This question about renter’s insurance covering items kept in storage spaces is an important one and, quite frankly, it is a question which is rarely asked by the average person renting storage units.
Let’s give you the information you need to protect you from making a very costly mistake.
We are Mouser Self Storage, serving South Fort Worth, Alvarado, and Johnson County. Call us today about current pricing for secure self storage solutions.
What is renter’s insurance?
Renters insurance covers your personal belongings in case of theft, fire and other disasters. It can also pay your legal expenses if someone sues you.
Also known as tenants’ insurance or an HO-4 policy, renters’ insurance is similar to homeowner’s insurance but designed for people who don’t own their own place. The average cost of renter’s insurance is $148 a year, or about $12 a month, according to market rate analysis. Because it covers what’s inside your home only and not the structure, renters’ insurance is much cheaper than homeowners’ insurance.
Most renters’ insurance reimburses you for the loss of items such as clothing, smartphones and other personal belongings because of these specific events:
- Windstorm or hail.
- Vandalism or malicious mischief.
- Volcanic eruption.
- A falling object.
- The weight of ice, snow or sleet.
- Riot or civil commotion.
- Accidental discharge of water or steam from within certain household systems or appliances.
- Sudden and accidental tearing apart, cracking, burning or bulging of certain household systems.
- Freezing of certain household systems or appliances.
- Sudden, accidental damage from artificially generated electric currents.
- Damage caused by vehicles or aircraft.
Does it cover storage spaces?
This is from Nationwide Insurance:
“If you thought you needed specific storage units insurance, good news – renters insurance may cover some of the belongings in a self-storage facility. Specifically, renters’ insurance covers your personal possessions if a covered event damages or destroys them. This includes possessions in storage, but only up to 10% or $1,000 (whichever is greater) of the personal property value covered by your policy. Here’s a list of some of the most common events covered by renters’ insurance (for items both in your home and in your storage unit):
- Fire
- Lightning
- Windstorm
- Hail
- Theft
- Vandalism
- Impact by a vehicle
Keep in mind, without additional coverage, your insurance may place limits on the amount you can be compensated for certain valuable items like jewelry, money, firearms, and silverware.”
If not, what should you do?
10% or $1000 of coverage? What about the rest of your possessions?
To make sure that everything in the storage spaces is protected and covered, it will be necessary for you to purchase additional insurance. Some storage facilities require that you provide proof of insurance before taking over a unit, while others may offer their own insurance for your belongings.
The good news: storage unit insurance can be obtained for as little as $6 per month in most cities, a price which is more than worth it for complete peace of mind.
A final word about Mouser Self Storage.
Mouser Self Storage is locally owned and operated. Call us today and ask us about storage solutions including car storage, RV self-storage, boat storage units, small hobby shops, and storage for your household items.