Does Renters Insurance Cover Storage Units?
You’ve got lots of stuff. Some of it is valuable, some practical. Some of your personal possessions hold sentimental value, while others are one decision away from the trash can.
You have so many possessions that they don’t all fit in your apartment. Some are at an off-site unit. Maybe a couple of units. What if they’re stolen or damaged? Does your renters insurance cover the things in your self-storage unit?
The short answer is yes. Under many circumstances and within certain limits.
Here are the details, starting with more about the coverage you’re wise to have in the first place.
Understanding Renters Insurance
Renters insurance offers financial protection against accidents, incidents, and calamities that can happen to your possessions in your rented living quarters. It doesn’t matter whether that’s an apartment, condo, house, duplex, or any other type of rented living space.
You can file a claim with your insurer if your possessions are damaged, ruined, or simply gone in the event of a house fire, theft, vandalism, burst water pipe, or most other events. To be fully protected, you may want to look into renters insurance for severe weather and natural disasters.
Renters coverage pays for medical and legal costs if someone sues you for injuries that happen in your unit or your dog bites someone even while off of your property. Your policy will also pay for your family’s temporary housing if you’re displaced for weeks or months while you rehab your living space after a fire or other misadventure.
That’s still not all of the benefits you receive from your policy. Read on.
The Scope of Coverage for Storage Units
Renters insurance policies typically also cover your possessions in self-storage against theft and other losses.
Coverage Limits for Storage Units
Your policy likely has a few coverage limits. For example, your standard renters policy probably has a 10% maximum coverage limit for items stored off-site. So, carefully determine how much renters insurance you need. If you carry $30,000 in total personal property protection, your possessions in a storage unit are covered up to $3,000.
Furthermore, some policies don’t pay for fire, flooding, or other forms of damage to the facility. However, you can often add this plan to your policy, so ask your agent.
Coverage While Moving or Renovating
Sometimes, a storage unit is more than just storage. It’s nearly a second home. That can happen if you need to provide long-term accommodations for your most valuable art, furniture, and other prized possessions.
Let’s say the apartment house sustained major windstorm damage, and the units must be gutted. While your renters policy will help pay for your temporary living quarters, the coverage will also allow your things to be financially protected while in storage.
Whatever the reason, your policy will come to the rescue. Just make sure you inventory everything you have off-site. It also makes good sense to snap photos of the goods so you can prove the value of any missing items to the insurance company.
Frequently Asked Questions
Here are answers to some of the most common questions regarding a renters policy and how it concerns your possessions in off-site locations.
Should I Get Additional Coverage for My Items in a Storage Facility?
That might depend on the financial value of the items you’re storing. Remember, your standard renters policy will cover your stored items to a maximum amount equal to 10% of the total personal property coverage in your policy.
If that’s $2,000 or $3,000, is that enough to cover the cost if your property is stolen while off-site? Ask your agent about the cost of raising your coverage limits. You can also purchase storage unit renters insurance, often also called self-storage insurance, from a third party associated with the facility.
What About My Belongings in My Building’s Basement Storage or an Outdoor Shed That’s On-Site?
Generally speaking, your renters policy will cover all of your personal property, no matter where it’s at. That can include your home’s garden shed, a basement, even the trunk of a car, as well as in a garage or even a barn behind a rented farmhouse.
To be on the safe side, tell your insurer where you’re storing your possessions to make sure you’ll receive protection in that location.
Is Self-Storage Insurance Mandatory?
Some facilities insist that tenants get this form of coverage, also known as storage unit insurance. But of those that do, many will accept your homeowners or renters policy instead of their own policy. Just ask.
The Benefits of Renters Insurance
One of the main Acceptance Insurance advantages on your behalf is our agents. While most agents only work for a single company, our independent agents have contractual relationships with several leading carriers.
That means they can go shopping for the most affordable renters insurance plan with the off-site storage benefits that best suit your needs. If you are a renter and you store belongings offsite, you’ll be protected up to a certain dollar amount. You can increase that amount if you wish. Don’t forget to ask about other scenarios, such as storing your expensive belongings or what coverage is available for major weather events.
Call Acceptance Insurance at 877-405-7102 or get a quick online quote. You can also find an office near you to book an appointment with one of our helpful and knowledgeable independent agents.
