Does Renters Insurance Cover Storage Units?

Dropping off your possessions into a storage facility rather than your rental unit can have several benefits. However, if you have stored valuables within that space, you should also contemplate their general safety. If something comes up, do you have any financial protection guaranteeing it? Does renters insurance cover storage units? 

Do Most Renters Use Storage Units?

Storage units are widely used across the country by households and businesses. Around 21% of US renters utilize a self-storage facility, and it’s understandable to see why. The top reason it’s favored is as a middle ground when moving. Outside of that, it’s generally used because there’s not enough space at home or people are trying to downsize their belongings. 

General Coverage of Renters Insurance

Renters insurance covers items broken outside of your control. Certain plans can also cover personal liability or repairs and alterations within the home. You can also use it for home damage that prevents you from staying in your living quarters. However, these can still vary from provider to provider. 

So Does Renters Insurance Cover Storage Units?

Yes, renters insurance covers storage units. To be more specific, it covers personal property stored, whether in and outside of your rental unit. Items such as money, jewelry, clothing, electronics and the like will likely be secured in case of theft or damage. However, depending on the plan provider, there may be an off-premises coverage limit of 10% for your possessions. 

How to Check Your Renters Insurance Coverage

You can typically check in with your insurance provider to review the details of your renters insurance. However, it’s recommended to get all these items sorted out before even signing the lease for your rental unit and shipping your possessions to the storage unit. 

Optimizing Insurance for Storage Unit Protection

When your renters insurance lacks coverage for your storage units, the absence of financial protection can be worrying. Thankfully, you can get your belongings guaranteed if you optimize your existing insurance plans or seek other forms. Here are a few suggestions. 

1. Request Extra Coverage

Renters insurance is typically required and handled by landlords. For some, it will mostly entail adding $14 to $25 on top of rent. However, you can negotiate increasing your limits to cover your valuables in the storage unit. By talking to your insurance provider plan, you may increase your off-premises coverage limit from 10% to more. It can guarantee higher financial security in case of damage or theft.

2. Apply for Off-Premises Coverage

Rather than just requesting a percentage increase, you could apply for off-premises coverage to solidify full financial protection. Shifting from standard personal property coverage is quite an adjustment for your insurance plan and potentially requires premiums. Check your insurance provider’s offerings and your eligibility for them. If unavailable, you may have to seek out a new insurer for those items. 

3. Look Into Storage Unit Insurance

Another option to protect your unit is to apply for storage unit insurance. This type of plan will protect your belongings within a facility. Some facilities offer it under your storage contract, but you can also buy it from a separate insurer.

The costs of getting or extending off-premises coverage and storage unit insurance differ. A new insurance policy will be an additional expense, but it may be cheaper and more straightforward than negotiating your renters insurance plan. 

4. Seek Item-Specific Insurance

Another option would be to seek item-specific insurance policies to directly cover your belongings. For instance, some storage units cater to automobile owners. If you want to store this valuable away, you could get car storage insurance instead. Other high-value items like jewelry and art could also have their own separate insurance policies. 

Caring for Belongings in Storage Units

Insurance is a great financial fallback in case your valuables are stolen. However, prevention is still ideal to avoid such problems in the first place. Use these tips to ensure your belongings are secure in storage units. 

1. Pick a Reputable Storage Unit

Storage unit facilities are available nationwide, but not everyone is reliable. Make sure you pick a reputable service provider. Before leaving your belongings, you can check online customer reviews to see other people’s experiences with it.

You should also conduct a physical visit to the storage facility. It’s good to have one near your rental unit’s location so you can visit it at all times. Take it as an opportunity to check their security measures and climate control to gauge the potential for theft and damage. 

2. Document Your Items

To prove that items where stolen or damaged, have an inventory list of your items. Take pictures as proof of their condition before they were affected. Aside from holding storage units accountable, you can use it as proof for insurance providers.

Document other details as well, such as the serial number and purchase date of your item, as it will showcase ownership. You can scan and print receipts to keep a record of its contents or take pictures, as this type of proof is prone to fading over time. 

3. Get Storage Shelves and Boxes

Haphazardly placing all your items in a pile may increase the chances of damage. It also keeps everything visible, which may attract a thief’s attention. Proper packaging can act as a barrier between outside conditions and your belongings. 

You can add small labels and keep your belongings in their rightful boxes. Purchase storage shelves and add them to your unit to ensure everything is properly placed. 

4. Work on Disassembly and Placement

Larger items like furniture should be disassembled. Aside from saving you space, you can pack them more securely to avoid damage. As these items are heavier, you should keep them on the lower shelves of your storage cabinetry. 

You can stack smaller and lighter items at the top, as they won’t weigh down and destroy the possessions underneath. If you have any emergency essentials like clothes or heirloom items tucked away, you can place them in separate chests to grab when needed. 

Learn More About Renter Rights

In summary, renters insurance cover storage units to a certain degree. If the limitations affect your situation, you can employ solutions like investing in additional coverage or protecting your possessions from the get-go.