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Your homeowners insurance doesn’t just protect your home — it may also offer some protection for your belongings stored in a storage unit. That coverage can provide peace of mind if you’re storing valuables off-site. But it’s important to know that coverage may be limited and might not cover everything in your storage unit.
Key Points
• Usually, homeowners insurance covers off-site storage for up to 10% of your personal property coverage.
• Mold, mildew, flood, and earthquake damage are generally not covered.
• Review your policy for coverage limits and exclusions to understand what is protected.
• When damage to items in your storage unit occurs, it’s a good idea to document damage or theft with photos and police reports for claims.
• You may wish to consider additional coverage for high-value items stored off-site.
How Homeowners Insurance Covers Items in a Storage Unit
Most standard homeowners insurance policies cover belongings you keep in a storage unit up to a limit. The insurance coverage limit for your belongings in storage is usually a set percentage of your homeowners insurance policy’s personal property coverage limit.
Recommended: How Umbrella Insurance Works
Off-Premises Personal Property Coverage
It’s common for homeowners insurance policies to include off-premises personal property coverage, which can be applied to items in storage. However, you can usually only claim up to 10% of your personal property coverage amount for these items.
For example, if you have $100,000 in personal property coverage for the belongings inside your home, then your policy would generally cover up to $10,000 for belongings in your storage unit.
Protection Against Covered Perils
If your homeowners insurance covers items in a storage unit, there will usually be covered perils and uncovered perils indicated in the policy. For instance, insurance will likely cover damage done to items in a storage unit from theft, vandalism, and weather events. However, if your possessions are damaged by mold or mildew while in a storage unit, your homeowners insurance may not cover the cost.
Coverage for Your Belongings vs the Unit Itself
Homeowners insurance often covers belongings stored in a storage unit. However, it doesn’t extend to the storage unit itself.
Recommended: Changing Your Homeowners Insurance
How do I File a Claim for Items in a Storage Unit?
Figuring out how to buy homeowners insurance is one important process for homeowners to understand. Learning how to file a claim is another. Here are some steps to keep in mind.
Immediate Steps to Take After Damage or Theft
If you notice belongings are damaged or missing from your storage unit, alert the manager or security at the storage facility. They can secure the area and help protect it against further damage or theft.
If it’s clear that someone broke into your unit, it’s also a good idea to report it to the police as soon as you can.
Documentation Needed for Your Claim
Your insurance company will probably require photos of the damage or stolen items (before they were stolen) for your claim. You’ll also want to make a list of whatever was destroyed or stolen and provide their proof of value, if possible.
If your storage unit was broken into, you may also be asked to provide a screenshot of the security footage at the time of the break-in. The storage facility can provide that to you, along with paperwork and other information necessary to file a claim. It’s also a good idea to get a copy of the police report, if you filed one.
Before submitting your claim, review your plan’s terms and conditions. A homeowners insurance guide can help you fully understand your policy.
The Claims Timeline and Process
Once your claim is submitted, your insurance company may assign an adjuster to work with you. Be sure to provide any documentation they request — it will help keep the process moving along. Note that claims can take anywhere from a few days to a few weeks to be processed, depending on their complexity.
What Is Not Covered in a Storage Unit?
Your homeowners insurance policy probably doesn’t cover everything that can damage items in a storage unit. Here are some common exceptions.
Common Excluded Perils
Home insurance may exclude certain perils that can destroy whatever belongings you have in a storage unit. For instance, mold and mildew due to poor ventilation are often not covered under standard homeowners or renters insurance policies.
Other commonly excluded perils include flood or earthquake damage, damage from pests, and theft without forced entry.
Business Inventory or Property
Most homeowners insurance policies will not cover business inventory or equipment that is stored for sale or distribution within a storage unit. If you’re keeping items for a business in a storage unit, you might want to consider getting a separate business insurance policy or a business property endorsement.
