Don’t leave these personal belongings out in the cold
9.4% of all Americans rent one of the 50,000 self-storage units nationwide with over 2.311 BILLION square feet in storage space (SSA Self Storage Demand Study, 2017). That means there is a little over 7 square feet of mini-storage space for every man, woman, and child living in the U.S. today. That is a startling amount of personal property that may not have the coverage it needs.
Individuals that rent these units often don’t realize that their standard homeowners insurance may not extend off-premises to the storage unit at the limits that would cover the full replacement costs of their possessions.
For example, a homeowners policy with a dwelling coverage limit of $100,000, may include $50,000 of personal property coverage in the homeowners policy, but off-premises items – in mini-storage for example – may be capped at only $5,000. If the contents of a mini-storage space exceed that amount, it’s worth considering an Inland Marine policy for mini-storage like that offered by JSA…. [more]