Suppose you live on rented property and have renters insurance but need a storage unit to keep some of your belongings. In that case, you must be informed whether your insurance coverage extends to the storage unit.
This blog covers all you need to know about renters insurance for storage units, including the damages it covers, its coverage limit, whether you need extra coverage for your belongings, the coverage offered while shifting or renovating, and the importance of documenting your items in storage.
Damages Covered by Renters Insurance in Your Storage Unit
The damages to the property in your storage unit may be covered by your renters insurance for storage units if they are caused by:
- Fire
- Theft and vandalism
- Water damage from burst pipes
- Windstorms
Since renters insurance for storage units is a part of your renters insurance, the covered perils and the exclusions of both insurance are the same.
Coverage Limits for Storage Units
The coverage limit for your renters insurance for storage units is usually fixed at a sub-limit of your personal property insurance coverage. However, the sub-limits may vary depending o the state where you reside. For example, if you live in California, Connecticut, Florida, or Virginia, the sub-limit for the coverage is set at 10% of your personal property coverage or $ 1,000, whichever is higher. For other states, it may vary depending on your insurance provider.
Also, certain types of property you keep in storage have sub-limits, such as cash, for which the coverage limit is fixed at $ 200.
Do You Need Additional Coverage for Your Items in a Storage Facility?
The type of property stored may determine whether you need additional coverage. Suppose you keep specific valuable or highly-expensive assets in your storage facility. In that case, you may consult your insurance provider to ask for additional coverage options for your renters insurance for storage units. The options may include:
- Increasing the personal property coverage limit in your renters insurance
- Buying a separate storage unit policy
Covering While Moving or Renovating
Suppose you move residence or renovate your rented home, for which you may need to keep a part of your property in a storage unit. In that case, it may be covered by your renters insurance if your renters insurance policy is active and you pay your premiums regularly for that period.
Documenting Your Belongings in a Storage Unit
Making a list of the belongings that you keep in a storage unit comes in handy if you have to file an insurance claim in the event of damage or loss to property while in storage. You can do so by creating a document of everything you have in the unit. You can include:
- Inventory of all items
- Pictures of each item
- Their costs and other relevant details
- Receipts, if available
On filing a claim, it becomes easier for your insurance provider to offer you an accurate loss estimate.
Secure Your Assets with Action Insurance
Looking for the best personal insurance solutions in Vancouver, WA? For more information, contact our team today. Our expert team at Action Insurance Group has the expertise and experience to assess your unique needs and offer you renters insurance coverage that best suits your needs and budget.
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