Storage Insurance

Insurance for storage units, also known as ‘renter’s insurance’, is an important protection for anyone who is renting a storage unit. In this post, we will discuss the importance of insurance, what it typically covers, and who should consider signing up for it.

Why storage insurance is important?

First, it is important to understand why it is important to get insurance for your storage unit is necessary. When you rent a storage unit, the facility’s insurance only covers damages to the building and the property, not the contents of your unit. Therefore, if your stored items are damaged or stolen, you will not be able to recover the cost of replacing them. This is where insurance comes in. It provides coverage for the contents of your unit, giving you peace of mind that your valuable items are protected.

Risks of not having an insurance plan for your storage units

⚠️ not getting any compensation in case of man-made incidents such as robbery, wilful damages, arson, ..
⚠️ not getting any compensation in case of natural disasters such as flooding, storm, earthquakes, fires, lighting, ..
⚠️ having to cover costs for causing damages to 3rd parties,
⚠️ needing to bear all legal fees should someone sue you for e.g. damaging his/her car, belongings, etc.

What should insurance for a self-storage unit cover?

Two things are important:

A/ Property Insurance

Insurance plans for mini storage should ideally cover all of the above-mentioned perils. Depending on the region your storage facility is located in, the perils representing typically the biggest risks are fire, flooding, and earthquakes.

B/ Public Liability Insurance

If during a move-in or move-out, you accidentally damage items of another customer, or you directly, or indirectly, cause an injury, then public liability insurance coverage is important.

If anything happens, and a 3rd party for example sues you, without public liability insurance, you will also need to cover all the associated legal fees.

Why is insurance for your storage unit important?

Incidents like theft, arson, and accidental fires, may result in thousands of dollars of damages. If you get caught in a crossfire, you could lose everything you have stored in your unit. Then, proper compensation is important.

In case of a robbery, even if the storage facility is under 24/7 surveillance, and the thief is caught, the chances of the stolen goods being recovered might still be slim.

With insurance, you can recoup all or at least a good chunk of your losses. Ensure that adequate insurance is provided to protect the items you store. It is also important to understand the perils covered by your insurance plan.

What type of insurance should I get?

Look for customized ‘storage insurance’ from a reputable insurance company with the appropriate insurance license. Beware of any international insurance companies that are not fully licensed in the country you will be renting a self-storage unit.

How to get insurance for your storage unit?

In the U.S. and Europe, you can find dedicated insurance plans for self-storage. For the rest of the world, the best way is to ask your trusted storage provider whether they have an insurance storage package to offer.

Can you get insurance for your self-storage unit in Vietnam?

Self-storage in Vietnam is in its very early stages of development. For a country with 98 Mio, there are less than a handful of reputable mini-storage companies.

According to KingKho’s General Manager, Lien Nguyen: “To my knowledge, there is only one reputable insurance company in Vietnam that offers an insurance plan for mini storage, and this is HDI Insurance, part of the large HD group. We actually developed their storage insurance plan together with the HDI team”.

HD’s insurance for self-storage units is interesting because simply put is a combination of the insurance types mini storage customers need the most: 


a/ an out-of-home property insurance, meaning items you store in a self-storage facility are insured

b/ a public liability insurance, in case you damage the property of a 3rd party, or cause injuries

How much is insurance for a mini storage unit?

Prices differ greatly from state to state and country to country. In the U.S., prices for insurance plans can be very low, as there is a vast supply of insurance companies wanting a slice of the storage insurance market.

In other countries like Vietnam, insurance companies interested in providing insurance plans for the self-storage industry are hard to find.

KingKho’s insurance plan costs 500,000 VND per year (21 USD) and insures you for up to 250 Mio VND (10,500 USD) against property damages, and further 250 Mio VND for damages, accidents, and injuries caused to 3rd parties.

What is not covered by insurance?

In most cases, insurance for self-storage units excludes

🚫 Wear and tear
🚫 Intentional loss
🚫 Damages from insects and rodents
🚫 Damages from mold (mould) and mildew
🚫 Poor maintenance and maintenance
🚫 Neglect

Note that some of the above issues may be covered by separate policies. Similarly, specific exclusions may apply to different policies. Please always check our policies to see what issues are not covered.

Is insurance for your storage unit mandatory?

Many mini storage companies make it mandatory, in other words, a must, to either already have or purchase insurance when renting a self-storage unit.

In countries like Vietnam, where the mini storage market is still developing, it is not mandatory yet.

Nevertheless, it is highly recommended, because your regular property insurance usually does not cover items stored ‘out-of-home’.

Further, the insurance of the storage facility you are storing with, typically only covers their property, but not the items you put in your storage unit!

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