Does Renters Insurance Cover Storage Units and Their Contents?

Renters insurance can be a lifesaver, but it's not always clear what it covers. If you're renting a storage unit, you might wonder if your renters insurance policy will protect your belongings stored inside.

Typically, renters insurance covers personal property, but the extent of coverage varies by policy. Some policies may exclude coverage for storage units, so it's essential to review your policy documents carefully.

Storage units can be a convenient way to free up space in your rental home, but they also come with their own set of risks. If you store valuable items in a storage unit, you'll want to make sure your renters insurance policy covers them in case of theft, damage, or loss.

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Renters insurance policies often have sublimits for personal property stored away from home. These sublimits can be a surprise for many people.

For example, most renters policies have a sublimit of 10% of the coverage you'd receive if the property were at home, or $1,000, whichever is greater.

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If you're storing items in a self-storage unit because your home is being repaired, renovated, or rebuilt, you'll be covered without a special limit of liability. This is a big relief if you're dealing with a major home renovation.

Certain individual personal property items also have their own sublimits, such as high-value items like guns, jewelry, coin collections, and electronics. Each item's sublimit varies, so it's essential to check your policy.

For instance, the sublimit for firearms tends to be around $2,000 to $2,500. If your guns worth $2,500 in a storage unit are destroyed by a covered loss, you may receive either 10% back, which is $250, or $1,000, because it's greater than the 10% limit.

Here are some examples of items that may have their own sublimits:

Renters insurance can provide coverage for your self-storage unit, but the specifics can vary depending on your location and policy. In California, New York, Connecticut, Virginia, or Florida, the coverage limit for your storage unit is generally 10% of your personal property coverage.

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If you live in one of these states, increasing your personal property coverage limit can mean more coverage for items in a storage unit. For example, if your policy covers personal property up to $50,000, you'd be insured up to $5,000 for items in your storage unit.

Stand-alone insurance policies for storage units have relatively low monthly premium rates, ranging from $8 to $38 per month for up to $10,000 worth of coverage. For example, SafeStor offers up to $15,000 worth of coverage for $24 per month with a $100 deductible.

Here are some examples of coverage costs from SafeStor:

Keep in mind that the actual cost will depend on your provider and the specifics of your policy.

If you're looking to get more coverage for your items in a storage unit, you have a few options to consider.

In some states, like California, New York, Connecticut, Virginia, and Florida, your renters policy coverage limit for stored items is 10% of your personal property coverage overall. This means you can increase your personal property coverage to get more coverage for your stored items.

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You can also buy a separate insurance policy from the storage facility or a third-party provider. Be sure to know the costs, including monthly premiums and deductibles, and exactly what's covered by the policy.

In many states, the coverage limit for stored items is set at $1,000 and cannot be increased.

Here are some examples of self-storage insurance policy costs:

Stand-alone insurance policies for storage units have relatively low monthly premium rates, ranging from $8 to $38 per month for up to $10,000 worth of coverage.

Renters insurance coverage for self-storage units is based on a percentage of your policy's limits, usually 10%. This means if you have a policy covering your personal property up to $50,000, you'd be insured up to $5,000 for items in your storage unit.

Some items have common limits to coverage, such as portable electronics, jewelry, and watches, which are capped at $1,500 each. Plants have a coverage limit of $500, while cash is limited to $200.

If you have valuable items like electronics, jewelry, or musical instruments in your storage unit, be aware that their coverage limits will still apply. For example, portable electronics are limited to $1,500 in coverage.

Additional reading: Does Renters Insurance Cover Stolen Jewelry

Creating a reliable document of your belongings in the storage unit is crucial, so take pictures of everything and note relevant details, including prices. Hold onto receipts for any items you still have.

You'll want to refer to this list if something unfortunate happens to damage or destroy your belongings. This will also help you estimate the value of the property in your storage unit and determine whether your insurance policy is giving you sufficient coverage.

Most people have a limit of around $10,000 for their personal possessions in their homeowners or renters insurance policy. This means you can claim up to $1,000 worth of items in your storage unit, assuming your policy limit is $10,000.

However, if you need to put your possessions into storage during renovations or if there has been a disaster in your home, your insurance policy would deem your home “unfit” to store items and would cover the entire replacement cost of your items if they get ruined.

Renters insurance typically only covers items in a storage unit up to 10% of your renters insurance, which might not be enough if the contents of the storage unit are valuable.

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Renters insurance is not just for your personal belongings, it's also a good idea to consider coverage for your storage unit. Many storage units require some form of insurance, but these plans often have exclusions.

Most storage unit insurance plans exclude coverage of damage caused by smoke, vermin, or mold/mildew. This means you may still be responsible for paying for damages not covered by the insurance.

The three most common claims related to storage unit insurance are damage caused by smoke, vermin, or mold/mildew. This is likely due to the lack of coverage for these types of damages in many storage unit insurance plans.

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