Does Renters Insurance Cover Items Stored in a Storage Unit?

Many renters may find that their residence doesn’t have enough space for all of their belongings. In such situations, using a storage unit to keep some of your belongings safe can be a convenient solution. However, while some of your possessions may be out of sight, they shouldn’t be out of mind. Understanding if your renters insurance policy can extend coverage to such items is important.

How Renters Insurance Typically Works

Renters insurance is designed to financially protect you and your personal property, including furniture, electronics, clothing and other belongings. Covered perils typically include fire, theft, vandalism and certain types of severe weather. Crucially, many policies even cover items that are not physically in your rental home, such as if your phone is stolen while out and about or, indeed, if something stored elsewhere is damaged.

Understanding Possible Limitations

Although many standard renters insurance policies do offer some coverage for personal property kept in a storage unit, there are important limitations to keep in mind. Consider the following potentially problematic parts of your policy:

• Reduced coverage limits—Offsite items are usually covered for a smaller percentage of your total personal property limit, such as 10%. For example, if your policy typically covers $10,000 in personal property coverage, only $1,000 may apply to items in storage.
• Limited covered perils—The same covered risks generally apply for items you leave in a storage unit, but there may be situations where some policies exclude certain events impacting possessions kept elsewhere. Make sure you read your policy carefully.
• Possible exclusions—High-value items left in a storage unit, such as jewelry or collectibles, may have additional restrictions or require special coverage.

Curb Your Risk

When leaving your belongings elsewhere, you’re inherently absent from being able to safeguard them. Additionally, certain incidents, such as water damage and fires, may be beyond your control. Understanding how renters insurance may at least help you recoup resulting losses is essential.

Our team at Orbit Insurance & Multiservice is here to help. Contact us today to learn more or get a free renters insurance quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.