Moving & Insurance: Should I Get It?

Published: February 11, 2020

No matter what you have packed away in a storage unit, it has value.

That could be monetary value, if you’ve stored a collection of model trains or other heirlooms.

Or it could just be sentimental. Items from when your kids were growing up. Clothing that might come back in style. Whatever it is, it means something to you on either an economic or emotional level.

You know you’d feel terrible if anything happened to these pieces. But how would you replace them, assuming you could?

Insurance will help, especially if you do not have homeowners or renter’s insurance.

You can buy insurance directly through the storage company, which makes it convenient and easy. It is also available through independent self-storage insurers. And unlike homeowner’s and renter’s insurance, the policies offered by storage companies generally do not include a deductible. The other byproduct of storage company insurance is that a claim will not cause your homeowner’s rate to increase.

Insurance does not cover everything. It excludes damages from mold, mildew, flooding and vermin. Mold, mildew and vermin are often controllable by the storage unit’s renter – keep your space clean, neat and organized and you are less likely to face these plagues.

Insurance will, however, cover the biggies: Theft, weather (hurricanes, tornados), fire and smoke.

Expect to pay about 50 cents to $2 per $100 of the value of the stored items for an insurance policy. For $1,000 of coverage, figure on paying $6 a month. Independent insurers might offer up to $15,000 in coverage for $20-25 a month.

Many storage unit companies will require some proof of insurance, so be prepared. If you want to use your homeowner’s or renter’s policy, you usually can. If you want to keep all of your business in one place, you may buy from the storage unit company.

Whichever way you choose, make sure your valuables are protected. Remember, they are valuable to you.