Homeowner’s insurance might not cover theft from storage units

Print Friendly, PDF & Email

By Sean Bassinger

Belongings stashed inside self-storage units may not be covered by homeowner or renter insurance policies if anything gets stolen or damaged.

Policies that cover items at off-site storage units may have limits in place as well, according to the state Office of the Insurance Commissioner.

It’s good information to find out before moving high-value items into a storage unit.

And people are using them more than ever, with nearly 10 percent of Americans renting a storage unit in 2015, according to Sparefoot.com, a storage unit comparison site.

The self-storage industry was expected to generate $32.7 million last year.

State officials advise against storing anything of high value, such as art, antiques, jewelry, collectibles, furniture or rugs.

Unless renters have had the items appraised and insured for those amounts, it’s likely the dollar limits on your coverage will not be enough to pay to replace the possessions if they are damaged, according to the insurance commissioner’s office.

To continue reading the story, please sign in below. If you are not a current online subscriber, click the Subscription link in the top menu bar.