Renters Insurance: Are You Covered?

If you’re getting ready to rent a storage unit you’re not alone! Did you know that as of 2012, storage units are used by one in 10 households in the US?

Storage units are an amazing alternative for keeping things safe and organized until you need them. But with all the hustle and bustle of packing and getting things organized and ready when you’re in the middle of a move or relocation, you probably haven’t given renters insurance much thought. Well, we’re here to help!

We want to share the importance of having renters insurance while using a storage facility. Whether it’s for a month or for the foreseeable future, you need to make sure your valuables are protected in case the unexpected happens: natural disasters, theft, or fire/water damage, to name a few.

Which Policy Do You Need?

We talked to Jonathan Stein who is a consumer law attorney in California and has handled claims for storage companies. He shares his thoughts on having renters insurance when looking to store your belongings.

“People who rent a unit and are not homeowners probably do not have renters insurance… If they do not have insurance and their property is damaged, then they need the policy offered by the self storage facility,” says Stein.

Each storage facility has their own insurance policies. They will talk to you more about it when it’s time to sign the paperwork before you move things in.

What’s Really Covered?

Some policies only cover certain situations or a specific amount of worth (money). Stein says it’s extremely important to look at the limits covered whether you choose to use the storage company’s policy or have one of your own.

“Even people who have a renters policy or who have a homeowners policy, may have a limit on what is covered ‘off premises.’ Therefore, they [may] need a policy as well to cover their belongings,” explains Stein.

Here’s an example of what Stein means. If the limit coverage for a situation of theft is 50% of the policy limit, and you estimate your property is worth $2,000, you must consider that the policy may only cover up to $1,000 of stolen property. Making sure you know exactly how you’re covered, as well as reading all the documents, is crucial.

But what if you need to store some excess business inventory or some seasonal valuables for a longer period of time? The same rules apply. Look for a good price but make sure the coverage is still relevant to what you own.

According to Stein, most commercial polices do not cover your items unless there is a specific endorsement in the policy itself. If you think that may be the case for you, consider purchasing additional coverage or talk to your insurance company to weigh-out all of your options. It’s always better to be safe, than sorry.

June Brockmeyer

June Brockmeyer

June Brockmeyer is a writer based in Phoenix, Arizona. Her background includes TV news writing and reporting, weather forecasting as well as blogging; specifically for small businesses, software, education and lifestyle. June is fluent in Spanish and has experience in translation, writing and tutoring. Having moved back and forth from the U.S. to Mexico a few times, June enjoys researching new options for storage solutions and moving. She is a fan of organization and celebrates new ideas to help stay clutter-free in her everyday life. She graduated Cum Laude from the Walter Cronkite School of Journalism and Mass Communication at Arizona State University and loves to spend time with her husband, baby boy and their cute Havaneese dog, Reef.
June Brockmeyer

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