Does renters insurance cover storage units?

What does renters insurance cover in a storage unit?

The average renters insurance policy will cover your stored personal property for up to 10% of your policy’s total value. For example, if your total policy is $50,000, you would have $5,000 in coverage for items off-premises, such as in a storage unit. Some policies specify a specific dollar amount of coverage for items in off-premises storage, which may be as low as $1,000. Personal property including clothing, furniture and decor are all covered.

Some exclusions vary from company to company and are often addressed in a rider within your policy. It’s not unusual to see some popular types of valuables and other items subject to different coverage limits.

To confirm your coverage for off-premises storage, request a copy of your renters insurance policy and check the personal property sublimit for off-premises locations. Ask your insurance company to clarify coverage for high-value items.

Buy a self-storage unit insurance policy if your renters insurance doesn't provide enough coverage.

How much is renters insurance for a storage unit?

Renters insurance rates average $24 a month, or $270 a year, based on Insurance.com data for coverage limits of $40,000 for personal property and $100,000 of liability protection with a $1,000 deductible. In this case, $4,000 of the total $40,000 limit is available for off-premises storage, unless the policy has a dollar-limit cap.

How much coverage does a renters policy provide for a storage unit, and is it enough?

A renters insurance policy covers items in a storage unit at 10% of the personal property limit on the policy; some policies may have a specific dollar limit. If you have $15,000 worth of property in a storage unit, and a $40,000 personal property limit, you only have coverage for $4,000, leaving a gap of $11,000.

To determine if your renters policy provides enough coverage:

List every item stored in your unit and estimate the replacement cost of each.
Add the total replacement value of stored items.
Multiply your policy's personal property limit by 10% to find your off-premises maximum.
If your stored items' replacement value exceeds that 10% figure, your current renters insurance does not fully cover the contents of your storage unit.
If there is a gap, consider purchasing a supplemental storage unit policy or increasing your renters insurance personal property limit.

When can you file a renters insurance claim for a storage unit?

You can file a renters insurance claim for damage caused by any of the perils named in your policy as covered. Because renters insurance is a named perils policy, anything not specifically list is not covered.

These are some of the most common named perils in a renters insurance policy.

Aircraft damage
Explosion
Falling objects
Fire
Hail
Lightning
Riot or civil commotion
Smoke
Theft
Vandalism
Vehicle damage
Windstorm

Does renters insurance cover storage unit flooding?

No. Flood damage is not covered by renters insurance. Flood insurance is required for damage caused by overland flooding, and provides contents coverage in a storage unit at 10% of the personal property content limit. This is a coverage that usually requires the addition of a specialized policy. You can buy flood insurance through FEMA’s National Flood Insurance Program.

Does renters insurance cover earthquake damage to a storage unit?

No, renters insurance doesn't cover earthquakes. Earthquake coverage can be added to your renters insurance policy as an endorsement, but limits on off-premises storage unit coverage will apply, which are usually 10% of the personal property limit.

Does renters insurance cover storage unit fires?

Yes, renters insurance covers fire and smoke damage at a storage unit; these are standard named perils. The policy sub-limit for off-premises storage coverage will apply, usually 10% of the personal property limit.

Does renters insurance cover theft from a storage unit?

Yes, renters insurance covers theft as one of the named perils, and that applies to a storage unit as well. The coverage will be limited to the off-premises storage sublimit on your policy, commonly 10% of the personal property limit.

Can I buy additional coverage for a storage unit?

Yes, you can buy additional coverage for your personal property in a storage unit in one of two ways: a tenant protection plan offered by the storage facility, typically with strict coverage limits of up to $10,000, or an independent storage unit policy, which may offer higher limits of up to $25,000. You can also purchase a scheduled personal property floater, usually through your renters insurance company, to insure high-value items.

Storage unit insurance policies typically exclude high-value items, and may have other exclusions, such as firearms. Read the coverage details carefully before you buy a policy.

How much does storage unit insurance cost?

The cost of storage unit insurance depends on the type of policy. It's included with your renters policy, which averages $24 a month for $40,000 in coverage, 10% of which ($4,000) applies to a storage unit. A policy through the facility ranges in cost from $8 to $25 a month for lower-range coverage of $2,000 to $5,000, and an independent policy with limits of $15,000 or more costs $35 to $50 a month or more.

Policy	Coverage limits	Average monthly cost
Renters insurance	$4,000 (10% of $40,000 personal property limit)	$24
Tenant protection plan	$2,000 to $5,000	$8 - $25
Storage unit insurance	$15,000+	$35 - $80+

Where can I buy storage unit insurance?

You can buy storage unit insurance through the storage facility; the coverage is often provided by a third-party insurance carrier. There are also companies that specialize in storage unit insurance, such as SnapNsure, Storage Protectors, Discount Storage Insurance and MiniCo. Compare your options on price, coverage level and deductible before you select one.

How to file a storage unit insurance claim

To file an insurance claim for a storage unit, first document the damage, then check your renters insurance and storage provider records to find out where to file the claim. Call the claims line or file your claim online, if available, and then provide proof of loss and work with your adjuster. Follow these steps:

Photograph all damage or missing items before touching or moving anything in the unit.
Locate your insurance contact: check whether coverage is through your renters insurance policy or a storage facility policy.
Call or submit a claim online to the correct insurer.
Complete a proof-of-loss form and attach your item inventory.
Coordinate with the assigned claims adjuster for inspection and settlement.

Renters insurance vs. storage unit insurance

Renters insurance and storage unit insurance offer differing limits, deductibles and coverage. Compare each option carefully using the table below to decide which is best for you; remember that you can buy more than one policy for additional coverage.

Policy type	What it covers	What it doesn't cover	Best for
Renters insurance	Storage unit contents up to 10% of personal property coverage limit	High-value items, any peril not named, flood, earthquake	Low-value items in temporary storage
Tenant protection plan	Personal property up to limits, typically from $2,000 to $5,000, some as high as $10,000	High-value items, excluded items and perils, flood, earthquake	Affordable coverage to bolster renters insurance
Storage unit insurance	Personal property up to policy limits, up to $25,000	High-value items, excluded items and perils, flood, earthquake	Larger storage units, business storage, people without renters or homeowners isnurance
Scheduled personal property	Specific high-value items up to their appraised value	Anything not scheduled on the policy	And add- on to a renters or storage unit policy to cover high-value items