heirlooms, or other high-value items, you’ll want to ensure you have enough coverage to replace them if something happens.
Tip: Make an inventory of your stored items and their value. This can help you decide how much coverage you need.
What’s Covered?
Different policies cover different types of damage. Make sure the policy you choose covers common risks associated with storage, such as:
- Fire
- Water damage (including flooding)
- Theft or burglary
- Vandalism
- Natural disasters (earthquakes, hurricanes, etc.)
Cost of Premiums and Deductibles
As with all insurance, you’ll need to balance the premium cost with the level of coverage you need. A more comprehensive plan typically means higher premiums, but you can reduce your premiums by selecting a higher deductible.
Tip: If you’re okay with taking on some extra risk, choosing a higher deductible can help reduce your monthly payments.
Exclusions
It’s crucial to understand what isn’t covered by your policy. For example, many storage unit insurance policies won’t cover valuables like jewelry, art, or expensive electronics. If you’re storing these types of items, make sure to check if you need separate coverage.
Policy Limits
Most policies will have a limit on how much they’ll pay out for a claim. Ensure the policy’s payout limit is high enough to cover the full replacement cost of your stored items. If necessary, you may be able to increase the payout limit for an additional cost.
How to File a Claim for Storage Unit Insurance
- Report the Incident: Contact your insurance provider as soon as you notice damage or theft.
- Provide Documentation: You’ll need to provide evidence of the damage or loss, such as photos, an inventory list, or a police report if it’s a theft.
- Work with an Adjuster: An insurance adjuster may visit the site to assess the damage and determine the payout.
- Receive Your Payout: Once the claim is approved, you’ll receive compensation, up to the policy’s limit.
Why Legacy Link Can Help with Your Storage Unit Insurance
While insurance protects your items, it’s also crucial to keep your insurance documents organized and easily accessible. This is where Legacy Link comes in. Legacy Link is an online service that securely stores important documents related to your insurance, such as:
- Your insurance policies
- Contact information for your insurance provider
- Claims documents, photos, and receipts
By storing these important documents on Legacy Link, you ensure that all your insurance details are in one place and easy to access if something happens to your types of insurance for storage units.
Conclusion
Insurance for your storage unit is essential for protecting your valuable items. Whether you go with facility-provided insurance, third-party coverage, or extend your homeowners insurance, it’s crucial to find the right policy for your needs. Take the time to consider the value of your belongings, what’s covered, and any exclusions or limits before making your decision.
And don’t forget to use Legacy Link to securely store all your types of insurance for storage units and claims documents. With the right insurance and organized records, you’ll have peace of mind knowing your items are safe, no matter what happens.