Blog 9: Considerations for Storage Unit Insurance

Before you decide to use a storage unit, you need to know what you can do to protect your valuables against damage or theft. Making sure you have the proper insurance is the best way to start in the fight against losing your personal belongings.


Homeowner’s and Renter’s Insurance

Homeowner’s or renter’s insurance will often cover losses that occur at a storage unit. However, the coverage will typically cap out at around 10% of what your normal home deductible would be. Therefore, it is important that you don’t overstuff your storage unit to put in as many items as you can. They would likely not all be covered should an incident occur.

Your homeowner’s insurance may not cover damage done to your property as a result of flooding, earthquakes, mould, or pests. For these instances, you will need special coverage.

Personal Valuable Items
There are certain items that your homeowner’s insurance will not cover. For these, you will need to obtain a separate policy. These include:

  • Silverware
  • Firearms
  • Jewelry
  • Furs
  • Collectibles

Business Insurance
If you are storing business materials, your business insurance should cover any losses that may occur. Make sure you have a storage unit clause in your insurance policy before you put any valuables in a storage unit.

Talking With Your Agent
Let your insurance agent know what you plan on storing in your unit so they can advise you on any additional insurance coverage you’ll need. For small, valuable items, it may be better to store them in a bank safe separately from your large items. If you are storing for a long period of time, it may be possible to get the location of the storage unit added completely to your homeowner’s policy.

Be cautious about what you store in your unit. Use your best judgment. Refrain from storing anything that you would be devastated to lose. Instead, reserve your storage unit for larger items that need to be stored but could readily be replaced.

Whatever valuables you are keeping in your storage unit, protect their value by making sure that you have the proper insurance to cover them should they get stolen or damaged. One of the best means of prevention though is to make sure that your storage unit offers plenty of security. For a site that offers 24/7 management, gated properties, individual door alarms, and video camera surveillance, contact Yellowhead Storage today to see what we have available for you.

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