Knowing that items kept in storage units are generally covered by renters insurance can give renters additional peace of mind when storing personal belongings outside their main residence. However, items kept in a storage unit are generally only covered up to 10 percent of your total personal property limits. This is when it can pay for the renter to have a detailed home inventory, along with receipts and photos, of everything they possess, including items kept in a storage unit, since it can provide evidence of the items stolen when making a renters insurance claim and help the claims process go more smoothly. If the theft occurs from a storage unit, a basic renters insurance policy would generally cover the stolen items, up to the limits of the policy and after the deductible has been paid. However, theft is one of the perils that is typically covered by renters insurance policies. It may be tempting for a renter to keep jewelry, computer equipment, or artwork in a storage unit because it might seem more secure, but these are desirable items that thieves seek out. Thieves might break into rental units looking for TVs or electronics, valuable or collectible items, or even items of furniture that can be resold for a profit. Even the most secure rental facilities carry risk, either as a result of being improperly locked or due to an experienced thief knowing how to override the storage unit security system. Rental units tend to be quite secure however, thefts from storage units can still happen. Photo: Theft of personal property is usually covered even if it occurred from a storage unit. It’s advisable for renters to read their insurance policies carefully to fully understand what is covered and what is not. Common examples of unexpected or unintended perils include fire and smoke damage, lightning, theft, vandalism, an explosion, sudden water damage (such as a burst pipe), a windstorm, and any other disasters that are listed in the policy. In general, perils listed in a renters insurance policy are unexpected and unintended, which means an event that could not have been foreseen and prevented. In order for renters insurance to cover loss or damage to personal items housed in a storage unit, the loss must be the result of a covered peril. For instance, renters insurance policies tend to cover bicycles and other recreational equipment, so it’s important to note these on a home inventory, no matter where they are stored. If using a home inventory, it’s advised that the renter include everything they own in the apartment as well as items kept in the storage unit. To do this, renters can create a home inventory detailing what they own along with an estimated value of each item, which will make it easier to file a claim. To determine how much insurance coverage to purchase, renters need to know the approximate value of their possessions. That can include items in a storage unit as well as items stolen or damaged while traveling. Policies often include off-premises coverage, which helps protect the renter’s personal items when they are not in the renter’s home. When it comes to coverage for personal items kept in a storage unit, the personal property coverage part of renters insurance will apply. Renters insurance can also cover additional living expenses if the renter is forced to relocate from an uninhabitable apartment while it is repaired following a covered peril. For example, renters insurance can cover liability costs may that occur if a visitor to the renter’s home is injured and the renter is deemed to be liable, or if the renter or a family member causes damage to someone else’s property and is sued as a result. In general, renters insurance covers belongings that sustain damage from covered perils while kept in a storage unit.Ī standard renters insurance policy usually offers a few different types of coverage.
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