High-Value Items Beyond Their Special Limits
If you’re storing high-value items like art, jewelry, collectibles, or antiques in a unit, you may want to add scheduled personal property coverage to your homeowners insurance policy. This can cover the full value of your belongings without a deductible. However, note that you will likely need to get appraisals for any items you want insured.
Recommended: Do You Need Homeowners Insurance to Buy a Home?
Understanding Your Storage Unit Coverage Limits and Deductibles
Before filing a claim, it’s important to understand your storage unit coverage limits and deductibles.
The Off-Premises Coverage Sublimit
Most homeowners insurance policies have an off-premises coverage sublimit. This is the maximum amount the insurance company will pay for a specific type of loss. Off-premises coverage for possessions kept in a storage unit is usually limited to 10% of your personal property coverage.
Special Sublimits for Valuables
Oftentimes, homeowners insurance policies have special sublimits for certain high-value items. These sublimits cap the amount of money your insurance company will pay for the loss of those items, regardless of their actual value or your overall personal property coverage.
How Your Deductible Affects a Storage Unit Claim
A deductible is the amount that you pay toward a covered loss before your insurance company kicks in its share. Choosing a higher deductible may lower your premiums. However, you could end up paying more in upfront costs if you file a claim.
Recommended: How to File a Homeowners Insurance Claim
Do You Need Additional Storage Unit Insurance?
You may decide that your homeowners insurance doesn’t offer you enough protection for the items in your storage unit. This can be the case if you’re storing a substantial number of your belongings and their value exceeds what your coverage would provide or if you have high-value items in storage. If your deductible is high, you may also want more coverage for belongings in your storage unit. Fortunately, there are a couple of ways you may be able to increase your coverage.
Increasing Your Personal Property Coverage Limit
If the value of your personal property exceeds the off-premises storage coverage limit set by your homeowners policy, you may want to talk to your insurance agent about whether it makes sense to raise your overall personal property coverage limit. This will likely also raise the cost of your premiums. However, it will increase the dollar amount of coverage that applies to the belongings in your storage unit. You may also want to check whether your policy covers the actual cash value of your belongings or the replacement value, which is typically higher.
Buying a Standalone Storage Unit Insurance Policy
It’s also possible to purchase insurance specifically for belongings in your storage unit. You may be able to buy this from your insurer, from another insurance company, or sometimes through the storage unit company itself. This coverage may not require a deductible but it will have its own coverage limits.
The Takeaway
Does homeowners insurance cover storage units? Generally speaking, it does. Most policies will provide off-premises coverage for your personal property, which includes storage units. However, you may only be able to claim a percentage of your personal property coverage amount for items in your storage unit. Review your policy to make sure you have the right amount of protection in place.
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FAQ
How much are my belongings in storage covered for?
Belongings in storage are usually covered for a percentage of your personal property coverage, often around 10%.
Do I need to buy the insurance offered by the storage facility?
It depends. A storage company can require you to have insurance. If you already have homeowners or renters insurance, your policy may already provide off-premises coverage for your personal property. You could also purchase a separate storage unit insurance policy from an independent insurer. If neither of those options works for you, you may decide to buy insurance from the storage facility.
Are my items covered against all types of water damage in storage?
Items in storage units are probably not covered against all types of water damage. Water damage for events like mold, flooding, or water damage due to poor maintenance are often not covered under standard homeowners or renters insurance policies. If you want to protect yourself against all types of water damage, you can purchase additional coverage.
Does my home insurance deductible apply to a claim for items in storage?
Your homeowners insurance deductible usually applies to a claim for items in storage under off-premises personal property coverage.
What should I do before putting valuable items into storage?
Before putting your valuable items into a storage unit, you should clean and dry all items properly and thoroughly. Dirt can contribute to the breakdown of certain materials over time, and not properly cleaning and drying items can lead to mold or mildew. It’s also a good idea to carefully wrap delicate items and cover furniture.
photo credit: iStock/imaginima
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