You’ve found the right storage unit, packed everything carefully and locked the door. But what happens if something goes wrong? A burst pipe, a break-in, a fire — these are unlikely, but they’re not impossible. That’s where storage insurance comes in.
This guide covers what storage insurance is, whether you need it, what it typically costs and how to make sure your belongings are properly protected while they’re in self-storage.
What Is Storage Insurance?
Storage insurance is a policy that covers the contents of your storage unit against loss or damage. It works similarly to home contents insurance but is specifically designed for items kept in a storage facility rather than in your home.
It’s important to understand that storage facility operators are generally not liable for the contents of your unit. Your storage agreement will most likely include a clause stating that you store items at your own risk. This means that if your belongings are damaged or stolen, the facility is not obligated to compensate you unless they were negligent.
This means it is important to ensure you protect your belongings with self-storage insurance.
Do You Need Storage Insurance?
While storage unit insurance isn’t always required, it’s worth considering what you’re storing and how much it would cost to replace those items before deciding.
If your self-storage unit contains items of genuine value (i.e. furniture, electronics, business inventory, sentimental items that can’t be replaced), insurance is a sensible investment. The monthly cost of coverage is typically a small fraction of what you’d lose if something went wrong.
If your stored items are low in value and easy to replace, you might be comfortable taking the risk without insurance. For most people, though, the reassurance alone makes the small ongoing cost worthwhile.
Types of Storage Insurance
There are a number of options available when it comes to insuring the contents of your storage unit.
Your Existing Home and Contents Insurance
Some home and contents insurance policies include a provision for items stored off-site. This is worth checking first, as it may mean you’re already covered without needing a separate policy. However, there are important caveats.
- Off-site cover often has a lower limit than your overall contents cover (e.g., $10,000–$20,000).
- There may be restrictions on the types of items covered or the duration of storage.
- You’ll typically need to notify your insurer that you’re storing items off-site.
- Excess amounts may differ from your standard policy.
Call your insurer and ask specifically about off-site storage cover before assuming you’re protected.
Storage Facility Insurance
Many storage facilities offer their own insurance products or partner with insurance providers to offer coverage to customers. These policies are designed specifically for self-storage and are usually straightforward to arrange.
At That Big Self Storage Place, we can help you organise storage insurance cover at the time of your storage agreement, making the process simple and ensuring there are no gaps in your protection.
Standalone Storage Insurance
You can also purchase a standalone insurance policy from a general insurer or a specialist storage insurance provider. This can be a good option if you want to compare premiums or need higher coverage limits than those offered through the facility.
What Does Storage Insurance Typically Cover?
Most storage contents insurance policies cover loss or damage caused by:
- Fire, explosion and lightning
- Storm damage, flood and water damage (including burst pipes)
- Theft and attempted theft (including break-in)
- Malicious damage and vandalism
- Impact damage (e.g., a vehicle hitting the building)
Policies will also typically list exclusions. Common exclusions include:
- Damage caused by pests (rodents, insects, mould)
- Wear and tear, gradual deterioration or rust
- Items left in unlocked units
- Cash, jewellery or high-value collectibles (unless specifically declared)
- Damage caused by improper packing
Always read the Product Disclosure Statement (PDS) carefully so you know exactly what’s covered and what’s not.
How Much Does Storage Insurance Cost?
Storage insurance is typically an affordable way to protect your belongings. As a general guide, premiums often range from $10 to $40 per month, depending on the value of your stored items and the level of cover selected.
As a general example, cover for $10,000 worth of stored belongings may cost around $10–$15 per month, while insuring $50,000 worth of contents could range from approximately $25–$40 per month. Given the value being protected, insurance is often a relatively small addition to overall storage costs.
(see our pricing guide blog for more on storage costs)
Tips for Protecting Your Belongings in Storage
While insurance provides valuable protection, there are also several practical measures you can take to reduce the likelihood of damage to your belongings.
- Choose a facility with strong security features, such as CCTV, swipe card or biometric access, alarmed perimeters and on-site management.
- Pack items properly, including using quality boxes, wrapping fragile items and avoiding using plastic bags for long-term storage (they trap moisture).
- Keep an inventory of everything in your unit, ideally with photos. This makes any insurance claim much smoother.
- Store items off the ground where possible, in case of water ingress.
- Don’t store perishable food, flammable liquids or anything prohibited by your storage agreement.
- Visit your unit periodically to check on conditions, especially during humid weather.
Storage Insurance and Business Customers
If you’re using self-storage for business inventory, equipment or documents, it is important to check whether your business insurance offers coverage for items in self-storage facilities.
For tradies storing tools and equipment, it’s important to check whether your existing insurance coverage extends to items kept in a storage unit. In some cases, your policy may need to be updated to ensure you’re fully protected.
Protect What Matters
Storage insurance is a small cost for significant protection. Whether you’re storing a few boxes of personal belongings or the entire contents of a house, taking the time to arrange proper cover means you won’t be left out of pocket if the unexpected happens.
At That Big Self Storage Place, we’re happy to help you understand your insurance options and can assist with arranging cover when you set up your storage agreement. Get in touch with our team today to learn more.
This guide was last updated in 2026. Insurance products and pricing are subject to change. Always read the Product Disclosure Statement (PDS) for any insurance policy before purchasing.