That are lost, stolen, or damaged outside of your rented home is limited.
The higher of the two amounts, the coverage limit is typically a dollar amount or a percentage of your total personal property coverage.
On a $50,000 policy, let’s say your renters insurance covers up to $1,000 or 10% of your personal property limit, whichever is greater.
Your storage unit is broken into and everything inside is taken. You file a claim on your renters insurance because the stolen items were worth $10,000.
The maximum amount your policy will cover is $5,000, or 10% of your coverage.
Your renters insurance won’t cover losses until you pay a deductible, just like other types of insurance.
The personal property section of your renters insurance typically covers things you keep outside your home, like your car’s possessions or travel luggage.
The things you keep in a storage unit are typically included in this coverage as well. However, there are restrictions on coverage for items outside of your primary residence.
