Renters insurance usually covers items you keep in storage units, but the coverage is often lower than it is for belongings kept in your home. Depending on what you’re storing and how valuable it is, you may need to add extra coverage to your renters policy or consider getting insurance directly through the storage facility.
Key Points
• Coverage for items in storage units is capped, often at 10% of total personal property.
• High-value items have lower sub-limits, requiring additional coverage.
• Theft is typically covered, but not all types of damage.
• Document items with a home inventory for easier claims.
• Additional coverage options are available for higher-value items.
Understanding How Renters Insurance Covers Items in Storage
Typically, renters insurance covers your personal belongings, including furniture, electronics, and clothing, if they’re damaged or lost due to events such as theft, fire, or vandalism.
But coverage can also extend beyond your home. This is known as off-premises coverage. So if you keep things in a storage unit, those items may still be covered under your renters insurance. But keep in mind, there are often limits. Most policies only cover a portion of your total personal property coverage, like 10% or a set dollar amount.
It’s also important to know that high-value items, such as jewelry, silverware, furs, or firearms, usually have lower coverage limits, even if they’re kept in a storage unit. These thresholds are called sub-limits. For example, if your policy covers up to $1,500 for jewelry and your $5,000 ring is stolen from your storage unit, you’d only get $1,500 unless you added more coverage.
If you want more protection for those belongings, you may need to add extra coverage to your policy. This is often called “scheduling” an item.
Covered Scenarios for Items in a Storage Unit
Personal items in a storage unit are usually covered if they’re damaged or lost due to specific events, known as “perils” in insurance lingo. Common covered situations include:
• Theft
• Vandalism
• Fire
• Lightning
• Windstorms
• Hail
• Damage from a vehicle
Storage Unit Coverage Limits and Exclusions
As we discussed, renters insurance can help protect what’s in a storage unit. But there are limits and exclusions. For example, some policies may only cover theft but not fire or water damage. And even with broader coverage, most policies cap storage protection around 10% of your total personal property coverage. So, if you have $40,000 in personal property coverage, your storage unit items might only be covered up to $4,000.
Even if your policy covers more than just theft, it’s important to remember that renters insurance doesn’t cover everything. Some things just aren’t included, whether your belongings are in your apartment or elsewhere. Examples include:
• Damage from earthquakes or flooding caused by weather. You’d need a separate flood insurance policy for that.
• Power outages that affect a large area
• Theft of your car or car parts, though renters insurance may cover items that are stolen from inside your car
• Your roommate’s belongings
• Pest problems, such as mice, rats, ants, or bed bugs
• Mold, unless it’s caused by a covered peril
Important Steps for Documenting Your Storage Items
No matter where your belongings are stored, it’s a good move to create a home inventory. If a fire, storm, or break-in occurs, having a list of your things can streamline the renters insurance claims process. It helps the insurance company figure out how much coverage you need and what you’re owed when you file a claim.
Your home inventory doesn’t have to be complex. You’ll want to make a list of your items, writing down how much each item is worth and what it would cost to replace. (Some insurers may ask for receipts for expensive items.) You should also take photos and/or videos of your belongings as a backup.
Check if your insurance company offers an app or other digital tool to make the job easier — many do.
What to Do If Items Are Damaged or Stolen from Your Storage Unit
If your belongings are stolen or damaged while in storage, don’t panic. Here are some steps you can take:
• Contact your insurance company right away. Reach out to your renters insurance provider as soon as possible to start the claims process. They’ll walk you through the claims process, what your plan covers, and what documents you’ll need to submit.
• Prevent further damage. If there are items in your unit that weren’t impacted, take steps now to protect them. For example, move undamaged belongings to a safer place so you don’t risk losing more.
• Make a detailed list. Write down everything that was damaged or lost, and include each item’s estimated value. Dig up any receipts or proof of ownership, if possible — this can help move along the claims process.
• Take photos or videos. Document damage or theft with clear photos or videos. If you’ve created a home inventory, now’s the time to use it to compare what’s missing or damaged.
• Report the incident to the authorities. If the loss involves theft, you may need to file a police report. Your insurance company might require this as part of your claim.
After you file your claim, your insurance company will likely assign an adjuster to review the damage and determine how much will be covered after you pay your deductible. This amount will be determined based on your policy limits and coverage type.
When it comes to personal property claims, how you’re paid depends on the coverage you have. There are two types:
• Actual Cash Value (ACV), which refers to what the item is worth today, factoring in depreciation.
• Replacement Cost Value (RCV), which refers to the amount it would take to repair or replace the item with something similar.
Check the details of your renters policy so you know exactly how much coverage you have and what you’re eligible to receive if something happens to your things.
The Takeaway
Does renters insurance cover storage units? Generally speaking, yes. Renters insurance can cover your belongings when they’re stored away from home, whether that’s in a storage unit or in your car. But keep in mind that this off-premises coverage usually comes with limits and exclusions and often only pays a percentage of your total personal property coverage. Even if your coverage is solid, it’s a good idea to prepare for the unexpected and set aside some extra cash for your deductible and any costs your policy might not cover.
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FAQ
How much renters insurance coverage applies to items in storage?
Generally speaking, renters insurance will cover your belongings in a storage unit, but usually only up to about 10% of your total personal property coverage. So, if your policy includes $50,000 in personal property coverage, you’d typically have up to $5,000 of protection for items in storage. If you need more coverage, some insurers let you add extra protection — known as insurance riders — for an additional cost.
Does renters insurance cover damage from a leaky storage unit roof or flood?
It usually depends on what caused the damage. If the leak was due to something your policy covers — like hail damaging the roof — your renters insurance may help pay for the damage. But flooding from heavy rain or rising water isn’t usually covered. For that kind of protection, you’d need to buy separate flood insurance.
Do I need separate storage unit insurance from the facility?
Not always, but it comes down to what you’re storing and your current coverage. Some storage companies offer insurance or may even require you to have it, either through your renters insurance or a separate policy. If the value of the items you’re storing is higher than what your renters insurance covers, getting extra coverage through the storage facility or another insurer could help you fill the coverage gap.
Are high-value items covered in storage?
Some coverage may apply, but it’s usually limited. Renters insurance might protect valuable items like jewelry or electronics in a storage unit, but only up to a certain amount. To make sure your valuables are adequately covered, check your policy details and ask your insurance provider if you need to add extra coverage.
What proof do I need for a claim involving items in storage?
Along with basic info like your name, policy number, and a description of what happened, you’ll likely need to share a list of the items that were damaged or stolen. Having a home inventory prepared ahead of time can make this much easier. From there, your insurance company will guide you through the next steps to process your claim.
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