Does Renters Insurance Cover Storage Units?

Table of Contents

Does renters insurance cover property in storage units?
What will renters insurance cover in a storage unit?
How much does renters insurance cover for property in storage units?
Should I buy a separate insurance policy for my storage unit?

Does renters insurance cover property in storage units?

When I moved into my new apartment, there wasn't room for all of my furniture or belongings. I decided to put them in a storage unit rather than get rid of them, and I purchased renters insurance as part of my lease. 

My question is whether that policy covers property that I'm storing outside of my unit or whether I need to purchase a separate policy to cover that property?

Renters insurance policies insure your property from named perils. Named perils are a fancy way of saying certain risks. It means that your policy will specify which risks your property is protected from whether it be vandalism, theft, fire, or storm damage. 

The beauty of a renters insurance policy is that it covers your property no matter where it's located. This means that if you happen to put some of your property in a storage unit, it's still covered by your renters insurance policy (from named perils, that is). 

There's a catch—property located outside of your home is covered with a lower limit. This isn't always the case, and a lot depends on your specific policy. 

However, it's worth noting and knowing before you put valuable possessions in a storage unit assuming you're covered (without knowing whether you actually are).

What will renters insurance cover in a storage unit?

Any property that would be covered under your renters insurance policy is covered even if it's kept in a storage unit. As I briefly mentioned above, this is true only if it's destroyed or damaged by a named peril. 

How much does renters insurance cover for property in a storage unit?

The catch isn't what the renters insurance will cover, but how much it will cover.  The general rule is that property kept outside of your home is allotted 10% of the coverage you'd receive had the property been at your home, or $1,000, whichever is greater.

That being said, there are also special liability limits for certain items. None of this will come as a surprise because each of the items with a special limit will be defined in your policy. 

Typically these are items higher in value including things like jewelry and boats. Keep in mind that the extra limitation on off-premises property still applies to these items. 

This means that if jewelry is limited to $2,500, there's an individual limit of liability (i.e. the $2,500) and then the additional limit (10% of the coverage you'd receive if the item were in your home) as defined by the policy.

All of these variables may differ depending on your policy. Call your independent insurance agent to discuss your options, what's covered, and what may have reduced liability limits.

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Should I buy a separate insurance policy for my storage unit?

It's not a given that your storage company provider will offer insurance for your belongings, however it isn't unheard of either. In fact, a lot of storage companies will require that your items are insured. You can prove this with a copy of your renters insurance policy.

Keep in mind that any storage facility offering property insurance are outsourcing that coverage. That being said, it makes much more sense to call your independent insurance agent to shop for your renters insurance needs than it does to use an outsourced company through your storage facility.