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Storage Insurance

Are you in the process of renting a self-storage unit and wondering if you need insurance or a tenant protection plan? While self-storage facilities offer security measures, unforeseen events can still happen. That’s why it’s important to have a plan in place to protect your belongings.

However, with so many options available, deciding between self-storage insurance and tenant protection plans can be overwhelming. Whether you’re storing valuable items or just want peace of mind, understanding the differences between these two policies can save you time, money, and hassle in the long run.

What is Self Storage Insurance?

Self-storage insurance is a type of insurance policy that covers your belongings in a storage unit. It’s typically purchased directly from an insurance company and is not provided by the storage facility. Self-storage insurance policies are designed to cover losses due to theft, fire, water damage, and other unexpected events.

Buying self-storage insurance will usually give you coverage for damages to your possessions, less your deductible, due to loss from:

  • Fire
  • Theft
  • Hurricane
  • Tornado
  • Wind
  • Hail
  • Lightning
  • Leaking Water (excluding flooding)
  • Smoke
  • Earthquake

Self-storage insurance policies can be customized to fit your specific needs. This means you can choose the coverage amount that makes sense. The cost of the policy will depend on the value of the items being stored and the level of coverage you select.

Storage Insurnace


What is a Tenant Protection Plan?

A tenant protection plan offers advantages that you don’t see in conventional insurance coverage.

A tenant protection plan is a legal agreement between the storage facility and the tenant, where the facility takes partial responsibility for the tenant’s possessions while they are kept in a secured unit. To elaborate, operators commit to compensating customers for loss or damage to their belongings, up to a predetermined amount.

Customers are entitled to receive reimbursement for their losses at the current market value, except for clothing and household linens, which may depreciate over time. Protection plan fees are charged along with the monthly rent and do not involve any deductibles.

A Storage-Shield tenant protection plan typically covers:

  • Theft due to forcible entry
  • Fire, smoke, lightning, or explosion
  • Windstorms
  • Water damage from a leaking roof or broken pipe (up to protection plan limits)
  • Furs, antiques, works of art, and consumer electronics
  • 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

One of the benefits of tenant protection plans is that they are often less expensive than self-storage insurance policies. This is because the storage facility is able to negotiate better rates with the company due to the volume of policies they sell.

Another benefit of tenant protection plans is that they are convenient. Since these plans are offered by the storage facility, tenants can purchase them at the same time they rent their storage unit and pay for them along with monthly rent. This can be a time-saving option, as it eliminates the need to shop around for insurance policies.

Cost Comparison of Self Storage Insurance and Tenant Protection Plans

One of the biggest factors to consider when choosing between self-storage insurance and tenant protection plans is the cost. Self-storage insurance policies are typically more expensive than tenant protection plans. The cost of a self-storage insurance policy will depend on the value of the items being stored and the level of coverage selected.

The cost of a tenant protection plan also depends on the value of stored items and the selected coverage limit. However, it’s important to note that tenant protection plans have coverage limits, while self-storage insurance policies typically offer comprehensive coverage.

Pros and cons of Self Storage Insurance


  • Comprehensive coverage for your belongings
  • Flexibility to customize coverage to fit your specific needs
  • Ability to cancel or modify the policy at any time without penalty


  • More expensive than tenant protection plans
  • Requires additional research to find and purchase a policy
Pros and Cons of Tenant Protection Plans


  • Less expensive than self-storage insurance policies
  • Convenient to purchase at the same time as a storage unit rental
  • Covers certain losses not covered by insurance
  • Coverage limits can be adjusted to fit your needs and your budget


  • Depending on the limits you choose, coverage may not be sufficient to cover the full value of your belongings

It is important to consider both the financial and emotional worth of your belongings before choosing an insurance or tenant protection plan to cover any possible losses. Seeking advice from the manager of the storage facility you use is recommended.