Many people want renters insurance for a storage unit. We don’t blame them. Storage units in are often secured with only a padlock that’s easy to cut right off the lock. They may or may not have any kind of fenced or gated access. In addition, for about two-thirds of a twenty-four hour day, they’re generally completely unattended.
So yes, it seems that getting Bloomington, MN Renters Insurance for your storage unit would be a fantastic idea. But there’s a catch.
If You Need Renters Insurance For A Storage Unit, What Is The Address Of The Residence Premises?
If you try to buy renters insurance for a storage unit, you’re going to have to give the address of the “residence premises.” That’s the location that’s primarily insured by the policy. As the name implies, it’s also the premises at which you reside.
You know, and we know, that you’re not living in a 5×10 storage unit. If you’re trying to get renters insurance for a storage unit you need to get renters insurance for the place where you actually live. But if you do that, will there be coverage?
If The Storage Unit Renters Insurance Can’t Have The Storage Unit Address On It, Is There Coverage?
While some coverage may be available, it’s important to consider the types of coverage as well as the amounts in which they might be available.
For example, if you have storage unit renters insurance which is actually a policy on the home in which you live, both liability and personal property coverage may apply subject to the terms of the policy. Liability coverage may apply at a lower limit in some cases, or not at all in others.
An example of a case in which your renters insurance would offer no coverage at all for the storage unit would be if the storage were for a business that you run. The property is business personal property, and the liability would be covered by the commercial insurance the business carries not by the policy that you personally have.
In addition, personal property stored off-premises but normally located on the residence premises is subject to a sub-limit.
What does that mean?
The stuff that’s usually in your home, but stored in a storage unit, has a lower personal property coverage limit in most cases. That limit is generally ten percent of the total personal property limit. If you have $15,000 of coverage on the policy, you might only have $1,500 of coverage on the contents in the storage unit.
Renters Insurance For A Storage Unit: There Is An Alternative
If you need renters insurance for a storage unit, there is a better way. You still need a policy for your home, of course, but most reputable storage companies offer some form of coverage for your personal property and will just roll the price in with your rent.
There are policies designed to cover personal property in a storage unit. It’s not a policy your renters insurance company would normally offer. It’s something you buy through the company who rents you the storage unit. In a sense, it is storage unit renters insurance, though that term usually has connotations of a package policy.
Make sure you read the policy that the storage company sells you. They are not standardized in the way that renters insurance is, and as a result the coverage and price may vary widely between companies. You need to be sure you’re getting the coverage that you think you’re getting.
When looking for a storage unit, one of the questions you should ask the companies you’re considering is, “Do you offer insurance? What does it cover, and how much does it cost?” It’s also worth asking about the deductible, as well. Even armed with that information, you’ll want to read the policy in its entirety.
What Should I Know About Bloomington, MN Renters Insurance For My New Place?
Once you’ve figured out how to insure the things that you’re putting in storage, it’s time to figure out how to insure your liability risk as well as the risk of damage to your personal property. The easiest way to do that is with Bloomington, MN Renters Insurance.
Minnesota renters insurance protects your property from a very long list of renters insurance perils that could cause loss or damage to your property. There are common ones, like fire and theft, of course. You’ll also find less common ones that might be relevant to people in Minnesota, such as damage caused by the weight of snow or ice. There are many additional things your property is protected against, as well.
When you have renters insurance, you’re also protected against claims or suits for bodily injury or property damage. If someone is injured in your home, or if you accidentally injure someone, your policy can respond to pay for the loss as well as to defend you against that claim.
Renters insurance provides a number of other types of coverage, as well, as part of the package policy. It’s easier to get and more affordable than ever! Just call (800)892-4308 or click to get covered - whether you need Bloomington, MN renters insurance quotes online or coverage anywhere else!
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