12 Oct Does Renters Insurance Cover Your Possessions in Storage Units?
Generally, renters insurance covers your personal property stored on and off premises. For example, if you don’t have enough space in your rental home or apartment to store everything you have and decide to rent a storage unit, renters insurance will cover your belongings against theft, vandalism, and weather-related loss or damage. However, you will be covered only up to a certain limit, and deductibles apply. Let us discuss the basic coverage limits of renters insurance for storage units and how to increase it, if further if needed.
When Will You Be Covered for the Property Loss in Storage Units?
Renters insurance will usually cover the loss or damage to the items in storage units caused by some perils, including fire, windstorm, explosion, hail, theft, water, steam, falling objects, riots, snow, ice, damage by aircraft, or vehicle, etc. Some providers offer open perils renters insurance, meaning you will be covered against every peril except those specifically excluded from your policy.
Generally, you can file a claim and get reimbursements for the property loss or damage caused by perils listed in your policy. Some named perils may also have restrictions. For example, damage caused by backed-up or overflowed water resulting from flooding doesn’t count as water damage. Understand the perils covered and file a claim accordingly.
How Much Coverage Does Renters Insurance Offer for Items in Storage Units?
Though renters insurance covers your possessions on and off-premises, the coverage limits vary depending on the location of your storage unit items.
If your storage unit is away from your rental home, the coverage will be subject to a sub-limit (the maximum amount your provider will reimburse you), which is usually $1000 or 10% of the coverage you would receive for the property stored at your home (whichever is greater). For example, if your lost property is worth $3500, you will receive 10%, which is 350 or $1000, as it is greater than the 10% limit.
Some items have their own sub-limit, including guns, electronics, coins, and jewelry. If your jewelry is lost or damaged while stored away from your home, your provider will calculate your reimbursement considering both the sub-limit of the item and the off-premises sub-limit.
However, under some situations, you will be covered up to your policy’s liability coverage limit, although your possessions are stored away from your home. These include:
- Your belongings are in your child’s college hostel room
- Your home is being repaired or reconstructed after a covered loss
How to Increase the Coverage Limits?
You can buy these endorsements to increase your sublimit:
- Scheduled Property Endorsement – Covers possessions uncovered by your policy or covered at low amounts.
- Replacement Cost Rider – Covers your property to its replacement value.
Storage Unit Insurance
Some storage companies offer personal property insurance with extensive coverage limits. You can buy this to stay adequately covered.
With renters insurance designed to cover your belongings despite their location, increasing its coverage limit is mostly enough to protect them at all times against every risk.
Cover Your Storage Units with Kevin S. Dougherty Insurance
At Kevin S. Dougherty Insurance, we provide all-inclusive renters insurance (with additional endorsements) to sufficiently cover your storage units. Contact our insurance experts, Kevin or Merci, today to get started on your personalized renters coverage tailored to your unique storage needs.