7 of the Best Self Storage Insurance Companies (For Renters and Self Storage Businesses)

Self storage is a great service — assisting you when you’re moving, downsizing, growing your family or when you simply wish to keep a tidy home. The cost of storage varies based on location and amenities selected, with some cities having higher rates than others. If you live in a big city such as San Francisco, California ($276/month) or New York City ($256/month), you might end up paying more than a self storage renter in Oklahoma City, Oklahoma ($80/month) or Columbus, Ohio ($97/month).

Besides the cost of monthly rent, you should also figure in storage insurance. Having an insurance policy is not only a good practice, but it can be required by the storage facility you’re renting from. It’s a safety net that protects your belongings in case of damage. Moreover, the self storage company is also protected from liability should your stored items suffer any damage caused by rodents, natural disasters or break-ins.

Renters can use their renter’s or homeowner’s policies for their stored belongings, but coverage is usually limited. Instead, buying separate self storage insurance — either from an independent provider or from the self storage facility where they’re renting — can be a much better solution.

Whether you’re a renter or a self storage business, here are some companies that offer self storage policies:

1. Yardi

Besides offering a tenant insurance policy, Yardi now has self storage customers covered through the GoodShield protection plan. This way, you have peace of mind that your belongings are covered while they’re in a storage unit. The plan offers protection in case of losses associated with fire, smoke, lightning, wind or water damage and more. Plans range from $1,000 to $10,000 with no deductible. Your monthly charge can be billed as part of the monthly storage rent, and plan to sign up for this type of insurance, all you need to do is to tell your facility operator that you’re interested in getting the GoodShield plan.

2. Minico

Minico is one of the largest self storage unit insurance companies in the country. It offers several tenant policies as well as commercial insurance policies that are aimed at facility owners. For tenant insurance, pay-with-rent and mail-in options are also offered. For commercial insurance, there is flexibility in coverage, and limit and deductible options as well as policy options for properties located in areas prone to natural disasters.

3. Nationwide

As an insurance company that offers a wide umbrella of policies, Nationwide is also extending its support to self storage businesses through offering self storage insurance. These policies include property insurance, liability insurance and other types of coverages. Property insurance is invaluable to your business as it’s meant to protect physical assets such as the building/facility, its contents and outdoor features — fencing and business signage included.

4. World Insurance

World Insurance is another company that helps self storage businesses protect their assets. They recognize the unique business model of storage facilities, which requires a personalized coverage approach. In addition to the standard package that provides coverage for building and personal property, equipment breakdown, crime, debris removal, outdoor signs, floods and earthquakes, World Insurance also tackles cyber liability. This type of policy covers you in case of a data breach and is meant to help you maintain your trusting relationship with your customers.

5. SnapNsure

SnapNsure is a storage unit insurance company known for its rather inexpensive rates. When you get a self storage insurance policy from SnapNsure, expect to have coverage for damage caused by floods, rodents and earthquakes. They also offer the popular Named Storm Insurance deductible program, which covers your belongings in case of damage incurred by a natural disaster such as a hurricane.

6. Ryan Specialty

Among other services, Ryan Specialty also caters to the needs of self storage facilities, including traditional storage providers, RV and boat storage facilities, converted buildings and mobile/portable storage units. Their Self-Storage Facility Program offers traditional insurance as well as other options including Sale & Disposal Liability, First-Party Pollutant Removal and Excess Liability.

Ryan Specialty’s insurance is available nationwide, but at expanded capacity in the Midwest and Central states. They also quote wind coverage for coastal areas and offer coverage for non-storage-related activities.

7. Sage Insurance

Besides offering risk-management and tech solutions, Sage Insurance also provides tenant insurance that protects the building owner, property and tenant all at once. While standard self storage leases state building owners are not responsible for damages to tenants’ property, the self storage policy provides reassurance to the tenant — eliminating any gray areas on liability if a claim is filed. It’s a win-win situation for both parties: When using Sage Insurance, the property benefits from increased value, reduced site liability and higher occupancy and sell-through rates. For tenants, storage-specific coverage is easy as they can enroll on-site. Low deductibles and no long-term commitment are other benefits.

Did we help you find a self storage insurance company? Let us know in the comments section below.