Insurance for Storage Units: 1 in 11 People Need It! Learn Why recently published a guide detailing how to get storage unit insurance in which they explored consumer options and provided tips for finding adequate protection at the best price. 

One in every 11 people uses a storage unit regularly or permanently, and others use a storage unit periodically when necessary for moving or other reasons.

The Necessity of Storage Units

There are many reasons for the sharp increase in consumers utilizing storage units. points to several factors, including the following:

  • Downsizing in retirement but holding onto sentimental items
  • Moves necessitating an intermediate place to store belongings between closing on one house and settling on the next
  • Accumulating things and needing a place to keep them

Storage units allow individuals to keep things they would have otherwise gotten rid of and are willing to pay a monthly storage fee for that convenience. 

Types of Insurance That Cover Storage Units

The good news for many Americans is that they may already have adequate coverage for their possessions in storage units.

Home Insurance

Home insurance cover’s a policyholder’s home’s structure as well as their personal property within. Many people don’t realize that it also covers personal property outside their home, like their belongings in a storage unit. 

Renters Insurance

Unlike home insurance, renters insurance does not cover the structure of the dwelling. But, as with home insurance, renter’s insurance provides coverage for the policyholder’s personal property both within and without the covered property. So, storage unit contents are protected by most renter’s insurance policies. 

Business Insurance

Even though business insurance differs from home and renter’s insurance because it’s designed for companies rather than individuals, it also protects personal property. So, if a business stores equipment or inventory in a storage unit, business insurance should cover losses.

Storage Unit Insurance

Most storage unit facilities offer storage unit insurance that customers can pay for with their regular monthly fees. Alternatively, several insurance companies offer specific storage unit policies. 

Insurance Considerations for Storage Units

Individuals with items in storage should consider the following situations that could impact their decision regarding insurance. 


Most insurance policies have a limit on how much protection they provide for items in certain classifications. For example, jewelry, firearms, and artwork are usually covered up to $2,500. However, individuals with extensive collections can easily exceed those limits. recommends disclosing collections with insurers to ensure those possessions will be covered adequately. 

The Impact of Filing a Claim

Unfortunately, most insurers charge policyholders higher rates after they file a claim. One of the strongest arguments for purchasing storage unit insurance, even though home and renters insurance covers property in storage units, is that a claim on a storage unit policy won’t cause home and rental insurance to increase.

The Risk of Uncovered Events

Home and rental insurance do not cover damage as a result of flooding. Many storage unit insurance policies also do not cover flooding. So, consumers who want coverage for flood damage should try to find a storage unit insurance policy that covers flooding. 

Tips to Ensure Adequate Insurance Coverage for Storage Units

Regardless of the type of insurance coverage chosen, there are steps to ensure appropriate reimbursement for damage or loss claims. 

Inventory All Items

One inventory method is to photograph items as they’re packed into boxes for the storage unit. Documenting the smaller items in boxes is as important as recording the bigger belongings like furniture.

Storage unit owners will almost certainly miss out on insurance settlement money if they don’t have records of what is in the storage unit. Unfortunately, remembering what was in storage five years later is too late for reimbursement. 

Appraise Items As Necessary

Some items have a generally agreed-upon value, but antiques, collectibles, and heirlooms may require additional documentation for fair reimbursement.

The appraisals should be kept in a place separate from the storage unit. Keeping the appraisals in a safe will ensure they can be found quickly and are protected. Both digital and physical copies can be used.

Read’s full report here: How to Get Storage Unit Insurance.

More from this Author