Do You Need Storage Unit Insurance?

Is storage unit insurance a wise investment or a waste of money? City Storage Group does not offer insurance nor do they require it as part of the rental agreement. Because contents can vary so much in value, we leave it up to the renter’s discretion.

To make an informed decision, you should understand the basics, evaluate your needs and risks, and determine what coverage you already have in place. Then you can weigh the pros and cons against the expense of self-storage insurance to make the right decision.

Insurance Basics

When you rent a storage unit, you trust your belongings will be safe at the storage unit company’s property. Even if the storage operators provide and monitor security measures like cameras and controlled entry, there’s always a risk. Unexpected events such as fires, floods, theft or vandalism can still occur. 

To reduce the risk, consider insuring the contents of your storage unit in case of any damage or loss. It acts as your backup plan, offering you peace of mind and the assurance that your valuables are protected. 

You’re probably familiar with the term “contents insurance” for items inside your apartment or condo. This is the same concept but specifically for things in a rented storage unit on someone else’s property.

What Does Storage Unit Insurance Cover?

Think of insurance coverage as a safety shield, ready to deflect the financial impacts of certain losses or damages. But what does this shield protect you from? Depending on your insurer and the specifics of your policy these items can vary. 

Typical policies cover:

  • Fire or smoke damage
  • Theft or vandalism
  • Extreme weather such as hail or wind


Items typically not covered in policies include:

  • Water damage or flooding unless specifically mentioned
  • Mould and mildew
  • Pest damage
Robber holding boxes

For risks not covered by your insurance policy, you can take other precautions. Learn more about how to protect your items in storage:

How to Prevent Things in Storage From Smelling Musty

Long Ther Storage Tips to Keep Belongings Safe & Secure

Evaluating the Necessity of Self-Storage Insurance

Before we worry about storage options and costs, you should evaluate if you even need storage unit insurance. Consider the value of your personal property, the risk potential, and what existing insurance policies cover.

Value of Items

If you have expensive or irreplaceable items, it’s worth considering self storage insurance to protect your investment. Remember, accidents can happen to anyone, and it only takes one unexpected event to lose everything.

Risk Potential

Another factor to consider is the likelihood of damage or theft. If you live in a high-crime area or an area prone to natural disasters, it’s wise to have extra protection in place. While storage facilities do their best to keep their premises secure, it’s always better to be safe than sorry.

Existing Coverage

Your stored items may already be covered. Your existing home insurance or tenant insurance policies can include temporary storage insurance. Read your policy’s fine print and speak with your insurance broker to determine what protection you might already have. 


While some policies may cover your stored items, they may not provide enough coverage or may have exclusions. In this case, adding extended coverage could provide additional peace of mind.

If you don’t have any valuable or irreplaceable items in your storage unit, or if your existing homeowners or renters insurance already provides sufficient coverage. You might not need to invest in extra self-storage insurance for a period of time.

How much does storage insurance cost?

Depending on what you need to cover and the provider you choose, storage unit insurance policies can cost between $8 to $40 per month. The cost of your specific policy depends on factors such as:

  • Length of time you want to ensure your items.
  • Value of your belongings
  • Location of facility 


For example, if you’re storing items of value such as art or jewelry, it might be a good idea to get a higher level of coverage than someone who’s storing old clothes or furniture. If you require insurance, get a quote based on the specific details of what you need to store and where.

Weighing the Pros and Cons of Storage Unit Insurance

Overall, while the cost of canadian self storage insurance might seem like an additional expense, it’s important to weigh the benefits and potential savings it can provide. As with any insurance policy, there are pros and cons.

top-view-blue pen below CONS and red pen below PROS
Pros of Storage Insurance
  • Extra protection for belongings
  • Significant savings in case of unexpected events
  • Peace of mind 
Cons of Storage Unit Insurance
  • Additional expense
  • Policy limitations and exclusions
  • May not be necessary depending on the value of items in your storage unit

Making the Final Decision: To Insure or Not to Insure?

So, you’ve weighed the pros and cons of self-storage insurance and evaluated your specific situation. Now comes the big question: should you insure or not insure? While the decision ultimately comes down to your circumstances and preferences, keep these things in mind.

Value of Items
Likelihood of Loss
Existing Coverage
Cost Vs. Risk

In the end, the decision of whether or not to invest in storage unit insurance is a personal one. Take the time to evaluate your specific situation, consider the costs and benefits, and make the choice that’s right for you. With the right coverage in place, you can rest easy knowing that your stored belongings are fully protected.

Cost-Effective Convenient Portable Storage

Mobile Storage Starts Here

Choose Your Location

City Centre Storage London North exterior
City Centre Storage London Central exterior
City Centre Storage London-East exterior
Big_Box_Mobile_storage container delivery