Storage Protection & Insurance: Common Questions
Straight answers to the questions storage tenants ask most about protecting belongings in a unit, including how a protection plan compares to renters insurance.
Do you need insurance for a storage unit?
Most storage leases require proof of coverage. You can meet that requirement with a homeowners or renters policy that extends to off-premises property, or with a tenant protection plan added to your monthly rent. Either way, the goal is the same: your belongings are covered while they are in storage.
Does renters insurance cover storage units?
Often, but only partially. Many renters policies cover property kept off-premises under a sublimit, commonly around 10% of your contents coverage, and any claim is subject to your deductible. A tenant protection plan is dedicated to the unit, carries no deductible, and pays at replacement cost, which is why many tenants use it instead of stretching a renters policy.
How much does storage unit coverage cost?
It depends on the coverage limit you choose. Property Protection offers tiered limits up to $10,000, and your facility confirms the current monthly rate at enrollment. There is no deductible at claim time, so the plan cost is the only cost.
Is it worth insuring belongings in storage?
If the value of your stored items is more than a typical insurance deductible, or your renters policy has a low off-premises limit, dedicated coverage usually pays for itself. With a protection plan there is no deductible, so covered losses are reimbursed from the first dollar.
What does a storage protection plan cover?
Property Protection reimburses covered loss at replacement cost, including:
- Fire and smoke
- Theft and burglary
- Vandalism
- Precipitation and roof leaks
- Vermin damage (up to $500)
What is not covered?
Standard exclusions apply: flood and rising water (which require NFIP flood insurance), mold and mildew, earthquake, and high-value irreplaceables such as cash and jewelry. See water and flood damage for how water losses are handled.
When does coverage start and end?
Coverage starts at move-in when the plan is added to your rent and ends automatically when you move out. There is no separate policy to cancel.
How do I file a claim?
File online at msgppclaims.com, document the damage with photos and an inventory, and provide proof of value. Covered claims are settled in house with a goal of 48 to 72 hours. See how a storage protection claim works for the full process.