Common Misconceptions About Storage Insurance

Self-storage has become an increasingly popular option as more people search for creative ways to deal with clutter or create more storage space on a budget. It’s a fantastic solution, but misconceptions about insuring stored items have deterred many from taking advantage. 

In this article, we debunk the most popular myths and misconceptions surrounding self-storage insurance to give you a clearer understanding of its value and benefits. 

Myth #1: Storage Insurance is Unnecessary

You may have heard that storage insurance is unnecessary. This is not true. Storage insurance is an important safeguard to protect your belongings while they are stored in a self-storage unit.

Without storage insurance, you risk significant financial loss if your stored items are damaged, lost, or stolen. Even the most secure storage facilities are not immune to accidents, natural disasters, or criminal activity. Your existing homeowner’s or renter’s insurance may not provide adequate coverage for items stored off-site. And the storage facility itself is typically not responsible for any damage or loss to your belongings.

Investing in storage insurance gives you peace of mind, knowing that your possessions are protected. Storage insurance policies can cover many risks, including theft, fire, and water damage. The cost of storage insurance is generally quite affordable, especially when compared against the time and expense of replacement. 

Don’t take the risk. For just a few dollars more on top of your storage costs, you can have robust financial protection in place should the worst happen while your belongings are in storage. 

Myth #1: Storage Insurance is Too Expensive

Storage insurance can be affordable and a worthwhile investment if your items are lost, damaged, or stolen. The cost of storage insurance depends on factors such as the value of the items being stored, the size of the storage unit, and the level of coverage needed. Many storage insurance policies are available for just a few dollars per month, a small price to pay for a lot of peace of mind.

Myth #2: My Existing Home and Contents Insurance Covers My Storage Insurance

While it’s true that many home and contents insurance policies make provisions for items in storage, it is not always the case. For example, Suncorp includes coverage for stored items, but only while they are in storage during a move to a new home. 

Your belongings may not be covered under insurance during home renovations, decluttering, or other circumstances, which means you could be at risk of financial loss without dedicated storage insurance. 

Myth #3: The Storage Facility Takes Care of Insurance

Many storage facilities provide storage insurance, but it’s usually an optional extra and not included in the storage fee. Other facilities, like 1800 We Store It, recommend a third-party insurance provider. Whether through the storage facility or a third party, it’s always up to you to ensure your policy fits your insurance needs. 

Storage unit renters must understand that the storage facility is not responsible for any damage, loss, or theft of the items stored in their units. The facility’s liability is typically limited to the structure and common areas.

Myth #4: Storage Insurance Only Covers Theft  or Damage

The scope of coverage provided by storage insurance policies can be much broader than theft or damage, depending on your needs. In addition to protecting against theft and physical damage, storage insurance can also cover a variety of other risks, such as:

Natural disasters: Policies may provide coverage for damage caused by events like fires, floods, earthquakes, or storms.

Accidental spills or leaks: Insurance can help reimburse you if water damage or other liquid-related issues impact your stored belongings.

Rodent or pest infestations: Coverage may extend to losses caused by mice, insects, or other pests entering your storage unit.

Mysterious disappearance: Some policies will even cover items that simply go missing without a clear explanation.

The importance of understanding the full breadth of coverage cannot be overstated. Many people mistakenly believe their stored items are only at risk of theft or damage when, in reality, there are numerous other potential threats.

Myth #5: I Don’t Need Insurance for Low-Value Items

You may believe that you don’t need insurance because you are only storing low-value items.  Even if you only store items with little financial value, you can still benefit from storage insurance. 

The reality is that unexpected losses can occur even with seemingly low-value possessions. Items can be damaged, lost, or stolen regardless of their monetary worth. The emotional or sentimental value of your belongings is also important to protect.

For example, if you are storing family heirlooms, childhood mementos, or other irreplaceable items, storage insurance can ensure that you are not left with a devastating loss if something happens to them. The cost to replace these items is often far greater than their actual dollar value.

Furthermore, the cumulative value of all your stored items, even if individually low-cost, can add up quickly. Without insurance coverage, you could face a significant financial burden if multiple items are damaged or lost.

Talk to Us About How to Get Peace of Mind With Your Storage

1800 We Store It provides robust, secure containers that can protect your items from theft, pests, and the elements, but we can’t control everything. 

Fires, floods, and natural disasters can strike at any time and cause devastating loss. While we don’t provide insurance directly, we are able to recommend a trusted provider to all of our valued customers. Ask as today about your storage needs and how to protect yourself financially against its loss.