Insurance Coverage for Property in Storage

June 18, 2015 at 12:00 PM | Posted in Home, Insurance Policy, Personal Insurance, Personal Property, Renters | Leave a comment
Tags: homeowners insurance, insurance policy, personal property, renters, storage, storage coverage

According to the Self-Storage Association, 10.8 million people in the US rent a self-storage unit. If you are one of those people, have you ever considered whether or not you have insurance coverage for the property that you are storing? Have you made your insurance agent aware that you have a storage unit? Here is some information that may help you determine if you will have coverage should something happen to your stored property.

If you have a standard Homeowner or Renters insurance policy, you have coverage for personal property you own anywhere in the world. Therefore, the coverage would apply to the property that you have in storage. However, the coverage is different from the way it applies to the property in your home. Most policies will provide 10% to go towards “personal property at another location” out of the total amount of coverage that you have for personal property. So if you have a total of $100,000 for personal property, you only have $10,000 for the property in the storage unit.

One type of personal property that will never be covered by a Homeowner or Renters policy is a vehicle. If you are storing a car, ATV, motorcycle, etc. there would not be coverage. The only exceptions are a vehicle in “dead” storage, a vehicle used to service your residence (ride on lawn mower), or a vehicle designed to assist the handicapped (motorized wheel chair). All other vehicles require a separate type of policy.

The bottom line is, you can be covered in most cases by a standard Homeowner or Renters insurance policy and other types of policies are available to purchase. If you have a storage unit and want to make sure that you have adequate coverage for your situation, contact us today and we will review your insurance coverage with you at 888-850-9400.