Topcitys Guide on Self Storage Insurance


Crystal Reuter
June 1st, 2021

We get asked about why our tenants are required to have insurance when renting a storage unit. Our response, having insurance as a requirement is not a bad thing. As a self-storage customer, your property is not insured by the self-storage facility you are renting at. Most storage leases require that each tenant maintain insurance coverage on their property. Insurance is actually a good thing for everyone owners, managers and tenants. Insurance will provide peace of mind when uncontrollable things happen. However, you may choose to use your homeowner’s policy to protect your items, up to the coverage limits of your policy. At TopCity we just ask for proof of your policy. If you do not have homeowners or renter’s insurance, we have you covered. TopCity Storage partnered with Badger Insurance and when you rent a storage unit from us online, we will ask if you would like to add storage insurance to your rental, thus making it simple to get the coverage you need. Storage insurance is specifically tailored to the storage industry making it less complicated to file a claim in stressful times as compared to homeowner’s insurances who may not be used to the same encounters as the self-storage insurance professionals.
What Events Could Qualify Coverage By Self-Storage Insurance? · Fire · Tornado · Theft · Hurricane · Lightning · Wind · Hail · Burglary · See the complete list on your own summary of coverage causes.
Is flood covered? Much like homeowner’s policies, damage from flood, surface water, waves, tides, tidal waves, storm surge, overflow of any body of water, or spray is not covered.
What is the difference between burglary and theft? Burglary is defined as stealing property by forcible entry into a securely locked storage space, provided there are marks of forcible entry on the exterior storage space. Theft does not require forcible entry. Theft and Unknown Disappearance of items are not covered under storage insurance policy. Note that the absence of a lock does not constitute visible marks of forced entry of a storage space.
What is NOT Covered by Self-Storage Insurance? There ARE exclusions. Some of the exclusions are · Accounts/bills/currency/Deeds/money · Firearms · Evidence of debt · Notes/Legal Documents · Animals/furs · Jewelry/watches · Precious/ semi-precious stones · Antiques · Stamp Collections · Artwork Collections
Why Does Storage Owners Ask if I am Storing Valuables Worth Over Five Thousand Dollars? You may think, why does it matter? These owners are just being intrusive. The reason is because certain items may not be covered on self-storage insurance policies up to a specific dollar amount or not covered at all. In some cases, if you’re placing high-value items in storage you might want to look at “scheduled personal property” coverage. If the facility you choose will allow you to store these items in the unit with coverage. You may have to get these specific items appraised of these items, but it will give you more protection on the belongings you need. In addition, cars, boats, motorcycles, RV’s and other vehicles must be insured separately.
The Takeaway. You have a choice. Purchasing self-storage insurance is an individual decision based on your needs, your current homeowners’ policy and if your current self-storage place has a policy for insurance to protect everyone, as Topcity Storage has in place. Check with your insurance agent as well with your storage facility on your insurance options to see what the best fit is for your storage needs.

TopCity Storage