A tenant protection plan is not insurance. It is a contract between the self-storage facility and the tenant.
Homeowners or renters insurance covers the contents of a self-storage unit only up to a certain limit.
• Coverage for fire, lightning, theft, and vandalism for items in a storage unit is generally provided by the off-premises personal property coverage in a homeowners policy.
• A coverage limit of up to 50% of the policy’s dwelling coverage limit is typical. Some homeowners policies have even lower limits for property located away from your home. For example, if you have $75,000 coverage on your personal property under your homeowner’s policy, coverage for off-premises property may be capped as low as 10% or $7,500.
• Renters insurance generally covers items in a self-storage unit only up to 10% of you policy limits.
A tenant protection plan offers advantages that you don’t see in conventional insurance coverage.
Storage Shield provides loss protection from:
• Theft due to forcible entry
• Fire, smoke, lightning, or explosion
• Commercial property
• Water damage from a leaking roof or broken pipe (up to protection plan limits)
• Furs, antiques, works of art, and consumer electronics
Additional items protected by Storage Shield are:
• Cars, boats, jet skis, RVs, motorcycles, and quads stored inside units
• Document re-creation costs (up to protection plan limits)
• Moth, insect, rodent, or vermin damage up to $500
• Jewelry up to $500
Customers will be reimbursed at replacement cost for their damaged or stolen property (clothing and household linens are subject to depreciation). Protection plan fees are conveniently collected with the monthly rent, and there are no deductibles.