Does Renters Insurance Cover Storage Units?

Personal property held in a storage facility is protected by renters insurance. This is covered by the personal property coverage included in standard renters insurance policies. According to the specifics of this coverage, your personal belongings will be covered whether they are stored at home or in a storage unit.

This means that if your personal property is stored in a storage facility and is damaged by a covered peril, your renters insurance company will reimburse you up to the policy’s limit. You can find the specific perils covered by your renters insurance plan in the policy document.

Personal items, such as clothing, electronics, furniture and appliances stored in storage units will be covered under your renters insurance's personal property coverage if they are damaged by a covered peril like fire or theft while in storage.

Here are some scenarios in which you may be certain that your renters insurance will cover your belongings in storage units.

Renters insurance policies generally cover personal property damage regardless of where it is stored. That said, property stored outside your rental home is typically only covered up to a predetermined dollar value or percentage of your overall personal property coverage.

For example, let’s assume that your policy offers coverage for off-premises property up to 10% of your personal property limits. In this scenario, if your renters insurance coverage limit is $100,000 and your personal property damage costs more than $10,000, you will be liable to pay the rest.

• If you store your possessions in a storage facility primarily because your home is undergoing renovations or repairs, your insurance company will not pay out on your claim.
• Coverage is also not available for possessions that you regularly store at another property that you own or rent, but that is not covered by your renters insurance policy.
• Generally, renters insurance does not cover items like firearms or items destroyed by an earthquake or flood.

Your renters insurance may include coverage for personal property stored in self-storage units. However, it is in your best interest to take the necessary precautions to protect the safety of your items while they are stored in storage units, regardless of whether or not you have renters insurance.

Renters insurance is readily available from several companies. State Farm and Travelers are two of the major insurance firms that sell it. In addition, smaller companies such as Toggle and Lemonade offer it as well. Renters insurance has an average monthly cost of $13 but can vary widely based on a variety of factors.

Comparing renters insurance quotes is the best way to ensure you're getting the best bargain possible. The amount of personal property you possess and choose to insure is a crucial factor. MoneyGeek's calculator for personal property can help you decide how much coverage you need based on the value of your belongings.