You’ve probably spent years insuring your car, your home, and even your health. But have you ever insured the self-storage unit you’re renting?
If you’re renting a 5×5 unit, you may be paying around $50 a month. That figure may be more like $225 a month if you’re renting a larger 20×29 space. Either way, your monthly total might not seem hefty in the grand scheme of all of your expenses, but you could stand to lose thousands of dollars more if you fail to insure your stored property.
The question is, exactly how much does storage insurance cost on average?
Here is a rundown on everything you need to know about storage rental insurance cost.
Let’s jump in!
Storage Insurance Cost
The cost of self storage insurance is generally between $10 and $12 monthly for $2,000 worth of insurance coverage. However, you may also have the option of paying about $30 monthly for $10,000 worth of coverage.
You can purchase this type of insurance from your storage facility or from a third-party insurer. However, a third-party insurer will likely offer you insurance for storage unit at a fraction of the cost that your facility will charge. In addition, a storage company’s coverage amount may be lower than that of a third-party insurer.
With a storage provider’s coverage, you may also face more regulations related to what your policy will cover. This is particularly true with high-value property.
Another option for individuals searching for storage insurance policies is their homeowners or renters insurance providers.
In many cases, renters and homeowners policies will cover 10% or less of your policy’s total insurance coverage limit. Thus, let’s say you possess a $20,000 policy, but $2,000 in coverage for your rental unit items is not sufficient for covering your stored belongings. In this situation, you’ll likely have to pay a higher amount for expanded insurance coverage.
Storage Insurance Considerations
Keep in mind that your insurance isn’t included with your storage price. Also, many storage providers will require you to insure your items and provide proof of this insurance.
Furthermore, note that your insurance policy covers will depend heavily on your chosen plan. However, in general, these policies cover natural disasters and break-ins. They also cover vandalism and fires.
Insure Your Stored Property with Confidence Today
Whether you’re storing items in a storage unit permanently or temporarily — like between moves — it is critical that you purchase storage insurance to cover these items in the event that they are destroyed.
Of course, not all storage insurance options are the same, especially when it comes to storage insurance cost. For this reason, you should do your due diligence in researching all of your options before settling on a single policy.
Consider the above-listed tips for choosing a storage insurance policy to make the best choice for your unique situation in the days ahead.
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