If you’re considering storing your things in self-storage, you might want to know more about the state of the industry. Is it a business that’s likely to remain viable over the next several years? Are you safe leaving your things there, or do you need to worry that your self-storage facility will close, and you’ll have to scramble to find another place for your belongings? We’ve got good news! The self-storage industry is a very profitable one, and it’s likely to continue to grow in value over the coming years. In 2020, the worldwide self-storage market had a value of $48.02 billion, and it’s expected to continue to grow at a compound annual growth rate of 5.45 percent between 2021 and 2026. It’s clear that self-storage is here to stay, so feel free to plan for long-term use of your storage unit. Why is self-storage doing so well?
- Nearly everyone could use a little bit of extra space. It seems like no matter how large a house is, there are always excess items that need to be handled. Since storage issues are so common, self-storage is a necessary industry, providing a convenient solution. While those in the rental house business often have trouble finding tenants, this is never an issue for self-storage.
- Once people move their things into a storage unit, they’re not likely to move them back out quickly. Having packed everything and carried it to a storage unit, people are not going to shift it to a different one because they found a better price. Rather, people tend to rent storage units and keep them for a long time, possibly longer than they originally intended.
- Pandemic-driven shifts have propelled self-storage to further success. Offices are downsizing, and people are increasingly working from home. On both sides of this equation, there’s a need for self-storage, as business owners store office furniture to lower their overhead on their office space and workers store home furnishings to make room for a newly necessary home office. What’s more, many families have found themselves in a position to downsize, which creates a need for self-storage for the residential sector.
- Baby Boomers and Millennials are a boon to the self-storage industry. As they grow older and leave the workforce, many Boomers are downsizing or migrating to other states, yet don’t want to give up their possessions. Millennials are flocking to urban areas, where they’ll have smaller living space, and they’re moving more frequently than prior generations did. For both these generations, then, self-storage provides a convenient solution to storage issues.
- Innovative new technology is easy to implement in the self-storage business. Modern self-storage facilities offer consumers a technology-rich experience that’s convenient and responsive. Contactless methods of doing business are extremely popular, especially self-service kiosks. Further, many storage facilities are offering customers the opportunity to do everything online or on their phones, from choosing and renting a storage unit to paying their monthly storage bill.
- You get more out of self-storage than simply storage space. Self-storage facilities also sell locks, boxes, packing supplies, and more, to make moving and storing your things easy and convenient.
Pouch Self Storage is an example of a self-storage facility that’s been growing and thriving for years because of a commitment to taking care of our customers. We’ve been operating mini-storage facilities since 1979 and we’re committed to keeping our clients’ belongings safe. Founded by John Yelland, who hails from Australia, Pouch Self Storage is named in honor of the kangaroo’s pouch- nature’s safe and secure storage spot. We’re an industry leader in design, building, and maintenance of self-storage facilities, and we strive to give our occupants the most advanced security systems available. At our nine Southern California facilities, you’ll find state-of-the-art computer monitoring systems that allow our self-storage managers to monitor the opening and closing of every storage unit door, 24 hours a day. For more information, call (800) 378-4598 or contact us through our website.
Do you have insurance protecting the things you keep in your storage unit? Self-storage units don’t usually come with insurance coverage, but sometimes facilities will require proof of insurance before you can sign a rental agreement. How do you go about getting this insurance? Will your renter’s or homeowner’s insurance protect you? Let’s look at the ends and outs of stored property insurance.
To find out if you’re protected by your existing insurance, like a renter’s or homeowner’s policy, you’ll need to take a couple of steps. First, you’ll need to find out if the storage facility will accept these forms of insurance. If the answer to this question is yes, call your insurance policy and ask if you’re covered for items stored outside your home. Make sure you understand the details of your policy, find out what is and is not covered, and ask if you need to take out a separate rider.
If you’re not covered by an existing policy, ask the storage company to point you in the right direction for finding an insurance provider. Be aware that if you go with the facility’s preferred provider, you may be missing the chance to shop around. However, an insurance company that works closely with your storage facility might be easier to work with if you need to file a claim. Some people get confused, thinking the storage facility is providing the insurance, but typically the company is just the go-between.
When deciding on a policy, research your options for coverage. Find out your coverage limit, policy rules, and any restrictions on what will and will not be covered if you store it. It’s important to know exactly what’s covered by your policy. Once you choose a company and a policy, make sure to stay up to date on your premiums.
What’s the big deal about stored property insurance? Why do you even need it? Some people think it’s unnecessary, but here are some compelling reasons to get it.
- The things you store may be important to you. While some high-value items may not be covered by insurance unless you get a special policy, even those things without high monetary value may be sentimentally significant.
- Extreme weather is always a risk. Even if your storage facility has the best security features, hurricanes, wildfires, and earthquakes are beyond everyone’s control. Note: if you’re concerned about flooding, you may need special flood insurance.
- Even with state-of-the art security, burglaries sometimes happen. If someone forcibly breaks into your unit, insurance will cover whatever was stolen.
- Your storage company is legally allowed to require insurance. Even if you’re not worried about damage or theft, you may be compelled by your storage company to purchase insurance. Ask your storage facility about their policy.
