First things first: what is renters (or “tenant”) insurance? At its most simplified, renters insurance is a coverage plan that protects your personal property. When you dig down, however, it gets a little more complicated. A conventional renters insurance policy includes a number of different facets. It’ll include liability coverage, protection for your individual belongings, coverage for alternative living arrangements, and more. The overall goal of renters insurance is to offer something similar to homeowners insurance, but for people who rent property instead of owning it.
Why should I have renters insurance?
There are a lot of benefits to having renters insurance. A couple of lesser-known benefits of renters insurance include:
- Medical expense coverage for injured visitors
- Coverage for damage you or your child cause to others (ex: your young one knocks over an expensive antique and breaks it)
- Financial reimbursement if someone sues you for injury incurred on your property
- Coverage for various accidents like dog bites that occur on your rented property
- Coverage for belongings that aren’t directly stored in your living space
Basically, you want renters insurance for the same reason you want any insurance: so you’re prepared for the unexpected. Now, to answer the question that brought you here:
Does renters insurance cover the stuff in my storage unit?
Long story short? Yes. Long story... long? yes, but…
Typically, renters insurance coverage for items stored outside of the domicile has a lower limit than it would for items inside. This coverage protects your items in case of things like robbery, fire, tornado, or avoidable water leak. Renters insurance usually won’t cover natural disasters like floods, pests, and earthquakes--whether your stuff is stored in a storage unit or not.
In most cases, renters insurances cover items in a storage unit up to 10% of your policy limits. If your policy covers $30,000, for instance, then your insurance would reimburse for you up to $3,000 of lost item’s value. Remember, however: every policy is different. Make sure to look at what is offered at all the biggest renters insurance providers like Nationwide, Esurance, and Progressive. Know what types of risks they will cover and which ones they won’t before committing to any policy.
Of course, even if you have renters insurance, you don’t want to have to rely on it. Renter’s insurance is most commonly used for damage incurred by negligence. The best way to avoid needing to rely on it is to rent with a reliable storage company. Storage Direct can be that company.
Call Storage Direct today to inquire about our custom storage solutions. If you have any more questions about storage, insurance, and you, we’re happy to answer them.