What is Tenant Protection and Why Do I Need It?

Published on 2/27/2023

What is Tenant Protection and why do I need it for my storage unit rental?

A  tenant protection plan, also known as self-storage insurance, can offer several benefits to individuals renting self-storage units. Here are some of the benefits of buying a tenant protection plan for your self-storage unit:

  1. Protection against losses: A tenant protection plan can provide coverage for losses caused by theft, fire, water damage, natural disasters, and other unforeseen events. This means that if any of your stored items are damaged or stolen, you may be able to receive compensation to help cover the cost of replacing them.
  2. Peace of mind: Knowing that your belongings are protected by a tenant protection plan can give you peace of mind, particularly if you are storing valuable or sentimental items. You can rest assured that if something happens to your items, you'll have some financial protection.
  3. Cost-effective: Tenant protection plans are often relatively inexpensive, particularly when compared to the potential cost of replacing lost or damaged items out-of-pocket. By paying a small monthly fee for a tenant protection plan, you can potentially save a significant amount of money in the long run.
  4. Additional coverage: In some cases, a tenant protection plan may offer coverage that goes beyond what is provided by your homeowners or renters insurance policy. This can be particularly useful if you are storing high-value items that exceed the limits of your existing insurance policy.  In addition, most homeowners or renters policies have high deductibles that will exceed the value of the content in your self-storage unit. 
It's always a good idea to consider purchasing one for the added protection and peace of mind it can provide. Be sure to read the terms and conditions of the policy carefully to understand what is and isn't covered.