The good news is that stored property insurance is not very expensive. You can typically get $3,000 worth of coverage for as little as $12 per month. What’s more, going up to a higher coverage amount isn’t much more expensive. For about $16 per month, you can get $5,000 worth of coverage. Your policy may cost more if it contains options like flood insurance, but you may be able to save money by combining your policy with existing homeowner’s or renter’s insurance. Even if your facility doesn’t require it, it’s a good idea to have it, to protect you from loss if something happens to your belongings.
When you want to store your items somewhere safe and secure, choose Pouch Self Storage. We’ve been operating mini-storage facilities since 1979 and we’re committed to keeping our clients’ belongings safe. Founded by John Yelland, who hails from Australia, Pouch Self Storage is named in honor of the kangaroo’s pouch- nature’s safe and secure storage spot. We’re an industry leader in design, building, and maintenance of self-storage facilities, and we strive to give our occupants the most advanced security systems available. At our nine Southern California facilities, you’ll find state-of-the-art computer monitoring systems that allow our self-storage managers to monitor the opening and closing of every storage unit door, 24 hours a day. For more information, call (800) 378-4598 or contact us through our website.
Have you ever rented a storage unit? They’re an excellent solution for storing things either short or long-term, and they’re secure and convenient. If this is your first time renting one, there are some things you should know.
- First, let’s talk about how storage units work, because the process is typically similar regardless of your storage company. You find a storage facility near you, and sign a contract to secure a unit within that space for a specified amount of time. Some companies have a three-month minimum requirement, while most others rent units on a month-to-month basis. You’ll need government-issued ID to rent the unit, like a driver’s license, military ID, passport, or state ID. Read your contract thoroughly before you sign it, so you make sure you’re clear on the terms. For instance, you’ll need to know things like when your payments are due and how much notice you’ll need to give before moving out of your unit.
- Rules for storage units are basically common sense. You can’t live in your storage unit or conduct business there, and you’ll be restricted in terms of what kinds of items you can store. Essentially, nothing hazardous to your unit or the units around you can be stored in a storage unit, nor can anything illegal.
- There are a few different reasons people rent storage units. Some people need seasonal storage of things like holiday decorations or sports gear. Others need temporary storage, during a move or a renovation. Sometimes, people who are decluttering or downsizing need a place to store things, and sometimes when a family member comes to stay for a while, extra space is needed to store what used to be stored in the guest room. College students often store their dorm room furnishings over the summer, and members of the military use self-storage when they’re deployed. People often choose self-storage for a car, boat, or RV.
- Before you rent a storage unit, consider your needs carefully. What do you need to store? Do you need climate control? What size unit do you need? Self-storage units typically come in at least five sizes: 5’x5’, 5’x10’, 10’x10’, 10’ by 15’, and 15’ by 20’. The size you need will be based on how much you need to store, and you can find online calculators to help you estimate the appropriate size.
- Do you need indoor or outdoor storage? Indoor storage units are secured inside a building, protecting your belongings from the elements. These are best for storing clothing, furniture, and anything else you want to protect from extreme temperatures, mold, and mildew. Outdoor storage units are covered and locked, with drive-up access. They’re good for large items and vehicles, but indoor storage is better for anything valuable or fragile.
- Assess the amenities before deciding on a storage unit. How accessible will your storage unit be? Some facilities offer 24-hour access, while others are closed on certain days, like Sundays or holidays. It’s important to find a facility with hours that are convenient for you. You’ll also want to make sure the facility you choose is secure. Is there in-person surveillance? How safe and secure is the facility? Pay attention to the location and the lighting, and make sure you feel safe on the property.
- Prepare your things before you store them. Acquaint yourself with the rules and restrictions about what you can store before you pack up your things. Then take the time to create a detailed list of everything you’re storing. Taking inventory can help you remember what you’ve got in storage, and it can be useful if you ever need to file an insurance claim. Clean all items before placing them in storage, and disassemble furniture to make better use of your storage space. Pack everything carefully in high-quality boxes, cushioning it as you would for a move, and label everything clearly. Place items strategically so that you’ll be able to find things easily and nothing will be damaged.
- Consider insurance. Having your items properly insured will give you the peace of mind that comes with knowing that you’re protected in case of breakage or theft. This does not necessarily mean, though, that you need to purchase storage insurance. While many storage facilities offer affordable self-storage insurance options, you may already be covered by your homeowners or renters insurance.
When you’re ready to rent a self-storge unit, choose Pouch Self Storage. We’ve been operating mini-storage facilities since 1979 and we’re committed to keeping our clients’ belongings safe. Founded by John Yelland, who hails from Australia, Pouch Self Storage is named in honor of the kangaroo’s pouch- nature’s safe and secure storage spot. We’re an industry leader in design, building, and maintenance of self-storage facilities, and we strive to give our occupants the most advanced security systems available. At our nine Southern California facilities, you’ll find state-of-the-art computer monitoring systems that allow our self-storage managers to monitor the opening and closing of every storage unit door, 24 hours a day. For more information, call (800) 378-4598 or contact us through our website.