Does Renters Insurance Cover Items In Storage?

  1. 730 POINTS
    Darald Novak AAI
    Retired Agent and Broker, Self Employed, Albany NY USA
    The policy forms and endorsements will determine this.  Quite often the typical renters policy may cover personal property (PP) anywhere in the world with exceptions and limitations.  A thorough reading of the policy is the only true and accurate way to determine what perils are covered and how much coverage is available for PP off premises. Many carriers limit 'PP away from the residence premises' to a specific percentage of the limit on Personal Property shown in the declarations. They may also limit the off premises coverage to a set amount like $2500.00  All this is set forth in the contract of insurance.  There are about as many different contracts as there are insurance companies offering the coverage Always ask to see a specimen policy if possible.  If you are meeting with an agent or broker ask to see the specimen policy and have the individual show you where this coverage is and what limitations or exclusions apply.
    Answered on March 13, 2014
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  2. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    Personal property away from the residence is covered under most renter’s policies.  The coverage is limited, though.  It is frequent to see a limit of only 10% of the insured value.  One exception to this would be if the property was removed from the residence because it was in danger of loss (fire for example.)  It is also covered for 90 days on most policies when you are moving from one unit to another.
    Answered on March 13, 2014
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