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Do I Need Storage Insurance?

Do I Need Storage Insurance?

Wondering if you need insurance to rent a storage unit? Learn more below about storage insurance policies, what’s covered, and more in these frequently asked questions about self storage insurance!

Do All Storage Units Require Insurance?

Yes, insurance is required to rent self storage at Extra Space Storage. That goes for standard storage units, reduced height storage lockers, wine storage units, drive-up access units, and vehicle parking spaces. You can use an existing homeowners or renters insurance policy, or you can take out a separate storage insurance policy through Extra Space Storage.

What Does Storage Insurance Cover?

Storage insurance at Extra Space Storage typically covers damage to your belongings caused by accidental circumstances, such as fire, water damage, and burglary. Some items, such as vehicles, may be excluded from this coverage, so you’ll need to review your specific policy to better understand what’s included.

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How Much Is Storage Insurance?

The cost of storage insurance will depend on the amount of coverage you have and which provider you use. For example, storage insurance purchased through Extra Space Storage offers $2,000 to $10,000 of insurance coverage on stored items for a monthly fee of $11 to $52.

Does Homeowners Insurance Cover Storage Units?

Homeowners insurance typically covers storage units. However, you should always check the off-premises coverage section in your insurance policy to see what’s covered before moving items into storage. If stored items aren’t covered by your homeowners insurance, you might look at adding additional coverage with your homeowners insurance provider or through third-party supplemental insurance.

Does Renters Insurance Cover Storage Units?

Renters insurance usually includes off-premises coverage, which typically includes items kept in a storage unit. However, your renters insurance policy may only offer a percentage of the initial coverage amount. This is a case where you might consider supplemental coverage with your insurance provider or through a third-party.

Can I Get Storage Insurance from a Self Storage Company?

Extra Space Storage offers storage insurance that includes $2,000 to $10,000 of insurance coverage on stored items for a monthly fee of $11 to $52.

Do I Need Vehicle Storage Insurance?

When storing a vehicle with Extra Space Storage, the vehicle must be registered and fully insured under an existing auto insurance policy. Self storage insurance typically does not cover vehicles.

Does Storage Insurance Cover Natural Disasters?

Many self storage rental insurance policies do not cover damage as a result of natural disasters. While your policy may cover accidental damage as a result of fire or water damage, this may not apply to severe natural disasters. You may need to look into additional coverage if you live in an area where disasters are common.

Do I Need Supplemental Insurance for Stored Items?

Valuable items like jewelry, art, antiques, money, and more may not be covered under standard storage insurance—or your policy may limit the amount you can claim. In such cases, you may need to take out floater insurance, which is a type of insurance policy that covers items that personal property insurance policies don’t.

How Do I Value My Items?

It’s important to value your items appropriately to ensure adequate coverage. You can value your items by first taking stock of what items you’ll be storing and include information like initial cost of the item, purchase date, brand name, model, and pictures. Consider downloading tools like organizational apps or create an inventory. For high-value items, you’ll probably need to hire a certified appraiser who belongs to either the Appraisers Association of America (AAA), American Society of Appraisers (ASA), or the International Society of Appraisers (ISA). Your insurance company may also offer appraisal services for your items.

Is Storage Insurance Worth It?

While storage features like climate control help protect your items, storage insurance provides protection on the back end if your items do get damaged. It’s an extra cost, but investing in storage insurance is worth it to best protect your belongings in self storage.


Looking for storage insurance for self storage near you? Extra Space Storage has storage facilities across the U.S. Find self storage near you!

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