Renters Insurance and Storage Units: Separating Fact from Fiction

Renting an apartment offers flexibility and convenience, but it might not always provide enough storage space for all your belongings. This is where storage units come in handy. However, a common question arises: Does renters insurance cover storage units? So, let’s separate fact from fiction regarding renters insurance and storage units.
Myth 1: Renters insurance only covers belongings within your apartment.
Fact: Renters insurance typically offers off-premises coverage for your personal property, extending some protection to your belongings stored in a secure storage unit. This coverage usually falls under a sub-limit within your overall policy coverage amount. For example, if your renters insurance policy offers $30,000 in personal property coverage, your off-premises coverage for a storage unit might be a percentage of that total, such as 10%, translating to $3,000 worth of coverage.
Myth 2: All renters insurance policies automatically cover storage units.
Fact: While off-premises coverage for storage units is common, it’s not guaranteed. Always check your specific policy wording. Some policies might exclude coverage for storage units entirely or require specific conditions to be met, such as the storage unit being located within a certain distance of your residence.
Myth 3: Renters insurance covers everything in your storage unit.
Fact: Even with off-premises coverage, there are limitations to what’s protected. Most policies typically cover similar perils as your in-home coverage, including:

  • Fire
  • Theft
  • Vandalism
  • Certain types of water damage (check your policy for specifics)

Additional Things to Consider

Here are some additional things to consider:

  • Valuable items: There might be sub-limits for specific high-value items like jewelry or electronics. If you have valuable possessions in your storage unit, consider scheduling them on your policy for additional coverage.
  • Natural disasters: Standard renters insurance typically excludes coverage for natural disasters like earthquakes or floods. Consider additional coverage options if you live in an area prone to specific natural disasters.
  • Storage unit security: Many renters insurance policies require the storage unit to have certain security features, such as a working alarm system and a locked gate.

Tips for Maximizing Coverage for Your Storage Unit

They are as follows –

  • Communicate with your insurance agent: Discuss your storage unit usage with your insurance agent. They can review your specific policy and ensure you have the right level of coverage for your belongings.
  • Inventory your belongings: Create a detailed inventory of the items stored in your unit, including descriptions, photos, and estimated values. This documentation will be crucial if you need to file a claim.
  • Consider additional coverage: Depending on the value of your stored possessions, you might want to consider adding additional off-premises coverage to your renters insurance policy or inquire about self-storage unit insurance offered by the storage facility itself.

Ensure Your Valuables Are Protected in a Storage Unit with Lou Aggetta Insurance

At Lou Aggetta Insurance, we believe in providing our clients with relief and financial security. Our experienced agents can help you understand your renters insurance policy, navigate coverage options, and ensure your belongings – both within your apartment and in your storage unit – are adequately protected. Contact us today to get started. Call us at (925) 945-6161 for further assistance.