Depending on the policy, renters insurance can help protect your belongings in the storage units. Generally, a renter’s insurance protects your belongings in the event of destruction, theft, or other damage. If you plan to store more expensive items, you should consider extending personal property insurance in addition to your primary insurance for storage.
Does homeowners insurance cover storage?
Many people have river kayaks, seasonal decorations, extra furniture, and other items that are difficult to store in a rental if there isn’t enough room. So storage spaces are a convenient place to store personal items and avoid overcrowding in the unit.
But what happens if the unexpected happens? Does homeowners insurance cover storage spaces?
There’s no clear answer to this question, but one of the main benefits of renters insurance is that it covers your personal belongings, even in a storage unit. So that you don’t have to worry, on this page, we explain the features of renters insurance, critical customer testimonials on how much they’ve saved with renters insurance, and how you can ensure you’re protected when you need it most.
What are the risks mentioned?
As a renter, you may be wondering what renters insurance covers. For example, does homeowner’s insurance cover flood damage to personal property? A rental insurance policy for a storage unit will usually list the type of damage and explain the coverage. The most common types of damage are
- theft
- fire, fire, and explosion
- lightning
- smoke
- water
- Vandalism
- Explosion
Other risks are mentioned, but they are not typical and must be discussed individually with your insurance company. If your goods in the warehouse are damaged or destroyed by one of the listed risks, you can make an insurance claim and get compensation.
However, there are clauses in the listed perils. For example, insurance may cover water damage due to burst pipes but not crack due to flooding or blocked pipes.
Some policies explicitly exclude certain types of damage. For example, natural disasters such as earthquakes are often not covered by renters insurance.
What are the specific restrictions for personal property?
What is covered by a rental insurance policy depends on the policy in question. Depending on the terms of the policy, you should protect your belongings as long as they are outside the unit. However, there are some conditions to the insurance coverage.
Home repairs and renovations
If items are stored elsewhere as part of repairs, renovations, or restorations, they are often covered by comprehensive insurance. Since the primary residence may become uninhabitable, may insure it under the particular liability limit.
University Residence Halls
Property located in university residence halls and insured through your parents may also be fully covered, depending on the policy.
To protect your property under all circumstances, additional coverage is available.
How to set up additional coverage
You can increase your sub-limit by adding extra coverage for more expensive items not covered by your renter’s insurance terms.
Here are some typical additional tenant insurance coverages.
Planned Endorsements.
This type of renter’s insurance provides insurance coverage for specific items. This insurance typically covers firearms, electronics, and other expensive property. When purchasing insurance, make sure it explicitly covers storage facilities.
Replacement Cost or Actual Cash Value
Renters can purchase two types of insurance: actual cash value and replacement cost. Real cash value rental insurance offers less coverage, but its premiums tend to be lower. Replacement cost insurance, on the other hand, is designed to provide a complete replacement for stolen or damaged property. In many cases, it makes more sense to spend extra money on replacement cost insurance if it is worth insuring the property with property insurance.
How do I insure a storage unit?
Some self-storage providers offer insurance for their customers’ belongings in their facility. A critical aspect of this type of insurance is that it is often outsourced to a third-party insurer, which can be an additional headache in the event of a claim.
Purchasing warehouse insurance to supplement your existing renters’ insurance can provide additional protection for your property.
Keep track of your belongings in the warehouse.
There are specific rules you should follow when storing expensive goods to ensure optimal protection.
- Keep records of receipts.
- Serial numbers of documents.
- Take photos to prove possession.
If you assert your rights after theft or property damage for other reasons, you will need an itemized record. It would help if you also recorded the replacement value.
This will help you avoid delays in processing claims and receive your reimbursement more quickly.
Find the tenant insurance that’s right for you.
One of the main benefits of renter’s insurance is that it often protects your belongings, whether you need to keep them at home or in an outdoor storage facility. City dwellers use storage units to make the most of tight spaces. Storage spaces are also a convenient way to protect things during moves, renovations, and business moves.
About Author
Lily Poole is a Property and Home Insurance officer by profession. She is pretty well experienced in the tenant insurance nyc and accounting field and has an impressive profile in the training and development industry.
