Frequently Asked Questions about Self-Storage Insurance
What is self-storage insurance?
Self-storage insurance helps protect the personal property you keep in your storage unit. If your belongings are damaged or destroyed by a covered event outside of your control, this insurance can help pay to repair or replace them so you are not left covering those costs yourself.
What does self-storage insurance protect against?
SBOATI Platinum Tenant Insurance covers direct physical loss or damage caused by many common risks, including:
- Water damage, except where excluded
- Fire or lightning
- Theft by burglary or forcible entry
- Vandalism or malicious mischief
- Windstorm, hail, hurricane, or tornado
- Smoke, explosion, or falling objects
- Earthquake and building collapse
Are my belongings covered by my homeowner’s or renter’s insurance policy?
Some homeowners or renters insurance policies may provide limited off-premises coverage for stored items, however coverage is often restricted by lower limits, higher deductibles, or exclusions.
What is not covered by self-storage insurance?
Certain items are excluded under the policy, including:
- Cash, currency, securities, or lottery tickets
- Jewelry, watches, precious or semi-precious stones, or furs
- Firearms, explosives, illegal substances, food, or alcohol
- Animals or contraband
Losses caused by normal wear and tear, gradual deterioration, temperature changes, flooding, neglect, or intentional damage are also excluded.
Does the insurance cover mold or mildew damage?
Yes, limited coverage is available. SBOATI provides up to $500 for mold, mildew, fungus, bacteria, or wet or dry rot damage, as long as reasonable steps were taken to protect the property at the time of loss. This is broader coverage than many standard storage insurance options.
Climate-controlled storage units are still recommended for sensitive items.
Can this insurance cover business inventory?
Yes. SBOATI Platinum Tenant Insurance can cover business inventory and equipment stored in your unit. This makes it a good option for small business owners, contractors, and entrepreneurs who use storage for work-related items.
Coverage details may vary, so check with your facility for specific information.
How can self-storage insurance save me money?
Replacing damaged or stolen items can be costly. For a small monthly cost, self-storage insurance helps protect you from significant financial loss and avoids relying on limited or high-deductible coverage from other policies.
Does self-storage insurance protect against liabilities?
Yes. The policy includes limited property damage liability coverage, paying up to $3,000 if you become legally responsible for damage to the storage facility caused by an accident. This added protection helps reduce out-of-pocket costs in the event of an unexpected incident.
What is an insurance deductible?
An insurance deductible is the amount of money you must pay out-of-pocket before your insurance coverage kicks in to pay for a covered loss. In other words, it’s the maximum portion of the insurance claim you are responsible for before the insurance provider steps in to pay the rest of the cost.
How do I pay for self-storage insurance?
It’s easy! Absolute allows you to pay for your self-storage insurance when you pay your monthly bill. Our secure online payments allow you to make transactions from anywhere. Explore our self-storage leasing FAQ page to learn more details.