Have you ever watched the show Storage Wars? You know, the show where some pretty interesting characters bid over contents in a storage unit. My son used to watch it religiously. It’s mind boggling the stuff people abandon yet at the same time fascinating some of the interesting items they find. It’s like Antiques Road Show meets Treasure Island!
Why contents insurance?
People find themselves in many different situations for the need of a storage facility:
- Transitioning from one house to another.
- The need to store extra items from an apartment.
What you need to know
If you are permanently storing items in a storage facility, do not assume your home, condo or tenants insurance covers them.
Should you check into this? Absolutely!
There is coverage for property temporarily stored. Check with your broker how long your policy will cover contents temporarily in storage. Also, storage facilities do not cover your contents in the event of a loss.
Most insurers have a rider that you can add to your policy if you have contents that are stored longer than what your policy may cover. The insurance company will require having your primary residence to do so.
Otherwise, you will need a separate stand alone policy, and our office can help you with that.
Where should I store my stuff?
When looking for a storage facility, insurance companies are particular as to where you store your stuff. If you have stored your contents in a barn, garage or someone’s attic, it may be a challenge finding insurance.
Some companies will only provide insurance for contents stored in approved storage facilities. Places that are secured and fenced.
A little tip: be sure to make an inventory list or take pictures of your contents that are or will be in storage.
Click on this handy video of what size storage you may need
It’s amazing what there is to consider when storing your possessions away from your residence.
You’ll need to know about coverage and exclusions. For example, there is an exclusion for motorized vehicles and camper units.
Have you considered liability? Premier Marine offers premises liability for their Contents in Storage policy; in the event you are sued for bodily injury or property damage arising out of the use of the insured premises, meaning your storage unit area.
When considering storing your contents in a self-storage facility, ask yourself: How valuable are my possessions to me if I lost them in a fire?