Q&A about protections for your property in self-storage
A common question our customers ask us how they can protect their items in self-storage. If this is something you’ve thought about, we have created a list of the frequently asked questions all about protecting your items at a storage facility.
Knowing what will be covered by your home or renter’s insurance will help you decide what and where you store your personal property outside of your residence. As you will read below, not every insurance company is the same. Amount of coverage can vary depending on exclusions in your policy.
In preparation for this Q & A, our insurance agent team worked together and contacted each of our insurance carriers to better understand what options are available to our customers. If you have any questions about what your policy covers, we are ready to answer your questions.
Does homeowner’s insurance cover my items in a storage unit?
Most likely. Home insurance policies include personal property coverage that will reimburse you for the items in your home. Each policy is different, so be sure to check with your agent about your exact policy coverage because some variables are depending on the items, such as firearms, antiques, and jewelry.
How does personal property coverage protect items in storage?
Since your home policy includes personal property insurance, that coverage extends to your items in a storage unit. But not all policies extend the full amount of personal property coverage. Often it is a percentage of the personal property amount that is included for storage units.
It is very important to understand how much personal property coverage your policy has, what percentage is extended to items in offsite storage, and if any exclusions are written. Contact your agent to get all the details.
What is personal property coverage?
I posed this question to our long-time agent Darcey Beck for an answer.
“Generally, I tell customers this is your stuff. The things in and out of your home like your clothes, microwave, toaster, or even your sofa. Basically, everything inside and out of your home. These are the items you own and if they are stolen or damaged you are reimbursed by the personal property coverage.”
What about rental insurance? Does that cover items in self-storage?
Same as home insurance. Your renter’s insurance policy probably includes personal property coverage, which will extend to items you have stored offsite.
Again, extremely important to contact your agent to verify your coverage, amounts, and exclusions (if any).
What is considered to be a “storage unit”?
This is key to your coverage. For your coverage to be in effect your items need to be in an official storage facility. This means items stored in a roll-off rail car in the backyard, your neighbor’s shed, or the garage at your best friend’s house do not qualify as a storage unit.
Items need to be in an official storage facility.
What kinds of exclusions are there for storage unit coverage?
Exclusions are different between each company and the policy your insurance has been issued. One example is if items are put in storage temporarily, like if your home is being repaired or renovated. In this example, you might have your items in a storage unit for just one month while your home is being painted. A policy might not extend to the storage unit because the items are usually located at your residence.
This is why it’s important to understand your exact policy. We are here to help you and if you have a question about your coverage, give us a call!
Is there separate storage unit insurance?
For individuals, several companies offer additional self-storage coverage. There are also many options for companies that offer self-storage as their core business.
If you are a business that offers self-storage, contact us!
How much does my home or renters insurance reimburse if my items are stolen or damaged in a storage unit?
Personal property coverage is frequently a percentage of your overall home insurance policy. For example, if your home insurance is for $100,000 and 70% of that is personal property coverage or $70,000. Then, if we continue our example, your policy offers 10% of personal property coverage to extend to items in storage, your amount of reimbursement would be up to $7,000.
These are just examples. Be sure to check with your agent for your policy particulars.
Where can I find information about my home or renters insurance storage unit policy?
The best way is to get in contact with your insurance company or local agent. If you would like to discuss your policy, give us a call or book an appointment at a time that works best for you. We are happy to answer your questions and feel comfortable that your items are protected.