Our team knows many people rent storage units to store items away from home. We have had this question come up a few times.
We’ve looked at a renters insurance policy and a homeowners insurance policy. Both carriers indicated they would insure personal items in a storage facility for up to 10 percent of the coverage C, personal property amount. The cause of the damage or loss would have to be one of the covered perils of the policy, such as fire or theft. The items stored would also have to meet your policy’s definition of a personal item (your homeowner’s policy would not cover a stored automobile). Your deductible would apply to any loss.
For example, if you had $50,000 in coverage C, personal property on your policy, you would have up to $5000 in coverage for items in the storage facility.
You may want to research your homeowner’s insurance policy or renters insurance policy to ensure they would provide the coverage outlined above. This type of coverage phrasing seems to be a common language in policies.
Suppose you confirm that your policy has this or similar language in it. In that case, you should have coverage for your items stored in a storage facility subject to the insurance policy terms. We are happy to answer any questions we can regarding this. So feel free to call us.