The self storage industry is a multibillion dollar market in the United States, and millions of Americans store items in some form of storage unit, for either short or long-term. In fact, 1 out of every 10 Americans rents off-site storage, which is the fastest-growing sector of the commercial real estate industry in recent years.
According to the Self Storage Association, a nonprofit organization that represents business owners in the self storage industry, the industry made $24 billion last year. The average costs of renting a 10x10-foot non-climate controlled unit was $115 per month and a climate-controlled unit costed an average of $146 per month.
The majority of the demand for storage units is for temporary reasons. When people move, downsize, or remodel their homes, they turn to self storage units to keep their items safe and secure during the transition. Other people use storage units as a way to keep seasonal items and items for hobbies and recreation nearby, so that they don't need to move them in and out of their homes.
Most people assume that the items they have stored away are protected by the owner of the storage facility. This is not the case. To make sure your items have the coverage they need, it is important to take a look at your insurance policies. Many homeowners and renters policies only cover items in storage up to a certain amount, or in some cases, not at all. This is where storage unit insurance can help.
Storage unit insurance is coverage that provides compensation for loss or damage to your stored items. It's typically offered through third-party insurers, which means you'll need to contact one directly to get your policy.
In some cases, the insurer may require your property to be inspected before providing coverage. The inspection is to assess any existing damages or risks to your property and provide an accurate estimate for what needs to be covered. Some insurers may also ask for an inventory of items in the storage unit.
Storage unit insurance will generally provide coverage for losses due to fire, water damage, hurricane, theft, vandalism and other natural disasters. It is important to review the policy carefully to understand exactly what is covered, as policies may vary from provider to provider.
Storage unit insurance usually also covers personal liability, meaning if someone is injured while on the property, your insurer may provide coverage. This is especially important if you're sharing the storage space with others.
The cost of storage unit insurance varies depending on the size of the unit, the value of the items inside, and the type of coverage you need. Most policies range from $10 to $20 per month, but you should shop around for the best deal for your particular situation.
Storage unit insurance can help keep your items safe and secure when they’re in storage. To find the right policy for your needs, it’s important to research different insurers and compare policies. Make sure to read the fine print and understand exactly what is covered and what isn’t.
If you’re looking for storage unit insurance or any other insurance policy, Trusted Choice independent agents can help. They can walk you through the process and help you get the right coverage for your needs.