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Is insurance required for stored items? What would be a suitable coverage option?

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Asked by Allie

December 14, 2012 under Self Storage

Im going to be storing some pretty valuable items in a storage unit, and I want to make sure that their protected and insured in case anything happens. What is the best course of action in this situation to ensure that my belongings are secure?


Answered by Robert Moreschi

December 14, 2012
Insurance is not required for stored items. Very few storage facilities actually offer storage insurance for their units, and even then it is usually only Valuation insurance, which is limited to $2,500 to $5,000 in coverage and will not really be enough to cover all of you items if you have valuable belongings in there.

What's more is that this Valuation insurance is based on the depreciated value of the items and not on their full replacement value, which is not typically the best insurance coverage to have.

If you are looking for the best insurance coverage for your storage unit, your best bet is to go with a Full Value Protection plan which will cover all of your belongings for the full amount that they are worth and is the most comprehensive insurance coverage you can get.

It will usually cover the total cost of replacement or repairs for all of your belongings, and although it can be a bit pricier than other insurance plans, including the one that is offered by the storage facility, it is your best option if you want all of your items to be fully covered.

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Hope this helps.
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