On the whole, your policy may cover up to 10% of your overall policy amount. For example, if your policy covers up to $100,000 you would be eligible for $10,000 for items in storage units. Naturally, there are limits to the payout for individual items. As such, items are not paid out by their full market value.
Instead, payouts are based on commonly established limits.
Here are some common examples:
• Consumer electronics - $1,500
• Jewelry - $1,500
• Luxury watches - $1,500
• Plants - $500
• Illegal charges on a credit card - $500
• Cash - $200
You must check your policy limits. Depending on the terms of your policy, your limits might be much lower. Plus, your policy may not explicitly cover items in storage. If you move to a new apartment, you would be covered during your move. Policies typically cover your old and new homes for a maximum of 30 days. Once your 30 days are up, you must update your policy address immediately.