Question: Does renters’ insurance cover storage units? The short answer; usually yes.
Estimated reading time: 3 minutes
When it comes to self storage, most folks store items they want to keep for one reason or another. Some of the stuff people stores has relatively little monetary value but has sentimental or emotional value instead. On the other hand, some things being stored in a storage unit have significant value. For that reason, many folks planning to rent a storage unit ask the question, “does renters insurance cover storage units”? If that’s you, and you want to make sure your valuables are covered while in self-storage, read on! We’ve got the answer, and some great advice, below!
Are Self Storage Units Insured?
The answer to this question is a definite no. While your things are in a storage unit, the storage facility is not responsible for them. Yes, most (like Moove In) provide video security and keypad-controlled gates, but that’s security, not insurance.
If (heaven forbid) something happened to your storage unit and your things got destroyed, they won’t be covered. (Just FYI, that’s true at ALL storage facilities nationwide.) This is the main reason storage facilities require their customers have an insurance policy in place.
Does Renters Insurance Cover Storage Units?
The short answer here is yes, but to a point. Yes, if you have one, your things will be covered by your insurance policy while it’s in a storage unit. However, that insurance may not be adequate to cover your things fully and is definitely not unlimited. In some cases, you may need to contact your insurance company and check what your policy does and doesn’t cover. (See below for more details.)
Renters Insurance Has Limitations With Storage Unit
Typically, whatever coverage you have through your rental insurance policy will transfer to your storage unit. Fire, for example, as well as theft and some types of damage. However, and this is important, most rental insurance policies only cover up to 10% of your particular coverage.
The same applies to homeowners’ insurance. If you’re wondering, “does homeowners insurance cover storage units,” yes, it does too. But, again, that coverage is only up to 10% of the value of your policy.
For example, say your insurance policy (renters or homeowners) covers your personal property for $40,000. While your belongings are in your apartment or home, they’re covered for that amount. But, if something happens while your things are in storage, your coverage will only be $4000. (10% of $40,000 = $4000.)
Read more storage tips from Moove In on the blog!
This is post was originally published on 6/30/2015. It was updated on 9/8/2021.