Storage units offer a practical solution if you need space to temporarily or indefinitely keep belongings, but keeping belongings in units presents some risks. Storage unit insurance may help Massachusetts residents protect their belongings that are being kept this way.
Storage unit insurance is specialized personal insurance for the specific situation of keeping belongings in storage units. Because the insurance is quite specialized, residents would be wise to work with an agent who’s knowledgeable about these policies when searching for coverage.
Anyone who rents a storage unit in Massachusetts should consider purchasing a storage unit policy from one of the state’s licensed insurance companies. This broadly encompasses both state residents and out-of-staters who have units in the state, regardless of where they personally live. For example, people may need insurance if they use a storage unit:
Depending on a policy’s terms, this insurance might be used to keep belongings in a moveable or fixed storage unit.
Most homeowners' policies provide personal property coverage that insures belongings such as furniture, kitchenware, books and other items. Whether this coverage is extended to belongings that are in a storage unit depends on the terms of a homeowners’ personal property coverage.
Some homeowners policies offer personal property coverage with “worldwide coverage". Worldwide coverage generally means that belongings are covered regardless of where they are, with a few exceptions for places like war zones. Storage units normally aren’t excluded, so any items in them usually are covered if personal property coverage does provide worldwide protection.
Homeowners' policies that don’t offer worldwide coverage often don’t cover belongings in storage units. Without worldwide protection, their personal property coverage might be limited to only when belongings are on the insured residents. If personal property coverage does provide any protection for belongings that are elsewhere is probably limited -- and the limit usually is much lower than the value of belongings kept in a storage unit.
Moving companies that provide storage services sometimes provide insurance for the belongings that are stored and moved. Any coverage that a moving company provides should be reviewed carefully, though. The coverage’s protection may be quite limited in both incidents that are covered and limits for claims.
An insurance agent who’s familiar with storage unit and moving insurance policies will be able to review a moving company’s provided coverage. The agent can then explain whether any gaps are present, and they can recommend a suitable storage unit policy if there are notable gaps.
Premiums for storage unit policies vary, with the amount of coverage purchased being one of the main variables that affect rates. An independent insurance agent can help check what premiums for different policy limits would be.
If you need coverage for belongings that are in a Massachusetts storage unit, contact the independent insurance agents at The Feingold Companies. Our agents will help you review any relevant coverages, estimate the value of your belongings and decide whether storage unit insurance is needed. If it is needed, we’re able to offer the best available policies because we’re an independent agency.