Tenant Insurance

July 13th, 2021


If you have yet to consider getting tenant insurance, now is the time to do it! While we highly recommend it to all Modern Storage customers, we know that also comes with a lot of questions. Do you need tenant insurance? How much is it? What does it cover? Let us explain everything you need to know.

What Is Tenant Insurance?

Tenant insurance is a service offered by SBOA Tenant Insurance (SBOATI) specifically for self-storage customers across the country. Through Modern Storage, you can elect to use tenant insurance to help protect your items.Tenant insurance covers the worth of your belongings in the event they are destroyed, damaged, or affected from any of the following disasters:
  • Windstorm
  • Landslide
  • Vandalism
  • Civil Commotion
  • Explosion
  • Snow
  • Aircraft
  • Building collapse
  • Earthquake
  • Falling objects
  • Fire and/or lightning
  • Smoke
  • Tornado
  • Burglary
However, certain things are not covered by tenant insurance:
  • Damage caused by pre-existing conditions
  • Mysterious disappearance of items
  • Overflow of water from a body of water
  • General wear and tear
  • Loss or damage caused by neglect
  • Damage cause intentionally
  • Damage resulting from activity in violation of your lease

How Much Does Tenant Insurance Cost?

The next thing you should know about tenant insurance is how much it costs. That way, you can budget appropriately when looking at storage unit prices.Thankfully, tenant insurance is very affordable, and it goes a long way in protecting your items. For as little as $9 a month, you can have a $2,000 policy covered!There is also no deductible or long-term commitment. Just like your storage unit, your tenant insurance is month-to-month.Here are the current coverage options you can choose from:
  • $2,000 coverage for $9 a month
  • $3,000 coverage for $14 a month
  • $5,000 coverage for $22 a month

How Would I Make a Claim?

In the event of an incident, document the damage with photos and contact your storage facility manager immediately. We also recommend creating a file of the photos on your computer or mobile device and sending them to an SBOA agent with proof of loss, including a sworn statement of loss.The agents will then take your statement and send you forms to document the loss. SBOA will validate the lost items and process your claim accordingly.

Do You Need Tenant Insurance?

If you do not have tenant insurance and your items become damaged, Modern Storage is not liable for your items. So, it’s best to protect yourself in case of an unexpected accident or disaster. When you think about how inexpensive it is (for $2,000 coverage, it’s just 29 cents a day), it would more than pay for itself if something goes wrong.You can also check your home or auto insurance policy, as some insurance agencies have plans that include storage protection. (Please note: not all do.)Tenant insurance is something so easy to get set up, there’s no reason not to go for it. While our security gates, 24-hour video surveillance, and door locks can help your unit be safer, there is no protection for random acts of the universe like tornadoes, fires, or floods. Go ahead and get it for your own peace of mind.Have any more questions about tenant insurance? Contact the Modern Storage location nearest you for more details. Our five-star staff would be more than happy to help you.

Storage Blog