Does renters insurance cover storage units?


Depending on the terms of your policy, renters insurance may help you to protect belongings that are kept in a storage unit. Generally speaking, renters insurance protects your belongings should they be destroyed, stolen, or otherwise damaged. If you plan on storing more valuable items, you should look into extended personal property coverage beyond your basic self-storage insurance policy.

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UPDATED: 2022-02-24T22:09:42.594Z
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Self-Storage bays
  • Depending on the terms of your policy, renters insurance may help you to protect belongings that are kept in a storage unit
  • Generally speaking, renters insurance protects your belongings should they be destroyed, stolen, or otherwise damaged
  • If you plan on storing more valuable items, you should look into extended personal property coverage beyond your basic self-storage insurance policy

Does renters insurance cover storage units?

A river kayak, seasonal decor, extra furniture — many of us have items that can be hard to squeeze into rental units when we’re short on space. That’s why storage units are a handy locale to house our personal belongings and avoid overcrowding our homes.

But what happens if the unexpected happens? Does renters insurance cover storage units?

While there isn’t one clear-cut answer, one of the main benefits of renters insurance is that it may provide coverage for your personal belongings, even if they are in a storage unit. To help you gain peace of mind, we’re laying out some of the specifics when it comes to renters insurance, the top ways customers say they've saved money on renters insurance, and how you can be sure you’re protected when you need it most.

What are named perils?

As a renter, you may be wondering what renters insurance covers. For example, does renters insurance cover flood damage to personal property? Renters insurance that covers storage units typically outlines a policy’s coverage in what’s called the named perils. Some common named perils include:

  • Theft
  • Fire or arson
  • Lightning
  • Smoke
  • Water
  • Vandalism
  • Explosions

There are more named perils, though they are less common and should be discussed with your insurance provider on a case-by-case basis. Should a named peril damage or destroy your property in a storage unit, you may be able to file an insurance claim and be reimbursed for your items.

Named perils do contain caveats, however. For instance, you may be covered by water damage from a burst pipe but not by flood damage or drain backups.

Some policies explicitly exclude specific perils. For example, earthquakes and other natural disasters are often not included as named perils for renters insurance.

What are special limits for personal property?

Finding out what exactly is covered by renters insurance will vary from policy to policy. Depending on your policy’s terms, your property should be protected while being stored away from your home. However, there are some conditions in your insurance coverage to consider:

  • Home repairs and renovations. If your property is being stored elsewhere due to repairs, renovations, or rebuilding, it is often protected with full coverage. Since your primary residence may be uninhabitable, your possessions could be covered under a special limit of liability.

  • University housing. Property stored in a college dorm covered under a parent’s policy may else be eligible for full coverage, depending on the policy.

To be sure your belongings are protected no matter the circumstance, there may be ways of adding additional coverage.

How to Add Additional Coverage

You can increase your sub-limits by adding endorsements for more valuable items that don’t fall under the terms of your renter’s insurance policy.

These are some of the most common renters insurance add-ons:

Scheduled endorsement

This type of renters insurance provides insurance coverage for specific pieces of property. Some of the more popular items covered under these policies are firearms, electronics, or other high-value items. When you purchase scheduled property endorsements, ensure that their coverage extends specifically to storage units.

Replacement Cost or Actual Cash

Renters can purchase two types of policies: actual cash and replacement cost. Actual cash renters insurance policies provide lower coverage amounts, but these policies tend to cost less. Replacement cost policies, on the other hand, are designed to provide coverage to completely cover the replacement of a stolen or damaged piece of property. In most cases, if a piece of property is worth insuring with an actual cash policy, it can make more sense to spend the extra policy cost on a replacement policy.

How to Insure Your Storage Unit

Some self-storage unit providers offer insurance on your belongings while on their premises. One important consideration about these policies is that they are often outsourced to third-party insurance company providers. This can create unnecessary headaches in the event that you need to file a claim.

By adding additional storage unit coverage to your existing renters insurance policy, you can provide an extra layer of protection for your property.

Documenting Your Property in a Storage Unit

If you plan to store high-value items in a storage unit, there are a few best practices you should follow in order to ensure optimal protection:

  • Save your receipts
  • Document serial numbers
  • Take photographs to provide proof of ownership

If you need to file a claim following theft or property damage due to other causes, you’re going to need to be able to provide an itemized list. You’ll also need to document the replacement value.

This could help you avoid delays in the claim process and get your reimbursement sooner.

Find the Right Renters Insurance for You

One of the primary benefits of renters insurance is that it often protects your property whether you’re storing it at home or need to keep it off-premises in a storage unit. Renters in urban areas typically utilize storage units to maximize small spaces. Storage units also provide a convenient way to protect items during a move, renovation, or professional relocation.

We connect renters like you with the best insurance providers to find a policy tailored to your unique needs.

Our quick price guide lets you easily compare policies to find the one that’s right for you. Our renters insurance provides transparent pricing from leading insurance company providers that can help save you money without the hassle.

Use our free tool and start comparing quotes today.

References:

  1. https://www.policygenius.com/renters-insurance/renters-insurance-for-storage-units/
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