Storage Facilities: Homeowners Insurance Away From Home
A standard homeowners or renters insurance policy provides you with protection for personal property you own anywhere in the world- so the good news is that if you have homeowners or renters insurance, it would apply to those items you own in a storage facility
…But not in the same way it would to items kept in your home.
Depending on the policy forms used by your insurance company, your property that’s kept in a storage unit may only be covered up to 10% of the amount of coverage in your policy (known as the coverage limit) so if you have a $250,000 limit in your homeowners policy, items in a rented storage unit would only be covered up to $25,000.
A comprehensive home inventory can help you determine the coverage limits you need to protect your belongings, whether on your own premises or at a self-storage facility.
Where there wouldn’t be coverage under the homeowners or renters policies is if you were storing a vehicle. For the most part, motor vehicles- from cars, to, ATVs, and motorcycles- are not covered by a homeowners insurance policy and would require that you insure them separately. A few exceptions to this would be a car in dead storage, anything that is used to service your residence- like a riding lawn mower or a vehicle designed to assist the disabled.
Some people use storage units for collections- from art to antique furniture. Any special collections, whether in your home or in a storage unit- may need a separate policy no matter what to make sure you have coverage for them.
Is your property in storage worth more than your homeowners coverage limits? Give us a call, send us an email, or drop by our office. After all, we don’t want to just sell you insurance. We want to help you make informed choices on one of the most important decisions of your life.
First Baldwin Insurance