Does Renters’ or Homeowners’ Insurance Cover Stored Belongings?

When you rent storage space in Jackson, TN, you’re looking for a safe place for your belongings. But will they still be protected by your homeowners’ or renters’ insurance policy?

Renters’ Insurance

When you choose to utilize a self storage company to store your belongings, it’s normal to fear that your regular renters’ insurance may not cover them. Since you won’t own the property on which you live, renters’ insurance can seem a little bit less forgiving than a typical homeowners’ insurance policy. In this case, renters’ insurance is more coverage for your personal belongings than the property they’re housed in. In the vast majority of instances, renters’ insurance will provide some coverage for your belongings in a storage unit. This includes items such as furniture, clothing, electronics, and appliances. That being said, it may not protect them from every danger that could affect them while in storage. For example, a normal renters’ insurance policy will cover your stored belongings in the event of a fire or water leak. Even belongings that are stolen from a storage unit are typically covered under a renters’ insurance policy. However, pest damage might not necessarily be covered by your renters’ insurance policy. That falls under the storage company’s insurance policy, not yours.

Homeowners’ Insurance

Homeowners’ insurance is a little bit more comprehensive than renters’ insurance, and for good reason. When you invest in homeowners’ insurance, you’re protecting not only your belongings, but the property in which they are housed. That means every aspect of your home — from the furniture and clothing inside to the walls, roof, windows, and doors — is typically covered under this comprehensive policy. But what if you need to rent a storage unit and place some of your belongings there for an extended period of time? Will your homeowners’ insurance policy cover them? Fortunately, the answer is yes. Homeowners’ insurance typically covers stored items under an “off-premises” personal property clause. However, it should be noted that this coverage still won’t protect your belongings from every danger they may face in storage. Similarly to renters’ insurance, your belongings will be covered in the event of fire, theft, and vandalism. Your specific policy may list other risks that are covered for items in storage. But there is a maximum amount that your insurance will pay out for these damages — typically 50% of the dwelling coverage limit.

Storage Unit Insurance

If you’re not satisfied with the amount of coverage your renters’ insurance or homeowners’ insurance offers for items in storage, there are other options available to you for coverage. One of the most practical of these options is storage unit insurance, typically offered by self storage companies to their tenants. It’s recommended, more often than not, to purchase the additional coverage for your belongings in the event that your regular insurance policy doesn’t provide enough coverage.

If you’re looking to rent a storage unit in Jackson, TN, our team at Markham Self Storage is here to help. We want to make sure your belongings are safe and insured until you’re ready to take them home again.

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