34 Days of Homeowners Insurance
Day 023 | Coverage For Property in Storage
What do you have storage?
Maybe some furniture, a refrigerator, boxes of paperwork, and a Farrah Fawcett poster?
Or possibly you have a ’69 Pontiac GTO in a storage unit down the road?
Whether your moving or freeing up some space at home, your insurance will provide you limited coverage for items in storage.
First off, what are storing?
If you’re storing everyday items, then you will have some limited coverage. By limited I mean, if you have $200,000 of contents coverage on your homeowners policy, 10% of that would extend to your items in a storage unit.
That’s what most home insurance companies will offer.
What about my Pontiac?
If you’re storing an auto, motorcycle or ATV – they won’t be covered under your homeowners insurance. You would need an auto or recreational vehicle policy (for an ATV)
The same is true if you’re storing and collectibles (whether at home or in a storage unit) you may want a separate policy if the items are of significant value.
Coverage is generally limited to theft, fire, and wind.
Earthquake, flood, and mold are not covered.