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RING UP THE FOLKS AT TUCK-IT-AWAY STORAGE in New York City, and the sales staff is cheery. Are there any rules about what renters can, er, tuck away? "Nothing perishable," says the woman on the other end. Pressed further, she's a bit more specific. "Okay, no children or parents you want to do away with (chuckle). Basically, anything but the hydrogen bomb!"

To many, her response may be a hoot. But if you are one of the 8 million Americans who pay an average of $54 a month to rent storage locker space, you shouldn't be amused. That's because in the rapidly expanding but still largely unregulated $6-billion-a-year storage business, your stuff may not be nearly as safe as you think.

From time to time, a self-storage misadventure lands on the front page, suggesting that security isn't always what it could be. The World Trade Center terrorists allegedly used a New Jersey locker in 1993 to store the chemicals used to make their bomb. And in 1992, kidnappers held Exxon executive Sidney Reso hostage in a Connecticut storage facility, where he died of heart failure. But the calamities most likely to do you damage are of a far less sensational sort: theft, fire, water damage and so on. And unfortunately, victimized renters have little recourse: Self-storage contracts are commonly written to hold the operator blameless no matter what happens. If you have valuable possessions in self-storage, read this and wince.

Theft hits more than one in five. From July 1993 to June 1994, 23% of all storage facilities reported at least one incident of theft or break-in. According to some sources, as many as 90% of mini-storage break-ins are actually inside jobs committed by thieves who rent a locker, then proceed to loot everyone else's. Perhaps that's not surprising, given that fewer than one in five facilities has video surveillance equipment to keep an eye on things round the clock.

A little water can do a lot of damage. While flooding is the obvious nightmare, it doesn't take much water to turn your belongings into a soggy mess. In fact, says Michael Chippie, claims manager with Deans & Homer, an insurance underwriter in Pasadena, water damage ties with theft for the havoc it creates at self-storage places. "At most facilities we cover, we get several claims for water damage a year," says Chippie. The culprit? Roofs--even those appearing in good condition--may expand and contract during summer months, causing cracks that are invisible to the naked eye. When a bad storm hits, says Chippie, "we get lots of claims."

Fire spreads quickly from locker to locker. Last February, a fire at Self Storage in Arvada, Colo. ruined nearly 200 renters' belongings. Six months earlier, another fire had gutted 250 of the 300 units at a U-Haul self-storage facility in Kenner, La. Total value of the property lost: $4.5 million.

Although no one keeps statistics on the frequency of fires at storage facilities, events like these demonstrate that self-storage establishments aren't immune to this scourge. In fact, in many ways, the facilities are ideally suited to the spread of fire. Lockers are often jammed with cardboard boxes, clothing, furniture and other combustibles, and there are few people around to smell smoke and alert authorities. Greatly compounding the problem: Some renters use their lockers illegally to stow paint thinners and other highly flammable materials they don't want at home.

Toxic chemicals turn lockers into waste dumps. The self-storage industry's latest bane is hazardous waste, which some clients store by the truckload with no intention of reclaiming. "The abandoning of toxic materials in storage lockers is an ongoing problem," notes Peter Conti Jr., director of publishing at Mini-Storage Messenger, a trade magazine in Phoenix. "Operators have a right to inspect what you're hauling in by truck but, unfortunately, most don't." Toxic materials pose a double threat to other customers' belongings: contamination and explosion.

In spite of all these troubles, the self-storage industry is subject to little state oversight. The industry has proposed a "model self-storage act" that has been passed into law in as many as 43 states. The rules, however, speak only to the rights and responsibilities of landlords and tenants, such as when landlords may sell a tenant's belongings. They ignore major consumer issues like safety and security.

"Our members have no responsibility for what's stored," notes Robert L. Brown, executive director of the Self Storage Association in Cincinnati, whose membership includes 1,150 self-storage operators. Although the association's board has discussed creating a ratings system for facilities (much like the star and diamond system used to grade hotels), the effort has never gone anywhere.

Does the potential for peril mean you should never use mini-storage? Certainly not. But to protect yourself, and your stuff, follow these precautions before you rent a storage space:

Do your own security check. Start by casing the place yourself. Note how clean and well lit it is, and how easily anyone off the street can gain access. Make sure the facility provides some sort of round-the-clock electronic or video monitoring. Look for any evidence of a leaky roof or other water damage.

Ask this question: Does the facility screen prospective renters to determine who they are and what they plan to store? At minimum, operators should insist on a photo ID and a permanent street address, not merely a post office box. More cautious operators will require a credit-card number and driver's registration. Some even fingerprint or photograph their customers. "Anyone who has truly evil intent wouldn't want to be photographed or fingerprinted," says Brown.

Keep an eye on the temperature. Unless you want the glue that holds together your furniture to freeze in winter, and your record collection to warp in summer, look for a facility that keeps its climate moderated. Mind you, we're not talking about the constant refrigeration you need for a priceless wine collection. But if your items are at all sensitive to humidity and temperature (antiques, anything made of wood that may warp, clothing and valuable papers), you should spring for the extra 30% or so, or about $16 a month, that climate-controlled facilities typically charge.

Make sure you're insured. Ask your insurance agent whether your homeowners policy covers your things while they're in storage. A standard homeowners policy will cover your belongings while they're temporarily out of your home, though it typically won't pay for flood damage. (Federal flood insurance is available to some locker owners; your insurance agent should be able to tell you whether you're eligible.)

Your storage facility will probably offer to sell you insurance, which may make sense if you don't already have a homeowners policy. But you'll pay a high price--around $50 a month for $10,000 of coverage, less if you buy a one-year policy--and you'll still be left in the cold for certain horrors, including floods. What's more, these policies typically cover only the depreciated value of goods, not their replacement cost.

Shop around. While you're checking security, don't forget to ask about prices. Though new facilities are opening at a rate of three a day, self-storage is still largely a mom-and-pop business dominated by small operators. Corporate players, however, including Public Storage, Shurgard and U-Haul, now account for about 11% of the business. As competition between large and small operators intensifies, local price wars are common. Comparing prices may save you $5 to $10 or more off the monthly storage fee.

Finally, if you do rent a locker, you should consider bringing a disk-shaped lock (typical price: $15), since they are difficult for crooks to cut with a bolt cutter. Your storage facility may sell them, but it will charge twice as much as a hardware store.