What a Storage Protection Plan Covers

Property Protection reimburses covered loss or damage to a tenant’s stored belongings at replacement cost, with no deductible, up to the coverage limit chosen at enrollment. Below is exactly what is covered, what is not, and how the coverage is structured.

What is covered

Fire and smoke. Damage from fire and the smoke it produces.
Theft and burglary. Loss from a break-in, with the required documentation.
Vandalism. Intentional damage to your stored property.
Precipitation and roof leaks. Water damage from rain and roof intrusion (flood and rising water are excluded).
Vermin damage, up to $500. Damage caused by rodents or pests, capped at $500 per claim.

What is not covered

The Property Protection Addendum excludes these causes of loss:

Flood, surface water, underground water, and sewer or drain backup (flood requires separate NFIP flood insurance)
Mold, mildew, and wet or dry rot
Earthquake and volcanic eruption, including sprinkler leakage they cause
Vermin damage beyond the $500 cap
War, terrorism, and nuclear or chemical contamination

It also excludes certain property types regardless of the cause:

Property left in the open rather than in a locked, fully enclosed unit
Currency, deeds, securities, and other documents of value
Collectibles, jewelry, watches, precious stones and metals, furs, antiques, and works of art
Animals, contraband, and anything the rental agreement prohibits storing

If you store high-value items in those categories, they need their own scheduled insurance. No storage protection plan is the right tool for a coin collection.

The conditions that decide theft claims

Theft coverage has two documentation requirements written into the addendum. There must be evidence of a break-in, and the tenant must file a police report and provide a copy with the claim. Losses from unknown or mysterious causes, where property is simply missing with no sign of entry, are not paid. Report theft the day you discover it: notice of loss is due at discovery or at move-out, whichever comes first.

Replacement cost, not cash value

Covered claims are paid at replacement cost, which is what it costs to replace the item today, rather than depreciated actual cash value. That distinction matters most on older belongings, where a cash-value payout can be a fraction of the replacement price.

Coverage limits and monthly cost

The standard tiers in the Property Protection Addendum:

$2,000 of coverage for $12 per month
$3,000 of coverage for $17 per month
$5,000 of coverage for $25 per month

Higher limits up to $10,000 are available for tenants storing more. Your facility confirms current limits and rates at enrollment. For a covered loss, the plan pays the lesser of the reasonable repair cost or replacement with property of similar quality, up to your limit.

What keeps coverage active

Rent must stay current. If rent is more than 10 days late, participation in the plan terminates until the account is brought current and reinstated.
Coverage ends at move-out. Losses discovered after removal are not covered, so inspect your property as you move it out.
You can cancel with 10 days written notice; the operator can cancel with 30 days written notice.

How coverage is billed

The plan is added to your monthly rent at move-in, with no separate application and no deductible when you file. Coverage begins immediately and ends automatically when you move out. Tenants who already carry their own qualifying policy can opt out.