Does Tenant Insurance Cover Storage in Ontario?

Insurance might not be the most exciting part of renting a storage unit, but it’s something worth understanding before you move your belongings in.

If you already have home or tenant insurance, you may have some coverage for belongings stored away from your home. The key is knowing how much coverage you have, how long it applies, and what it covers. Most Ontario home and tenant insurance policies provide coverage for belongings kept in storage for up to 30 days, often up to a percentage of your contents limit rather than the full amount.

At XYZ Storage, storage insurance starts at $22.60 per month, including HST, for $5,000 of coverage. Coverage includes protection against fire, water damage, and theft.

Your storage unit itself doesn’t automatically cover the belongings you keep inside. Your contents need to be covered through your existing insurance policy or storage insurance. If you’re planning to store your belongings for more than 30 days, it’s a good idea to check your policy or speak with your insurance provider to understand exactly what’s covered.

Does tenant insurance cover belongings in a storage unit?

Most tenant and home policies include something for personal property away from the home. The important part is that this coverage is usually more limited than the coverage for belongings in your home.

There are two limits to look out for:

1. A time limit. Most personal policies that include off-site insurance run for 30 days of storage. After that, your goods can be uninsured while you’re still paying to store them, which is the part people find out at claim time.
2. An amount limit. Your policy may only cover off-site belongings up to a percentage of your total contents coverage. For example, if your policy has $50,000 of contents coverage, the amount available for belongings stored away from home may be a smaller percentage of that.

For a short move between two homes, an existing policy is often enough. However, if you’re planning to rent a storage unit for several months, it’s important to check the 30-day clause. 

What should I look for in my own policy?

• Before you move your belongings into storage, there are four things worth checking:
• Is personal property away from my home covered? Some policies may exclude it.
• How long are my belongings covered while in storage? Thirty days is common, but check your policy.
• How much coverage do I have for belongings stored away from home? Look for the actual dollar amount, not just the percentage.
• What is covered? Check whether the policy includes things like fire, water damage, and theft.

If your existing policy covers your belongings for the entire time you plan to store them and provides enough coverage to replace them, you may not need separate storage insurance.

Does the storage facility insure my belongings?

The storage facility does not insure your belongings. In fact, a storage facility insures the building. Personal property in a storage unit is covered either by your own policy or by insurance bought with the unit, and that’s standard right across the entire storage industry.

It’s exactly why every operator either sells insurance or asks to see proof of your own policy. That’s why the useful question isn’t simply, “Are my belongings insured?”It’s who is insuring them, how much are they covered for, and how long does that coverage last?

How much does storage insurance cost at XYZ Storage?

At XYZ Storage, storage insurance starts at $22.60 a month including HST for $5,000 of coverage. The monthly price already includes 13% HST, so the amount in the Per month column is what you pay.

There are six coverage levels available:

Our storage insurance covers fire, water damage, and theft, up to a coverage amount of your choosing.

Insurance scales well, too. Doubling from $5,000 to $10,000 adds $5.65 a month, and going from $5,000 to $30,000, six times the protection, adds $73.45. The higher bands cost less per dollar covered, so it’s worth choosing the band that matches the replacement value rather than the cheapest one on the list.

How much insurance do I actually need?

A good starting point is to think about replacement cost — what it would cost to replace everything in your unit today, rather than what you originally paid for it.

One simple way to get a rough idea is to take photos of everything once your unit is packed and make a list of your most valuable belongings.

These are only starting points. Your actual coverage should be based on what your belongings would cost to replace.

Should I claim on my home insurance instead?

You may be able to make a claim through your home insurance if your policy covers your belongings while they’re in storage.

Before doing so, it’s worth understanding how a claim could affect your policy and future premiums. A claim can affect what you pay at renewal, depending on your insurer and circumstances.

That’s one reason some people choose separate storage insurance rather than making a claim through their home policy.

For example, $5,000 of XYZ Storage insurance costs $22.60 a month, or about $271 over 12 months. Whether that makes sense for you depends on your existing policy, the value of your belongings, and how long you plan to store them.

If you’re unsure, check with your insurance provider before deciding which option makes sense.

What isn’t covered- whoever insures it?

There are some things that shouldn’t be brought into a storage unit in the first place, and they won’t be covered by storage insurance.

This includes flammable and explosive items, toxic chemicals, firearms and weapons, anything alive, and anything illegal are excluded from the building altogether, so no insurance applies to them.

Condition on arrival also plays a role in what won’t be covered by storage insurance. Damage that follows from how something was packed, upholstery stored damp being the classic, isn’t an insured peril.

Temperature-controlled storage is available at all seven of our self-storage locations, and six are temperature-controlled throughout.

How do I add insurance to my unit?

If you want to add XYZ Storage insurance, just let your building team know which coverage level you’d like when you move in. You can move up a band later if what’s in your unit changes. You can reach customer service at 1-866-310-1999.

When you’re ready to get started, you can also reserve a storage unit online for free and pay when you move in.

Frequently asked questions

Does tenant insurance cover items in a storage unit in Ontario?

Often, but there are two limits. Many tenant and home insurance policies that include off-site coverage have a 30-day limit for belongings in storage and may only cover those belongings up to a percentage of your total contents coverage. Check your policy for the exact limits.

Does the storage facility insure my belongings?

No. Your personal property isn’t insured by the storage facility for loss or damage. The building’s insurance covers the building, so insurance on your contents is either yours or bought from us.

How much is storage insurance at XYZ Storage?

XYZ Storage insurance starts at $22.60 a month, including HST, for $5,000 of coverage. Coverage is available from $5,000 to $30,000 and includes fire, water damage, and theft.

Will claiming stored belongings raise my home insurance?

It can. A claim for stored belongings under your home insurance will likely increase that premium at renewal, which is why separate insurance on the unit often works out cheaper over a few years.

How long does home insurance cover things in storage?

Most personal policies that include off-site coverage apply a 30-day storage limit. Beyond a month, it’s worth checking whether your insurance continues, and arranging separate insurance if it doesn’t.

What does XYZ Storage insurance cover?

XYZ Storage insurance covers fire, water damage and theft, up to the coverage amount you choose. Coverage options range from $5,000 to $30,000.

Do I have to buy insurance from XYZ Storage?

No, but the contents do need insurance. It can be ours or your own policy, and if it’s your own, we’ll just ask you to confirm it with the building. If your existing policy covers off-premises goods for longer than you plan to store, use it. Where it applies a 30-day limit, and you’re storing for months, our insurance is the simpler route, from $22.60 a month.

How much storage insurance do I need?

Enough to replace what’s in the unit, not what you paid for it. Boxes and seasonal kit usually sit in the $5,000 band, a one-bedroom home in the $10,000 to $15,000 range, and a two- or three-bedroom home in the $20,000 to $30,000 range.

Is my storage unit covered if the building floods?

Water damage is one of the three perils our insurance includes, alongside fire and theft. What your own policy covers off-premises is a separate question, and worth checking against the same three.